There was a recent notice about Rule Making by the treasury department, which according to cryptocurrency advocates are harmful regulations.
Monero Outreach tweeted: “US Treasury is trying to sneak harmful regulations over the holidays while no one is watching. Pay attention. Do something.”
The example advocacy letter is to the US Treasury about harmful FinCEN cryptocurrency regulations (Docket Number FINCEN-2020-0020, RIN 1506-AB47). It is good and it is going to be very useful for those who are US citizens. The letter is an easy way for US Citizens to exercise their voice and put this to good use.
Monero community are particularly not happy because the notice singles out Monero as a private cryptocurrency and cites special concern. The Feedback for this notice is due by January 4, 2021.
Monero Outreach have published an “Example Advocacy Letter to the US Treasury.” This sample time is facilitated for those who are looking to respond because the time for feedback is very short. The normal time for feedback is 60 days, but now they have stated it is 15 days. These signals are an attempt to steamroll these new rules.
Those who are looking to reply to the notice can use the sample letter verbatim. Users are also asked to add their unique perspective, references, and alternative proposals.
The notice has required banks and money service businesses to submit new reports. They are asked to gather new information about users who are sending cryptocurrencies to self-hosted wallets.
Commenting, Sydney Ifergan, the crypto expert tweeted: “The purpose of the Monero Outreach Letter is to stop and discard the recent rule making targeting self-hosted wallets. Governments are not actually looking at crypto as enemy, but they are trying to bring it under their control.”
With governments beginning to turn towards cryptocurrency, we can expect to see lot of bombs. They will have lot more not so nice things to say for the cryptocurrency space.
Monero (XMR) Transactions Community Response
Justin Ehrenhofer tweeted: “Monero is on track to have its highest number of monthly transactions yet, likely somewhere between 550,000 and 650,000. Last month Monero had 523,842 transactions according to CoinMetrics.”
However, users who responded to this update stated that they are interested in all-time highs and not about the numbers of transactions. Some of them insist on patience, while others are scared that it will be banned by exchanges.
Some of the users opine that Monero needs to launch an exchange just for Monero which in turn will pair with everything else, thus becoming stronger against centralized exchanges.