• Treasury delays cold wallet monitoring
    Regulation

    Good and bad: Treasury delays cold wallet monitoring rule

    The delay gives crypto more time to fight it, but shows that regulators plan to press ahead in the new administration

    Proposed on Dec. 18, the regulation would require exchanges to collect personal know-your-customer data from private or “unhosted” cold wallets on the sending or receiving end of transactions of more than $3,000. The Financial Crimes Enforcement Network (FinCEN) originally gave the proposal a very unusual 15-day comment period, which included the Christmas and New Year’s holidays.

  • Crypto breather FinCEN regulation
    Cryptocurrencies,  Regulation

    Crypto gets breather from FinCEN’s last-minute unhosted wallet regulation

    President Joe Biden’s regulation freeze stops FinCEN from rushing through a ‘midnight rule’ collecting personal data from private wallets

    Outgoing Treasury Secretary Steve Mnuchin caused an outcry on Dec. 18, when the department’s Financial Crimes Enforcement Network announced the new rule requiring banks, cryptocurrency exchanges, and other money services businesses to collect know-your-customer (KYC) data about anyone who wants to transfer $3,000 or more to or from an “unhosted” wallet.

  • FinCEN wallet rule
    Cryptocurrencies,  Politics,  Regulation

    FinCEN drops ‘midnight rule’ regulating private crypto wallets

    U.S. Treasury Department’s Financial Crimes Enforcement Network issued a proposal requiring exchanges to collect personal data from self-hosted wallets

    Essentially, what FinCEN wants is to require banks, cryptocurrency exchanges, and other money services businesses (MSB) to collect identifying data about anyone who wants to transfer $3,000 or more to or from an “unhosted” wallet.

  • Ari Paul crypto predictions
    Cryptocurrencies,  Regulation

    Regulation could reshape crypto exchanges within two years

    BlockTower Capital co-founder Ari Paul thinks a separate ecosystem for ‘clean’ coins will soon emerge, meaning exchanges will only allow withdrawals to whitelisted addresses

    In a Twitter thread, Ari Paul said he believes a separate ecosystem for “clean” coins will soon emerge where digital assets can be traced to a regulated institution. This could pave the way for a murky underworld where laundering ill-gotten crypto becomes big business.