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Dear Secretary Mnuchin,
FinCEN has a long history of applying its regulations in a technology-neutral manner. However, newly proposed rules would place a different and more burdensome standard on cryptocurrency transactions than applies to legacy transactions like cash withdrawals or check paying.
Financial institutions that deal with cryptocurrency would have to record the name and physical address of counterparties to customers while banks and other legacy institutions would continue to face no such requirement.
Not only does this discriminate on the basis of technology, it will be impossible for financial institutions to fully comply, thus effectively banning certain cryptocurrency transactions with no benefit (and likely great cost) to law enforcement.
I urge you to ensure that the proposed rule does not create such a disparity by removing the requirement that counterparty information be recorded.
Thank you for your time and consideration.
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