FinCEN withdraws its rules on unhosted wallets and mixers
FinCEN drops its rules on unhosted wallets and mixers: what it really changes
On October 5, FinCEN (the U.S. Treasury Department) announced the withdrawal of two proposed rules: one from December 2020 on transactions involving unhosted wallets, and one from October 2023 on mixers. The withdrawals were published in the Federal Register on October 6. The agency cited its review of public comments and its deregulation agenda.
What this does not mean: mixers have not been legalized. FinCEN says it will continue to monitor them, and these rules had never taken effect. On the same day, according to CryptoTicker, it also published a new proposal related to the A7 network. So this is not a general retreat.
What it changes: banks and platforms will not have to apply these collection and verification requirements to transfers to personal wallets, at least not in this form. Several analyses note that a future administration could revive similar rules.
What to keep in mind about self-custody: regulatory pressure in the U.S. is easing, but the practical responsibilities remain yours: key security, device provenance, and backups.
Does this withdrawal make you more likely to keep more crypto in self-custody?#StateCouncilCallsForNationalBlockchainNetwork #EthereumSurpasses2500USDT
FinCEN drops its rules on unhosted wallets and mixers: what it really changes
On October 5, FinCEN (the U.S. Treasury Department) announced the withdrawal of two proposed rules: one from December 2020 on transactions involving unhosted wallets, and one from October 2023 on mixers. The withdrawals were published in the Federal Register on October 6. The agency cited its review of public comments and its deregulation agenda.
What this does not mean: mixers have not been legalized. FinCEN says it will continue to monitor them, and these rules had never taken effect. On the same day, according to CryptoTicker, it also published a new proposal related to the A7 network. So this is not a general retreat.
What it changes: banks and platforms will not have to apply these collection and verification requirements to transfers to personal wallets, at least not in this form. Several analyses note that a future administration could revive similar rules.
What to keep in mind about self-custody: regulatory pressure in the U.S. is easing, but the practical responsibilities remain yours: key security, device provenance, and backups.
Does this withdrawal make you more likely to keep more crypto in self-custody?#StateCouncilCallsForNationalBlockchainNetwork #EthereumSurpasses2500USDT