Four U.S. lawmakers want Treasury Secretary Steven Mnuchin to rethink his rumored crypto wallet regulations.
Reps. Warren Davidson (R-Ohio), Tom Emmer (R-Minn.), Ted Budd (R-N.C.) and Scott Perry (R-Penn.) sent a letter to Mnuchin Wednesday, “expressing our concern” about rumored self-hosted wallet regulations that the Secretary apparently intends to implement in the coming weeks.
Coinbase CEO Brian Armstrong tweeted last month that Mnuchin was “planning to rush out” these new regulations, which would apparently require crypto exchanges to verify know-your-customer data for self-hosted wallets before they could send cryptocurrencies off of their platforms and into the wallets.
According to Wednesday’s letter, this potential regulation would “hinder American leadership,” preclude U.S. actors from participating in the space, and “undermine the Treasury Department from stopping illicit actors from exploiting the financial system.”
Requiring exchanges to maintain this…