FinCEN Withdraws Rules Targeting Crypto Wallets and Mixers
• FinCEN rescinded two proposed rules targeting self-custody wallets and crypto mixers, citing the Trump administration's deregulation agenda.
• The withdrawn rules would have required banks to report and verify identities for transactions over $10,000 involving unhosted wallets and imposed strict reporting on crypto mixing activities.
• The Crypto Council for Innovation praised the withdrawals as beneficial for the digital asset ecosystem, while legal pressures on privacy-focused crypto services continue, exemplified by the sentencing of Samourai Wallet co-founders for illegal transactions.
https://cryptopotato.com/fincen-withdraws-rules-targeting-crypto-wallets-and-mixers/
• FinCEN rescinded two proposed rules targeting self-custody wallets and crypto mixers, citing the Trump administration's deregulation agenda.
• The withdrawn rules would have required banks to report and verify identities for transactions over $10,000 involving unhosted wallets and imposed strict reporting on crypto mixing activities.
• The Crypto Council for Innovation praised the withdrawals as beneficial for the digital asset ecosystem, while legal pressures on privacy-focused crypto services continue, exemplified by the sentencing of Samourai Wallet co-founders for illegal transactions.
https://cryptopotato.com/fincen-withdraws-rules-targeting-crypto-wallets-and-mixers/