According to the recent notice of proposed rulemaking from the Financial Crimes Enforcement Network of the U.S. Treasury (FinCen), certain transactions involving digital assets and virtual currency will be subject to a more burdensome regime than traditional money transfers, a move that has drawn much criticism from crypto insiders.

While few would argue that additional regulation is unnecessary, it is important to strike a balance that is reflective of the current state of the industry. By inviting public comment and spending the time necessary to get it right, rules could be implemented that are both effective and fair.

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