Biden freezes proposed FinCEN crypto regulations
BTC Peers
Published Jan 21, 2021 05:13AM ET
Updated Jan 21, 2021 05:30AM ET
Biden freezes proposed FinCEN crypto regulations
President Joe Biden has halted all new and pending regulatory rules from the Trump-era, including the proposed FinCEN rule which has been largely described as detrimental to the crypto industry. Consequently, no proposal will be implemented until Biden’s team can review it.
The ban was confirmed in a White House memorandum addressed to heads of executive departments and agencies. While the edict does not specifically mention the crypto wallet proposal, the order places a general freeze on all agency rulemaking for the next 60 days.
On December 18, the Financial Crimes Enforcement Network (FinCEN) proposed a new rule that would require banks and crypto exchange to “submit reports, keep records, and verify the identity of customers.” Industry participants quickly opposed the rule calling it inappropriate.
As reported by BTC PEERS, within two weeks, the agency received over 65,000 comments from crypto supporters opposing its plan.
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Written By: BTC Peers
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