The New Civil Liberties Alliance (NCLA), a nonprofit civil rights group, has recently raised objection to the crypto wallet rule proposed by FinCEN. In addition to this, the nonpartisan group said that the planned clampdown on the private wallets of cryptocurrency holders is an unlawful power grab.
The New Civil Liberties Alliance, NCLA has recently filled its comments on raising objection to the new crypto wallet rule proposed by the US Treasury's FinCEN. The rule is entitled “Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets.”
The NCLA released a warning regarding the unlawful power grab by the Financial Crimes Enforcement Network (FinCEN), which said:
FinCEN’s proposal has been called a large-scale state intrusion into private digital transactions by the nonpartisan group. In addition to this, the group revealed that the unconstitutional requirements of the proposal would lead to a giant collection of the personal information of people.
Moreover, the warning clearly stated that the proposed crypto wallet rule would likely force privacy-sensitive digital assets out of the U.S. financial system.
Explaining the proposal, NCLA said:
Describing the proposed rule further, the alliance said:
Extending the argument, the New Civil Liberties Alliance kept on saying:
The Litigation Counsel of NCLA, Caleb Kruckenberg, commented on the situation:
Emphasizing the unconstitutional requirement of disclosure of private information to FinCEN, the alliance eventually urged to acknowledge constitutional limits on its authority and to halt its unconstitutional creation of rules.