On his first day in office in January 2021, President Joe Biden issued a memorandum halting all "new or pending" rules from the previous administration. This "regulatory freeze" was a standard procedure to allow the incoming administration time to review pending policies.
The FinCEN wallet rule was one of the most prominent items caught in this freeze. The proposal would have required: Proposed Crypto Wallet Rule Among Those Frozen ...
Advocates argued the rule was a "significant intrusion" into personal privacy and financial autonomy. On his first day in office in January
Automatic filing of Currency Transaction Reports (CTRs) for transactions exceeding $10,000 . Arguments and Industry Pushback The proposal would have required: Advocates argued the
Exchanges to verify the identity of owners for transactions over $3,000 to unhosted wallets.
The "Proposed Crypto Wallet Rule" originally refers to a controversial 2020 regulatory proposal by the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN). It sought to impose strict reporting and record-keeping requirements on transactions involving "unhosted" (self-custodied) cryptocurrency wallets.
The rule sparked a "firestorm" within the crypto community, leading to over .
On his first day in office in January 2021, President Joe Biden issued a memorandum halting all "new or pending" rules from the previous administration. This "regulatory freeze" was a standard procedure to allow the incoming administration time to review pending policies.
The FinCEN wallet rule was one of the most prominent items caught in this freeze. The proposal would have required:
Advocates argued the rule was a "significant intrusion" into personal privacy and financial autonomy.
Automatic filing of Currency Transaction Reports (CTRs) for transactions exceeding $10,000 . Arguments and Industry Pushback
Exchanges to verify the identity of owners for transactions over $3,000 to unhosted wallets.
The "Proposed Crypto Wallet Rule" originally refers to a controversial 2020 regulatory proposal by the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN). It sought to impose strict reporting and record-keeping requirements on transactions involving "unhosted" (self-custodied) cryptocurrency wallets.
The rule sparked a "firestorm" within the crypto community, leading to over .