The new president of the US, Joe Biden, has frozen all regulatory processes, including the proposed FinCEN rules that damage the Bitcoin and the cryptocurrency market.
Joe Biden froze FinCEN’s proposal to regulate cryptocurrency wallets!
One of the things Joe Biden did on his first day in office was to freeze Federal regulatory processes, including regulations for cryptocurrency wallets proposed by Former Treasury Secretary Steven Mnuchin. The announcement was made in a statement to the heads of various federal agencies, including the White House’s Financial Crimes Investigation Network (FinCEN). Although the regulations specifically regarding cryptocurrency wallets are not specified in the statement, it is emphasized that all regulations pending review are frozen for 60 days. Compound Finance General Counsel Jake Chervinsky, one of the crypto market experts, commented on this development:
WE HAVE FIGHTED SO MUCH AND WE HAVE THE RIGHT TO BREATH AND RESET. JANET YELLEN IS NOT LIKE STEVE MNUCHIN. I AM OPTIMUM.
The regulatory proposal for cryptocurrency wallets was made on December 18 by FinCEN, led by former US Treasury Secretary Mnuchin. If this regulation is approved, banks and money service companies will be required to report, keep records, and verify the identity of customers transacting with private cryptocurrency wallets.