Does the FinCEN's Rule Break DeFi? | Jake Chervinsky

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Jake Chervinsky on the recent FinCEN Proposed Rulemaking

FinCEN has finally released a long-rumored proposed rule on how crypto-asset custodians like Coinbase, Gemini, or Cash app can compliantly enable their users to take control over their cryptocurrency funds into 'self-hosted' or 'unhosted wallets'.

This new rule would impose new obligations on virtual asset service providers (VASPs) like exchanges & custodians and increase the reporting requirements on outbound transactions to their customers' wallets.

The actual release:
https://home.treasury.gov/news/press-releases/sm1216

We bring on Jake Chervinsky to help us go through some of this news and help us digest what was released!

Read Jake's tweet thread!
https://twitter.com/jchervinsky/status/1340135040399904770?s=20

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