The FinCEN officially withdrew on October 6 the 2020 proposal that would have required banks and platforms to report cryptocurrency transfers exceeding 10,000 dollars to non-hosted wallets. This rule, published just before Christmas with a fifteen-day comment period, had received over 7,500 objections, a record for the agency. Coinbase, Square, Coin Center and the Blockchain Association had opposed the text due to the impossibility of verifying data collected on non-customer third parties. The withdrawal is based on the President’s Working Group order from January 2025, which defends citizens’ right to hold their own keys. US platforms remain subject to the Bank Secrecy Act, KYC, suspicious activity reports and the Travel Rule.
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