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Blog

FreedomWorks Foundation Submits Comments on Cryptocurrency Disclosure

Today, FreedomWorks Foundation submitted a formal comment opposing a proposed rule by the Financial Crimes Enforcement Network (FinCEN) regarding cryptocurrency. The proposed rule would require banks and other organizations to identify, and keep records of, all individuals who use either hosted or unhosted cryptocurrency wallets. As we pointed out in our comment excerpted below, although FinCEN has corrected their procedural errors from the first version of this Notice of Proposed Rulemaking (NPRM), the contents of this notice present an existential threat to cryptocurrencies as a whole. Not only would this proposal amount to centralizing a decentralized currency, but it would create massive security and surveillance risks that would be otherwise impossible.

02/10/2021
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Blog

FreedomWorks Foundation Submits Comments on Cryptocurrency Regulation

Today, FreedomWorks Foundation submitted a formal comment opposing a proposed rule by the Financial Crimes Enforcement Network (FinCEN) regarding cryptocurrency. The proposed rule would require banks and other organizations to identify, and keep records of, all individuals who use either hosted or unhosted cryptocurrency wallets.

01/04/2021
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Blog

Regulatory Acceptance of Stablecoins Signals Big Changes on the Horizon

A major piece of guidance issued recently by the Office of the Comptroller of the Currency (OCC) is already making waves in financial circles. This directive allows banks and federal savings associations to hold deposits as reserves for stablecoins that are backed one-to-one by a fiat currency. Although this order is very limited in scope, it represents a pivotal move towards an innovative regulatory framework and signals the future inclusion of commodity-backed stablecoins.

10/05/2020