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Gemini Comments on FinCEN’s Proposed Rule on Unhosted Wallets

Gemini Comments on FinCEN’s Proposed Rule on Unhosted Wallets
  • Today, Gemini Exchange had posted on its Twitter official page that they have submitted a comment letter in response to FinCEN’s proposed rule.
  • According to the letter sent to FinCEN, Gemini have raised their concern about their unhosted wallets.
  • Gemini claimed to have highlighted three major concerns with the proposed rule.
    The team wrote that Gemini would welcome a more fulsome opportunity.

Today, Gemini had posted on its Twitter official page that they have submitted a comment letter in answer to FinCEN’s proposed rule.

Gemini has raised their concern about their unhosted wallets in a letter sent to FinCEN. The company noted three major concerns with the rule.

The team wrote that they admit that the rule raises topics of law enforcement. Besides, they said they raised their concern about the rule and its process.

In the letter, they urged FinCEN to consider the issues and also rethink the brief comment period.

Gemini alleged to point out three main needs of the proposed rule. First, they said the rule as conceived wouldn’t meet FinCEN’s stated intention.

Second, they wrote that the stated rule is full of ambiguity. Moreover, they said that it would prevent promising innovation, such as in DeFi.

Lastly, Gemini said that “there is a formal way with this rulemaking process.” The team added that the “comment period is far shorter than the usual 60-day comment period”.

According to the letter, Gemini would welcome a more fulsome opportunity. And also engage with FinCEN on the critical issues.

Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.