U.S. withdraws two proposals to monitor personal crypto wallets. $BTC remains steady around $86,000.
The U.S. Treasury has just withdrawn two proposed rules that were never approved: a rule requiring reports on transactions involving unhosted wallets (personal wallets not held on an exchange), proposed in 2020, and a rule targeting crypto-mixing services, proposed in 2023. FinCEN, the Treasury’s anti-money-laundering agency, filed notices on Monday to withdraw both.
Coin Center, a crypto industry advocacy group, called this a major victory for financial privacy. If enacted, the two rules would have required exchanges to report detailed information on withdrawals to personal wallets above a certain threshold — something the crypto industry has opposed for years, arguing that it would undermine people’s ability to control their own assets.
$BTC has shown no clear reaction, staying around $86,000 as it was before the news broke. FinCEN says it will continue monitoring money laundering and terrorist financing, and could take action again in the future — so this is not the end, just a pause.
Personal observation, not investment advice
#BTC #Crypto #FinCEN #CryptoRegulation #Bitcoin
The U.S. Treasury has just withdrawn two proposed rules that were never approved: a rule requiring reports on transactions involving unhosted wallets (personal wallets not held on an exchange), proposed in 2020, and a rule targeting crypto-mixing services, proposed in 2023. FinCEN, the Treasury’s anti-money-laundering agency, filed notices on Monday to withdraw both.
Coin Center, a crypto industry advocacy group, called this a major victory for financial privacy. If enacted, the two rules would have required exchanges to report detailed information on withdrawals to personal wallets above a certain threshold — something the crypto industry has opposed for years, arguing that it would undermine people’s ability to control their own assets.
$BTC has shown no clear reaction, staying around $86,000 as it was before the news broke. FinCEN says it will continue monitoring money laundering and terrorist financing, and could take action again in the future — so this is not the end, just a pause.
Personal observation, not investment advice
#BTC #Crypto #FinCEN #CryptoRegulation #Bitcoin
