Joe Biden Freezes FinCEN’s Crypto Wallet Rulemaking — US Crypto Regulations U...
New U.S. President Joe Biden has frozen all agency rulemaking, including the proposal by the Financial Crimes Enforcement Network (FinCEN) relating to cryptocurrency wallets. Biden will appoint someone to “review any new or pending rules,” the White House has announced. FinCEN’s Crypto Wallet Proposal Frozen, Pending Regulatory Review Joe Biden, the 46th president of the United States, has frozen all rulemaking carried over from the previous administration, the White House announced after his inauguration Wednesday. This would include the proposal by the Financial Crimes....
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President Joe Biden has frozen all regulatory processes including proposed FinCEN rules detrimental to the crypto industry. One of the first actions President Joe Biden has taken on his first day in office is to freeze Federal regulatory process, including the controversial self-hosted crypto wallet regulations proposed by former Treasury Secretary Steven Mnuchin.The announcement came in a White House memorandum for the heads of various federal agencies, the Financial Crimes Enforcement Network (FinCEN) included. The edict doesn’t specify the crypto wallet proposal, but places a general....
President Joe Biden has frozen all agency rulemaking, including former Treasury Secretary Steven Mnuchin’s controversial proposal on “unhosted wallets,” according to a prominent cryptocurrency lawyer. The story is developing and will be updated.
FinCEN’s proposed rule regulating “unhosted” wallet transfers has a number of potential issues, including unintended consequences for decentralized finance.
Coinbase says that a 15-day notice-and-comment period for FinCEN’s new crypto rules is not enough. Coinbase, one of the largest cryptocurrency exchanges in the United States, is advocating extension for the industry’s feedback deadline to newly proposed crypto rules by the Treasury’s Financial Crimes Enforcement Network, or FinCEN.In a Dec. 21 blog post, Coinbase’s chief legal officer Paul Grewal addressed FinCEN’s newly released rulemaking regarding self-hosted crypto wallets. The blog post represents an open letter to Kenneth Blanco, the director of FinCEN.In the letter, Grewal....
The top U.S. banking regulator is concerned that the Biden administration may roll back some cryptocurrency regulations aimed at protecting consumers. This includes allowing national banks to custody crypto assets put in place during the Trump administration. Biden Administration Could Change US Crypto Regulations Acting Comptroller of the Currency, Brian Brooks, shared several concerns regarding cryptocurrency regulations in an interview with CNBC last week. Brooks is the administrator of the federal banking system and chief officer of the Office of the Comptroller of the Currency (OCC).....