The U.S. government just gave up on tracking your crypto wallet.
FinCEN has withdrawn a December 2020 proposal that would have forced banks and exchanges to report transfers over $10,000 to wallets you control yourself — even smaller transfers that added up past $10,000 within 24 hours. It also scrapped a 2023 plan for extra reporting on crypto mixer transactions. Neither rule ever took effect.
The agency says both moves fit the push to make digital-asset rules "fit-for-purpose." Thousands of public comments and nearly six years later, moving your own coins to your own keys is officially nobody's reporting business.
Is self-custody finally winning the regulation war?
#CryptoNews #SelfCustody
FinCEN has withdrawn a December 2020 proposal that would have forced banks and exchanges to report transfers over $10,000 to wallets you control yourself — even smaller transfers that added up past $10,000 within 24 hours. It also scrapped a 2023 plan for extra reporting on crypto mixer transactions. Neither rule ever took effect.
The agency says both moves fit the push to make digital-asset rules "fit-for-purpose." Thousands of public comments and nearly six years later, moving your own coins to your own keys is officially nobody's reporting business.
Is self-custody finally winning the regulation war?
#CryptoNews #SelfCustody
