Since the United States Federal Reserve and the Financial Crimes Enforcement Network opened for public comment a proposed rule to acquire more information on smaller international transactions, many crypto users have labeled the measure an invasion of privacy.
On Oct. 23, the regulatory agencies published a notice of a proposal to modify a long-standing rule in which financial institutions in the U.S. are required to exchange client information for all international transactions greater than $3,000. The proposal — which includes “transactions involving convertible virtual currencies and digital assets with legal tender status” — would lower this monetary threshold to $250. In order to comply with the changes, crypto exchanges would seemingly need to store a great deal of personal information from users.
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