On his first day of work, Biden made a flash decision, frozen Trump-era laws and proposals for review by his own experts. A notification was sent to the relevant institutions regarding the freezing process.
Among the institutions that have been notified are the Financial Crimes Prevention Network (FinCEN). Therefore, the issue of crypto money wallets, which Trump-era US Treasury Secretary Steven Mnuchin wanted to enact, is also on hold for now… As it will be remembered, this law proposal involved keeping records of customers / persons transacting in private cryptocurrency wallets and verifying their identity.
Although the Treasury Department wanted to enact this proposal before the end of the Trump era, cryptocurrency companies and their institutions opened the issue for discussion in a short period of 15 days and lobbied the ministry for days to rethink this law.
Neeraj Agrawal, communications director at Coin Center, made the following statements to Decrypt on the issue:
“Thanks to the community's answers, the legislative part is left to the Biden era. When management changes, the first thing that is usually done is to freeze and reassess what the previous management did.
With this statement, White House Secretary General Ronald Klain conveyed to all institutions that there is a 60-day freezing period and that the current law on the issues is currently in force. As a result, Biden's team will be able to re-examine all pending laws.
As it is known, President Biden appointed Janet Yellen to the Treasury Department, but this appointment must also be accepted by the Senate. Kenneth Blanco, appointed by former minister Mnuchin, is currently heading the FinCEN, which is affiliated with the Ministry of the Treasury where the bill was issued.
"Now it will be easier to negotiate with FinCEN"
Neeraj Agrawal stated that the cryptocurrency industry will be able to discuss regulatory issues much more easily with the government thanks to this freezing process and said, "Regulatory issues can now be negotiated much more easily with FinCEN at midnight without the danger of passing the law and time pressure."
