The Financial Crimes Enforcement Network (FinCEN) withdrew two proposed rules on self-custody wallets and crypto mixers on Monday. The Treasury bureau cited the Trump administration’s deregulatory agenda in ending the wallet proposal that had been pending since December 2020. The wallet rule would have required banks and money service businesses to file reports and verify customer identities for transfers exceeding $10,000 involving unhosted wallets, with record-keeping starting at $3,000. The second proposal from 2023 would have imposed special measures on crypto mixing under section 311 of the USA PATRIOT Act, requiring covered financial institutions to report any transaction suspected of involving mixing with a foreign link. The Crypto Council for Innovation described both withdrawals as positive for the digital asset ecosystem.
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