Does the FinCEN's Rule Break DeFi?
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. In this episode of the Bankless podcast with Ryan Adams and David Hoffman, crypto lawyer Jake Chervinsky provides his breakdown of what this rule means for Ethereum and DeFi applications.
The video premiered on December 21, 2020.