Happy Thursday, Blockfolians
Last month, outgoing Treasury Secretary Steven Mnuchin dropped an unpleasant holiday gift in the crypto industry’s laps when his office announced a new rule that would “require exchanges to store name and address information for customers transferring over $3,000 in crypto per day to private crypto wallets, and file currency transaction reports (CTRs) for customers transacting in over $10,000 per day.”
Initially, the industry was given only 15 days - over the holiday no less - to comment. But comment we did.
Those hoping that this move is ultimately put into the dust heap are resting their hope on the fact that 1) it seems to have been driven largely by Mnuchin himself and 2) Mnuchin will be out of power by the time the new period is done.
Here’s hoping! And until then, keep fighting!
Enjoying Blockfolio’s Market Refresh? Sign up to have it delivered every day.
Highly Relevant Reading
Does Bitcoin’s growth make it more likely governments will target it?
Fed Chair Powell says work on stablecoins is high priority
Gemini considering going public
Traders are using Polkadot to predict bitcoin?
It is and always has been about the macro context
A Really Big Number We Should Be Paying Attention To
That’s how much Grayscale’s crypto products raised last quarter. Wow.
What a story!