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US President Biden Pauses Trump Administration’s Crypto Wallet Rules

US President Joe Biden, having taken office on Jan. 20, has temporarily suspended all new or pending rules that the Trump administration had initiated. The suspension includes rules proposed for cryptocurrency wallets by former US Treasury Secretary Steven Mnuchin.

  • Joe Biden has frozen all federal level laws that Donald Trump’s administration until his staff members can review them
  • The financial Crimes Enforcement Network (FinCEN), under Mnuchin’s guidance, proposed rules on December 18 that stipulated that “banks and money service businesses (‘MSBs’) to submit reports, keep records, and verify the identity of customers” who use cryptocurrency wallets
  • White House Chief of Staff Ronald Klain has asked agencies to pushing back the effective dates by 60 days and establishing a 30 day comment period
  • Analysts are generally hopeful about the Biden’s administration exerting a positive force on the market, though the proposed Treasury secretary Janet Yellen is a Bitcoin skeptic
  • Among the positive developments in US regulation is the OCC, a department of the Treasury, approving stablecoins for bank payments
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