The U.S. Treasury has withdrawn two long-pending crypto surveillance proposals, which set the threshold at $3,000.
On October 5, Coin Center said the Treasury had cleared from the books two proposed FinCEN rules targeting unhosted wallets and crypto mixers. The rules would have required financial institutions to collect and retain information about counterparties to transactions involving unhosted wallets worth more than $3,000, and to report transactions over $10,000 to FinCEN—threatening to greatly expand financial surveillance of crypto users. Crypto advocates had repeatedly urged the Treasury to abandon the proposals.
The key is the act of formally closing the matter: as long as the proposals remained pending, the Treasury could always revive them; formally withdrawing them also removes that option. That’s the biggest difference between withdrawing a proposal and shelving it.
On October 5, Coin Center said the Treasury had cleared from the books two proposed FinCEN rules targeting unhosted wallets and crypto mixers. The rules would have required financial institutions to collect and retain information about counterparties to transactions involving unhosted wallets worth more than $3,000, and to report transactions over $10,000 to FinCEN—threatening to greatly expand financial surveillance of crypto users. Crypto advocates had repeatedly urged the Treasury to abandon the proposals.
The key is the act of formally closing the matter: as long as the proposals remained pending, the Treasury could always revive them; formally withdrawing them also removes that option. That’s the biggest difference between withdrawing a proposal and shelving it.
