The organizations' representatives also took time to explain what, exactly, they were against. “But if it does, the Blockchain Association plans to file a preliminary injuction or a temporary restraining order to prevent it from going into effect then will challenge on process grounds.”

“So in the short term, we want to prevent this from going final until the Biden Administration,” Smith said during the AMA. In response, the Blockchain Association is looking to slow things down. The disorderly and rushed process has been a primary point of contention, and Blockchain Association Executive Director Kristin Smith implied it’s an effort from Treasury Secretary Steven Mnuchin to jam through reforms before President Trump’s term ends in two weeks. The bureau gave 15 days, up until January 4, for public comment-a shortened period, during the holiday season, that even some lawmakers have complained about. On December 18, 2020, FinCEN unveiled new rules that would require cryptocurrency exchanges to record any transactions to private wallets worth $3,000 or more and report transactions worth $10,000 or more. Staff members for cryptocurrency advocacy organization Coin Center, digital rights advocacy group Fight for the Future, membership group Blockchain Association, and pro-privacy organization Electronic Frontier Foundation took part in a reddit AMA to discuss their efforts to stop a proposed rule from the Financial Crimes Enforcement Network ( FinCEN ), a bureau of the US Treasury Department that counters money laundering and the use of money for illegal purposes. FinCEN rulemaking AMA on r/cryptocurrency

Reddit preparing to play city of heroes