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Biden Freezes FinCen Rule on Bitcoin Wallets

The new Biden administration has frozen all proposed regulations that have not yet gone into effect.

A Regulatory Freeze Pending Review was announced with it expected to last sixty days as the Whitehouse demands:

“No rule in any manner — including by sending a rule to the Office of the Federal Register (the “OFR”) — until a department or agency head appointed or designated by the President after noon on January 20, 2021, reviews and approves the rule.”

This includes a last minute proposal by the Trump administration requiring tracking and surveillance of bitcoin withdrawals to non-custodian wallets for sums over $3,000.

The FinCen crypto wallet proposal has attracted wide criticism for its complete invasion of privacy and the fact its implementation is unworkable in practice as it is difficult to verify address ownership.

What Biden plans to do with this proposal remains to be seen, but the new administration is obviously quite busy, especially in light of the crashing economy.

It’s not clear therefore they’ll get back to this rule which has courted strong opposition from major players in this space, like Coinbase.

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