US President Joe Biden froze consideration of bills proposed by the previous administration, including rules for regulating non-custodial cryptocurrency wallets.
According to a statement on the White House website, consideration of laws and regulations proposed by the administration of the past president has been temporarily suspended. This also applies to the rules for regulating cryptocurrency wallets proposed by the American Financial Crimes Network (FinCEN) in December.
The new government’s initiative received support from cryptocurrency advocates who opposed both the proposed rule and the previous administration’s initial attempt to expedite its consideration. Jake Chervinsky, general counsel for Compound Finance, said on Twitter:
“We fought and earned the right to respite and reset. Treasury Secretary Janet Yellen is not Steve Mnuchin. I’m optimistic. ”
The rules, presented by FinCEN on December 18, will require exchanges to store information about clients transferring cryptocurrency worth more than $ 3,000 per day to private cryptocurrency wallets, as well as transaction reports of users who make transactions in crypto assets worth more than $ 10,000 per day.
Critics of the bill stated that it would be technically impossible for some projects to comply with these rules, because smart contracts do not contain information about the user’s name or address to be provided.
The administration originally proposed a 15-day discussion period for the rule, instead of the usual 60 days. However, in the middle of the month, FinCEN extended its acceptance of comments on cryptocurrency wallet regulation.
