You Should Comment On The Public Register Of The Fed Regarding BSA Proposal on Crypto
> FinCen has put up for review a knee-jerk change to the travel rules that extends its application to crypto lowers the reportable international transfer lower from $3,000 to $250. this is awful, open for commentary and we need to speak up
>Commentary Can Be Submitted Here
> my own reason, beyond the privacy reasons, is crypto exchanges aren't held accountable in the way banks are when they get hacked or have private information leaked. Banks get millions in fines, compensate for losses, and are forced to protect your credit and ID for years after crypto exchanges get laughed at. The third-party party that Binance, Bittrex, Kraken, Gemini and others were using for confirmation got hacked just last year and thousand of IDs and personal were available for purchases at cheap rates the current plan to comply revolves around a network of crypto exchanges sending your personal data around every time you make a transfer to other crypto exchanges through a mechanism separate from the actual transaction Given their track record, this is the worst idea possible. As a US consumer, we have protections in what we purchase and how are data is handled under a bunch of local and state laws. Im pretty sure "increasing risk of fraud and identity theft by sending my private information with every transaction" violate that somewhere.