/biz/ - Business & Finance

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Senator Cynthia Lummis from Wyoming just tweeted:

Been doing work on the rumored transaction reporting rule impacting digital assets (currently being contemplated by Treasury) and wanted to share with you where I am.

I am deeply concerned that the Treasury Department is considering a hasty rule governing self-hosted digital asset wallets and the Bank Secrecy Act (BSA). Rather than prematurely adopting a rule on this complex topic, Treasury should immediately begin a transparent process to engage with Congress and industry, building a consensus to drive America forward.

America is in a battle for competitiveness with China and Russia for the future of finance. Without broad consensus, a rule would be a step backward at the moment our country is beginning to realize the transformative effects of digital assets and financial technology. I spoke with Secretary Mnuchin last week and strongly pressed him for a better path forward. Congress is best placed to weigh the competing policy issues at stake. A rule adopted now could also potentially extend the BSA to new types of transactions beyond Congress’ intent.

Treasury's rule would also likely be adopted without public comment under an often-abused portion of the Administrative Procedure Act. Transparency makes good policy. It’s really that simple. Let the sunshine in, Mr. Secretary. A hallmark feature of digital assets, like BTC is the ability to conduct transactions w/out an intermediary. This promotes financial inclusion and freedom. A rule adopted at this juncture would be a solution in search of a problem. More pressing BSA-related issues exist.