Brian Armstrong: "The US Treasury will tighten regulation of non-custodial wallets"

Coinbase CEO Brian Armstrong tweeted and commented on rumors of new US regulation of non-custodial cryptocurrency wallets.

According to statements
Brian Armstrong (Brian Armstrong), US Treasury Department hurry "develops new rules for non -kastodial cryptocurrency wallets. Armstrong did not reveal his source of information.

Coinbase CEO wrote, what, According to the information he received, New regulation may oblige cryptocurrency exchanges to “check the owner of the recipient’s wallet and collect identifying information about this side, Before she can send money ". If it's true, This approach will allow the regulatory authorities to create a network of addresses and identifiers of cryptocurrency users.

Armstrong explained, that non -kastodial wallets are very important, “Because they allow anyone to use new technology to access the main financial services – Also, How can anyone use a computer or smartphone for Internet access ".

With mandatory data collection on such a scale, the availability of cryptocurrencies will soon approach the level of availability of traditional banking services. Armstrong added, that this system, If it is implemented only in the USA, naturally creates a “closed ecosystem” of cryptocurrencies for Americans:

“Given these obstacles, We, probably, We will see a decrease in the number of transactions from cryptocurrency financial platforms for local wallets. This will actually create a closed ecosystem of cryptocurrency financial services only for the United States, Cutting us off from innovation, taking place in the rest of the world ".

Coinbase allegedly sent a letter to the Ministry of Finance, to state the problems of excessive regulation of the industry. According to Armstrong, “A number of other cryptocurrency companies and investors” joined the statement of Coinbase ”. The letter was not published, and the names of Coinbase supporters are not disclosed.

Earlier this week, the Coinbase exchange announced, that soon the site users will lose access to marginal trade. The reason for this decision was the requirement of regulators.