Just some update:
US representatives ask Mnuchin to extend comment period for proposed wallet rule to traditional 60 days.
Now, Reps. Tom Emmer, David Schweikert, Warren Davidson, Ted Budd, Bill Foster, Darren Soto, Susan DelBene and Tulsi Gabbard have signed a letter to Mnuchin, with FinCEN Director Kenneth Blanco cc'ed, asking the office to extend the period to 60 days. If the rule is implemented, the letter also asks FinCEN to consider a six month extension of implementation to allow stakeholders to find solutions to the upcoming rule.
Are they just extending the inevitable here? Or are we going to find middle grounds?
60 days + 6 months would be a godsend---too good to be true. if that happened, it would probably kill the proposal since biden is gonna appoint a new treasury secretary, who will likely appoint a new FINCEN director.
i don't have high hopes that 8 house reps will turn the tide. i really hope i'm wrong, but i get the feeling the treasury department is gonna cram these regs through before trump leaves office. they don't explicitly say in the proposal when the new rules would go into effect but this makes me think it could be immediately:
FinCEN has determined that the substantial concerns about national security, terrorism, ransomware, money laundering, and other illicit financial activities discussed above, and the need for an effective response in a rapidly changing area of major national concern, support making the amendments in the proposed rule effective as quickly as is feasible.
https://public-inspection.federalregister.gov/2020-28437.pdfthe other thing i'm waiting with bated breath for: implementation of the travel rule, with a possible $250 threshold instead of the FATF's recommended $1000.
