FreedomWorks Foundation Opposes Financial Crimes Enforcement Network’s Rule Regarding Cryptocurrency

WASHINGTON, D.C. — As part of the 2021 launch of FreedomWorks Foundation’s Regulatory Action Center (RAC) and in response to the Financial Crimes Enforcement Network’s (FinCEN) proposal regarding cryptocurrency, which would require banks and other organizations to identify and maintain records of all individuals who use either hosted or unhosted cryptocurrency wallets, the RAC submitted a formal comment yesterday.

Tell DC: Hands Off My Crypto!:

Adam Brandon, FreedomWorks President, commented:

“FreedomWorks Foundation’s Regulatory Action Center has submitted formal comments opposing FinCen’s proposal to require disclosure of personal identifying information for cryptocurrency transactions. Cryptocurrencies were created as an alternative form of currency free from centralized federal control. Not only would FinCen’s proposal centralize a decentralized currency, but it would create new security and surveillance risks that are otherwise nonexistent at the moment, giving regulators and hackers unfettered access to Americans’ financial information. This proposal presents an existential threat to cryptocurrencies as a whole.”

John Tamny, Director of FreedomWorks Center for Economic Freedom, commented:

“FinCen has little to do with crime fighting and lots to do with government watching over all transactions with an eye on expanding its taxation power. Let’s not expand the reach of the federal government’s grasping tax hand. The goal of commerce is to enrich buyer and seller alike, not the political class.”