In a Jan. 4 letter addressed to FinCEN, Dorsey said that if the rules are approved, cryptocurrency customers maybe pushed to use unregulated services outside of the U.S. “This creates unnecessary friction and perverse incentives for cryptocurrency customers to avoid regulated entities for cryptocurrency transactions, driving them to use non-custodial wallets or services outside the U.S. to transfer their assets more easily,” he wrote. FinCEN proposed the regulations in December, potentially requiring users to comply with know-your-customer requirements if they want to send cryptocurrency from an exchange to a private wallet. The agency’s public comment period on the proposed wallet rules ended Monday. The agency would require personal information from the owner of the private wallet if the amount sent from a crypto exchange is greater than $10,000 in 24 hours. It would also require crypto exchanges keep records for transactions valued at over $3,000.

https://www.coindesk.com/squares-jack-dorsey-hits-out-at-fincens-burdensome-proposed-crypto-wallet-rules