Treasury backs down: Crypto monitoring rule will wait until new administration

Treasury backs down: Crypto monitoring rule will wait until new administration


This is a big win for the crypto industry today, which was unanimous in opposition to a new anti-money laundering rule that many saw as rushed and draconian.

In response to a deluge of comments, the United States Treasury Department’s Anti-Money Laundering office is slowing its roll on a rushed proposal to monitor a whole new range of cryptocurrency transactions.

On Thursday, the Treasury’s Financial Crimes Enforcement Network, or FinCEN, announced that it was extending the window on comments in response to a rule originally announced two days before Christmas and less than a month before a new administration takes over.

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The rule as originally proposed sought to add new thresholds for registered money services business — i.e., crypto exchanges — transacting with self-hosted wallets, which are only identifiable by their keys. The proposal provoked an uproar from the cryptocurrency community, which saw it as a violation of the tenets of peer-to-peer transactions as well as the procedural rules

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