Freeze On Treasury’s Proposed Crypto Wallet Rules
A pause put on proposed rules for cryptocurrency wallets:
Biden Puts Freeze on Treasury’s Proposed Crypto Wallet Rules
On his first day in office, President Biden has put a freeze on any “new or pending” Trump-era rules until members of his administration are able to review them.
That includes a rule proposed by the Financial Crimes Enforcement Network (FinCEN) December 18 under former US Treasury Secretary Mnuchin. The bureau’s proposed rule would “require banks and money service businesses (‘MSBs’) to submit reports, keep records, and verify the identity of customers” who make transactions to private cryptocurrency wallets.