Wu Blockchain learned that the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has withdrawn a proposed rule, introduced in 2020, requiring reports on transactions involving unhosted cryptocurrency wallets, and said it will no longer pursue the proposal. The original proposal would have required banks and money services businesses (MSBs) to report relevant information to FinCEN and verify customers’ identities when they conducted crypto-asset transactions worth more than $10,000 with unhosted wallets and similar entities. For transactions over $3,000, they would have been required to retain relevant records. FinCEN said the withdrawal is part of the Trump administration’s effort to make digital-asset regulation more fit for purpose.