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Proposed Crypto Wallet Rule Among Those Halted by Biden Pending Review

The previous U.S. administration probably didn’t have too many supporters among the crypto-enthusiasts.

The new president of the United States of America, Joe Biden, has decided to freeze any agency rulemaking. This will also include the highly contested proposal of the former Treasury Secretary Steven Mnuchin regarding “unhosted wallets.”

This freeze will remain in effect until the proposed rules are properly reviewed, as the previous administration was in a hurry to rush it through.

The freeze is being praised by crypto advocates who didn’t agree with the proposed rule or the attempt that the administration before Biden had to rush it.

Jake Chervinsky wrote on Twitter: “We fought hard & earned the right to take a breath & reset. [Treasury Secretary] Janet Yellen isn’t Steve Mnuchin. I’m optimistic.”

Submitted in mid-December 2020, the proposal aimed for exchanges to store the name and address of people who transferred more than $3,000 in crypto in a day to a private wallet. It also asked for CTRs for all customer transactions that surpassed $10,000 in a day.

People who criticized the idea claimed that some projects would not be able to comply as a result of the fact that smart contracts don’t even have such information available to begin with.

The Trump administration asked for a 15-day comment period on the ruling, which is much shorter than the typical 60 days. The comment period was extended this month after nationwide crypto protests.

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