Biden slows down proposed crypto regulations
The new president of the United States froze the regulatory processes, which included what was said by FinCEN
The new president of the United States, Joe Biden, announced that all regulatory processes in the country will be frozen, including those related to cryptocurrencies.
One of the first actions carried out by the president was to curb all federal regulations, including the one related to the application of laws to self-hosted crypto wallets, proposed by former Secretary of the Treasury Steven Mnchin.
The announcement came in a White House memo to the heads of various federal agencies, including the Financial Crimes Enforcement Network (FinCEN).
Several have been the experts who praised this measure made by Biden, among them Jake Chervinsky, of the General Council of Composite Finance.
“We fought hard and earned the right to take a breather and restart. Janet Yellen is not Steve Mnuchin. I am optimistic”.
The self-hosted wallet proposal was made by FinCEN on December 18 under former US Secretary of the Treasury, Mnuchin. If approved, it would require banks and money service companies to submit reports, keep records, and verify the identity of customers transacting to and from private cryptocurrency wallets.
K. Tovar
Source: DiarioBitcoin
