FinCEN’s Wallet Rule Aims to Close Crypto-Cash Reporting Gap, Official Says

FinCEN’s proposed rule regulating “unhosted” wallet transfers has a number of potential issues, including unintended consequences for decentralized finance.

"The burdensome information collection and reporting requirements deprive U.S. companies like Square of the chance to compete on a level playing field," Dorsey said.

The IRS’ DeFi rule (which proposed stricter tax reporting for DeFI transactions) is set to be repealed, following a 70-28 motion vote by the US Senate. Now on the desk of President Donald Trump, the resolution is widely expected to be signed. And it’s a move welcomed by cryptos, like the Best Wallet Token, and […]

Proposals requiring crypto companies to report transactions amount to "mass surveillance" and flout the Fourth Amendment.

Many have called the long-rumored rules an existential threat to peer-to-peer transactions. The Treasury has released its long-awaited proposal to restrict money services businesses, including U.S.-registered crypto exchanges, from dealing with self-hosted wallets.In a Friday evening announcement, the Treasury's Financial Crimes Enforcement Network, or FinCEN, announced proposed rules requiring registered crypto exchanges to verify the "identity of their customers, if a counterparty uses an unhosted or otherwise covered wallet and the transaction is greater than $3,000." The rule is....