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Crypto industry players are sounding alarm over new European Union regulation on crypto which is up for a vote this Thursday.
The new rules are said to invade privacy and treat cryptocurrency less fairly than fiat money. The so-called ‘travel rule’ would extend anti-money laundering identity checks to payments made in digital currencies, even if they are under the existing threshold of 1,000 euros ($1,098).
In a company blog post on Monday, Coinbase Chief Legal Officer, Paul Grewal, said:
“If you care about protecting the privacy of individuals, and focusing the law on solutions that actually address legitimate concerns about the illicit use of digital assets, now is the time to speak up and be heard. We must speak with one, strong voice against this proposal before it’s too late.”
Grewal continued:
“This revision would unleash an entire surveillance regime on exchanges like Coinbase, stifle innovation, and undermine the self-hosted wallets that individuals use to securely protect their digital assets.”
Stressing the transparent nature of blockchain, he added:
“The truth is that digital assets are in general a markedly inferior way for criminals to hide their illicit financial activity.”