Proposed Crypto Wallet Rule Among Those Frozen ... -

Critics noted it was technically impossible for some decentralized finance (DeFi) protocols or smart contracts to collect the required name and address data.

On his first day in office in January 2021, President Joe Biden issued a memorandum halting all "new or pending" rules from the previous administration. This "regulatory freeze" was a standard procedure to allow the incoming administration time to review pending policies. Proposed Crypto Wallet Rule Among Those Frozen ...

Automatic filing of Currency Transaction Reports (CTRs) for transactions exceeding $10,000 . Arguments and Industry Pushback Critics noted it was technically impossible for some

The "Proposed Crypto Wallet Rule" originally refers to a controversial 2020 regulatory proposal by the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN). It sought to impose strict reporting and record-keeping requirements on transactions involving "unhosted" (self-custodied) cryptocurrency wallets. Proposed Crypto Wallet Rule Among Those Frozen ...