Bitcoin Community Cringes as Federal Reserve & the Treasury Look to Crack Down

The Bitcoin community is cringing as the Federal Reserve and the Financial Crimes Enforcement Network, a branch of the U.S. Treasury, looking to decrease the reporting requirements imposed on financial institutions. Bitcoin Community Doesn’t Like the Recent “Travel Rule” Moves These two entities are specifically targeting the so-called “Travel Rule,” which requires institutions to collect, retain, and share information about their clients. Those that have to abide by the Travel Rule include crypto exchanges. Integration of the Travel Rule into exchanges and other Bitcoin service providers is expected to take place next year. The Fed and FinCEN are looking to reduce the threshold of the Travel Rule from $3,000 to $250. This means that if you bought $250 worth of Bitcoin from exchanges under this new rule, the exchange would be required to collect information regarding you. A statement from the two authorities reads: “Under the current recordkeeping and travel…

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