Coinbase has issued statements that the US Treasury Department’s proposal needs to include more adequate measures that use compliance resources efficiently.

The firm’s Chief Legal Officer, Paul Grewal, posted their position regarding the issue on X.

We filed comments today on @USTreasury’s proposed rule on crypto mixing. @coinbase supports effective regulations, but not bulk data collection and reporting requirements for all transactions involving any crypto mixing–even with no indication of suspicious activity. 1/6

— paulgrewal.eth (@iampaulgrewal) January 22, 2024

In a comment filed Monday to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), Coinbase suggested that regulated crypto platforms are already obligated to record-keeping and reporting rules on suspicious activities and illicit crypto mixing.

Coinbase claims that the proposed requirement for crypto platforms to report all crypto mixing activities, including those with legitimate purposes, is not an efficient use of companies’ resources. The filing also took issue with no monetary threshold for recordkeeping and reporting.

The absence of a monetary threshold will likely “lead to bulk reporting of non-suspicious transactions,” Grewal said, a

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Author: Vince Dioquino

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