Happy Thursday, Blockfolians

The Lede

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.

John Paul Koning @jp_koning

Going back to 2008, FinCEN has received 11,183 submissions from the public in response to various rule proposals and notices. It has received 7,477 of those comments—or 67% of all public responses—in just the last three weeks.

January 9th 2021

48 Retweets204 Likes

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.

Jake Chervinsky @jchervinsky

🚨 BREAKING: FinCEN is extending the public comment period on its proposed rule by 45 days, citing "the robust responses" provided so far. This doesn't guarantee the rule won't go through, but takes us well past January 20 & into the Biden administration. fincen.gov/news/news-rele…FinCEN Extends Comment Period for Rule Aimed at Closing Anti-Money Laundering Regulatory Gaps for Certain Convertible Virtual Currency and …fincen.gov

January 14th 2021

214 Retweets1,135 Likes

Here’s hoping! And until then, keep fighting!

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Community Commentary

Say WHAT?

Jeff Dorman, CFA @jdorman81

Anyone want to buy $BTC at a 47% discount to current prices? Here's how you can do it. I can't believe I'm saying this, but $EOS might actually be the best risk/reward in digital assets right now due to their massive #Bitcoin holdings. Thread time 👇

January 14th 2021

41 Retweets162 Likes

It is and always has been about the macro context

Dan Tapiero @DTAPCAP

Most important macro chart of the month. Bernnnie takes over budget with total deficit worst in 40 years. Interest rates cannot rise with massive debt load. #Dollar bear market must continue or #equities will suffer. Perfect backdrop for #gold and #Bitcoin. H/T @TaviCosta

January 14th 2021

132 Retweets646 Likes

A Really Big Number We Should Be Paying Attention To

$3.3B

That’s how much Grayscale’s crypto products raised last quarter. Wow.

Final Thought

What a story!

Ali Spagnola @alispagnola

Here's how I got accidentally Bitcoin rich... Who wants some?

January 13th 2021

417 Retweets2,533 Likes