FinCEN Withdraws Rules Targeting Crypto Wallets and Mixers
🚫 FinCEN has rescinded two proposed rules concerning self-custody wallets and crypto mixers, citing the Trump administration's deregulation agenda.
💼 The withdrawn rules would have required banks to report and verify identities for transactions over $10,000 involving unhosted wallets and imposed strict regulations on crypto mixing activities.
👍 The Crypto Council for Innovation praised the decision as beneficial for the digital asset ecosystem, arguing it prevents unnecessary restrictions on self-hosted wallets and acknowledges the legitimate use of mixing services.
🚫 FinCEN has rescinded two proposed rules concerning self-custody wallets and crypto mixers, citing the Trump administration's deregulation agenda.
💼 The withdrawn rules would have required banks to report and verify identities for transactions over $10,000 involving unhosted wallets and imposed strict regulations on crypto mixing activities.
👍 The Crypto Council for Innovation praised the decision as beneficial for the digital asset ecosystem, arguing it prevents unnecessary restrictions on self-hosted wallets and acknowledges the legitimate use of mixing services.