US MPs criticize Treasury Department for hasty crypto bill

The politicians criticize the speed with which the ministry wants to pass the new bill.

Nine American congressmen in a letter criticize the hasty pace of the new crypto bill by outgoing Treasury Secretary Steven Mnuchin

In Thursday’s letter, parliamentarians refer to a proposed change in the law that would oblige crypto companies to collect even greater amounts of customer information, especially when transacting with self-hosted wallets.

The corresponding bill is met with heavy criticism in the crypto industry . One of the most important points of criticism is that it looks as if the outgoing Finance Minister Mnuchin wants to push through a new crypto regulation before his changing of the guard by Janet Yellen .

Any new bill in the US must allow for public feedback. This is also the case here, but instead of the usual 60 days, the Ministry of Finance only allows 15 days for its proposal.

This shortened period will also expire tomorrow, which is why not only the duration of the feedback collection, but also its timing is criticized in the letter of the MPs:

“The bill in question was only tabled just before Christmas and only gave the public 15 days for feedback. A comment period that extends over several holidays and only comprises eight working days is not suitable for proper regulation, as important stakeholders may not be heard in this way. “

The letter’s authors are largely crypto-friendly MPs, including members of the blockchain parliamentary committee Warren Davidson, Tom Emmer, David Schweikert, Darren Soto, and Ted Budd. In addition, Bill Foster from the parliamentary committee for artificial intelligence has also signed, just like some other politicians who have not yet had any contact with cryptocurrencies, including Tulsi Gabbard, Tom Cotton and Suzan DelBene.

With the comment period already expiring on Monday, it is unlikely that the Treasury Department will abandon its proposal over the weekend. However, there are already initial considerations to initiate legal proceedings against the ministry if the change in the law is actually passed.