Good news for crypto users in the US đșđž
The US Treasury (FinCEN) and the Federal Reserve have just dropped a plan that would have forced banks and crypto firms to collect and share information on international transfers as small as $250. The $3,000 threshold stays in place.
Why does this matter?
The proposal, from back in 2020, would have covered crypto transfers too â including convertible virtual currencies. Nearly 3,000 comments came in, mostly against it, warning about compliance costs and privacy risks. The agencies said they will take no further action on it, pointing to how much the crypto market has changed and to the new GENIUS Act stablecoin rules.
This is not a buy or sell call, and it will not move prices by itself. But it is a real step in the other direction: less tracking of small crypto transfers, not more.
Analysis Only â Not Financial Advice (NFA). Trading involves risk.
Follow Profit Direction for more signals, best signals and market updates. Share your opinion in the comments.
Do you think this news will push BTC up or down?
#CryptoNews #Bitcoin #Crypto #Fed
The US Treasury (FinCEN) and the Federal Reserve have just dropped a plan that would have forced banks and crypto firms to collect and share information on international transfers as small as $250. The $3,000 threshold stays in place.
Why does this matter?
The proposal, from back in 2020, would have covered crypto transfers too â including convertible virtual currencies. Nearly 3,000 comments came in, mostly against it, warning about compliance costs and privacy risks. The agencies said they will take no further action on it, pointing to how much the crypto market has changed and to the new GENIUS Act stablecoin rules.
This is not a buy or sell call, and it will not move prices by itself. But it is a real step in the other direction: less tracking of small crypto transfers, not more.
Analysis Only â Not Financial Advice (NFA). Trading involves risk.
Follow Profit Direction for more signals, best signals and market updates. Share your opinion in the comments.
Do you think this news will push BTC up or down?
#CryptoNews #Bitcoin #Crypto #Fed
