1/5 Very quick summary on the PROPOSED FinCEN rule. This is a proposal and open for public comment. People who care should file comments, the document tells you how.
2/5 You have until Jan 4th. The first thing we need to do is fight that and ensure that there is more time than the holidays to comment on a rule that has a massive impact on our industry.
3/5 The rule requires MSBs/Banks to get counter-party name and address for sends/receives for any transaction > $3k. users can provide this info to the banks/MSBs.
4/5 The rule requires MSBs/Banks to provide a daily data feed with your identity, the transactions / blockchain addresses, and counter-party name/address for transactions in the aggregate of $10k over 24 hours.
5/5 It does not appear that the idea of sending or receiving from a protocol is contemplated in any form. This breaks DeFi, or at least makes it impossible for exchanges to allow people to directly interact with DeFi protocols.
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1/20 Here's a deep dive on what's really going on, including the behind the scenes, with the Treasury FinCen proposed rule on "unhosted wallets" and new record-keeping and reporting rules. Hang on to your hat.
2/20 This specific effort has been a personal mission for Secretary Mnuchin for multiple years. His own view is far more aggressive than the proposed rule put forward.
3/20 His original plan was to just drop this as a final rule with zero notice for public comment, as a "midnight rulemaking" on his way out of office. This actually didn't have broad support, in fact very few people were even aware of this plan.
1/15 Circle is announcing and launching a major new wave of upgrades to our payments and treasury infrastructure for the internet. If you’re curious about what we’ve been up to, read the blog and this tweet thread. circle.com/blog/circle-la…
2/15 We’re executing on the vision that digital currency becomes the core of storing and managing money and facilitating transactions. Lots of firms are talking about “embedded finance”, “banking as a service”, “treasury as a service”, we’re doing it digital currency native.
3/15 It starts with a Circle Account. Connect, convert, store and use stablecoins -- store them securely, make payments with them, convert in and out of existing banks, generate yield. This is a free service for any sized company. circle.com/en/circle-acco…
26/30 Collectively, as society, we can decide to take risks and know that there are unknowns, that the structure of how money works might not resemble the way it has for the past 50 years or 75 years.
27/30 We should be excited and inspired about imagining something better, and take inspiration from what we’ve collectively achieved with software and the internet over the past 25 years.
28/30 If all we did is worry about and stop and try and address every conceivable risk before doing something, we’d never do anything truly great. I hope governments and policy makers are listening. Hey @joebiden !!!
1/30 Just this week, $USDC crossed over 3 Billion in circulation, and has handled over 230B in on-chain transactions. We *are just getting started*! Here’s how we got here, and here’s the path to 1 Trillion USDC in circulation. medium.com/centre-blog/us…
2/30 USDC was launched to be a standard that the industry could build on, so @circlepay and @coinbase created Centre Consortium (@centre_io), and built the first governance arrangement for fiat digital currency. centre.io
3/30 The vision was broad -- connect every person, every merchant, and every financial service in the world over open internet protocols and blockchains -- but we started with a clear focus: build a safe, transparent, compliant and ALWAYS redeemable at $1 digital currency.
1/10 A lot of important messages conveyed in today’s interview on @squawkCNBC with @andrewrsorkin -- regulatory heat, Biden and #crypto optimism, $USDC vs CBDC, way too much to discuss in 7 minutes...
2/10 What’s the political climate in DC for crypto going into a Biden administration? It’s a mixed bag, on the left and right, but we believe that the Biden admin is going to end up being very big and very constructive on blockchain, crypto and digital currency.
3/10 Biden Administration is focused on infrastructure and increased American economic competitiveness, and blockchain and digital currency are to play a massive role just like earlier commercialisation of the internet in the 90s.
1/14 The rise of crypto has brought policy and regulatory issues to the forefront and are going to become massively important very quickly. The departing administration and the incoming Democratic forces are both eager to leave their mark.
2/14 The stakes are very high for society and the economy; the far-left wants to paint crypto as an anti-big tech and consumer protection issue, the far-right wants to paint crypto as a national security threat; the libertarians and moderates see the human economic potential.
3/14 Big banks want to limit it, tech entrepreneurs and silicon valley want to foster the innovation and disruption it heralds for the world.