Biden present in the office has pauses progress of a proposed FinCEN rule that would regulate transactions to private crypto wallets, this was initially supposed to take place under the regime of Donald Trump.
Many investors in the Crypto industry believe this will allow for better engagement with the US Treasury about crypto rules. So they are super excited with they whole issues.
President Biden on his first day in office has put a freeze on any "new or pending" Trump-era rules until members of his administration are able to review them. That means any project of Trump presently is on hold untill further review has been carried out to check mate it.
That includes a rule proposed by the Financial Crimes Enforcement Network (FinCEN) December 18 under former US Treasury Secretary Mnuchin. The bureau's proposed rule would "require banks and money service businesses ('MSBs') to submit reports, keep records, and verify the identity of customers" who make transactions to private cryptocurrency wallets.
All proposal has been frozen by President Boden, and it is kept for further review, among which is the proposal made by former secretary Mnuchin's on "unhosted wallets".
Cryptocurrency companies and advocacy organizations lobbied the Treasury to rethink the rule, submitting thousands of public comments within a shortened 15-day period, as the Treasury tried to force through through the regulations before the end of Donald Trump's term.
Today's memorandum from White Chief of Staff Ronald Klain asks all agencies and I quote
consider postponing the rules’ effective dates for 60 days from the date of this memorandum, consistent with applicable law...for the purpose of reviewing any questions of fact, law, and policy the rules may raise.
It also asks agencies to consider allowing a 30-day comment period.
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