US Treasury Moves to Scrap Proposed Crypto Wallet, Mixer Surveillance Rules
Key Summary
The US Treasury has moved to scrap two proposed crypto surveillance rules, one targeting self-custody transfers above $3,000 and the other cryptocurrency mixing. FinCEN, a bureau of the US Treasury Department, was planning to kill these two proposals, which had spent years in limbo without becoming law. The first proposal would have required banks and money transmitters to collect information on certain self-hosted wallet transactions above $3,000 and report larger ones above $10,000. The second proposal targeted cryptocurrency mixing as a class of transactions. Both proposals are now headed for the regulatory scrap heap. The US Treasury's FinCEN can revisit crypto mixers, but a replacement rulemaking process would start anew. The move is seen as a victory for the crypto industry, which has been vocal in its opposition to these proposals.
FinCEN, a bureau of the U.S. Treasury Department, is planning to kill two crypto surveillance proposals that spent years hanging over self-custody and privacy tools without ever becoming law. One would have required banks and money transmitters to collect information on certain self-hosted wallet transactions above $3,000 and report larger ones above $10,000. The other […]