U.S. Scraps Proposed $10,000 Reporting Rule for Crypto Sent to Private Wallets đ
Big news for financial privacy and self-custody advocates! The U.S. Treasuryâs Financial Crimes Enforcement Network (FinCEN) has officially withdrawn two major regulatory proposals that hung over the crypto industry for years.
Here is what you need to know:
>> Self-Custody Win: FinCEN scrapped the proposed 2020 rule that would have forced banks and exchanges to log transactions over $3,000 and submit reports for transfers exceeding $10,000 to private/unhosted wallets.
>> Crypto Mixers Proposal Axed: FinCEN also dropped its 2023 proposal under Section 311 of the USA PATRIOT Act that aimed to classify crypto mixing services as a primary money laundering concern.
>> Why It Matters: Neither rule ever took effect, but their presence created years of compliance uncertainty. The official withdrawal removes the threat of heavy compliance burdens on self-custody tools and decentralization.
This decision marks a major regulatory shift toward protecting user privacy and decentralized finance on public blockchains.
What do you think about this regulatory win for self-custody? Drop your thoughts below! đ
#writetoearn #BTC #ETH #bnb #CryptoNews
Big news for financial privacy and self-custody advocates! The U.S. Treasuryâs Financial Crimes Enforcement Network (FinCEN) has officially withdrawn two major regulatory proposals that hung over the crypto industry for years.
Here is what you need to know:
>> Self-Custody Win: FinCEN scrapped the proposed 2020 rule that would have forced banks and exchanges to log transactions over $3,000 and submit reports for transfers exceeding $10,000 to private/unhosted wallets.
>> Crypto Mixers Proposal Axed: FinCEN also dropped its 2023 proposal under Section 311 of the USA PATRIOT Act that aimed to classify crypto mixing services as a primary money laundering concern.
>> Why It Matters: Neither rule ever took effect, but their presence created years of compliance uncertainty. The official withdrawal removes the threat of heavy compliance burdens on self-custody tools and decentralization.
This decision marks a major regulatory shift toward protecting user privacy and decentralized finance on public blockchains.
What do you think about this regulatory win for self-custody? Drop your thoughts below! đ
#writetoearn #BTC #ETH #bnb #CryptoNews