In December 2020, Steven Mnuchin’s Treasury proposed a rule requiring crypto exchanges and financial institutions to collect more information about transactions involving self-controlled wallets, with reporting obligations for transactions exceeding $10,000 and recordkeeping requirements starting at $3,000. The comment period lasted only 15 days, covering Christmas and New Year, and generated over 7,500 objections before the Biden administration extended the regulatory process. The proposal remained in limbo for years until Trump’s second administration formally withdrew it in October 2026, ending a proceeding that had survived two presidential transitions. Privacy advocates celebrated the decision as a win, especially given that the Trump family made approximately $2.3 billion in pretax crypto earnings.
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