U.S. scraps proposed $10,000 reporting rule for for crypto sent to private wallets
In this news:
Key takeaways
- FinCEN withdrew the years-old proposal targeting crypto sent to private wallets.
- The abandoned rule would have applied to transactions exceeding $10,000.
- A separate proposal targeting cryptocurrency mixers was also withdrawn.
The U.S. Treasury Department has scrapped a years-old proposal that would have forced banks and crypto businesses to collect and report more information when customers sent large amounts of crypto to wallets they controlled themselves.
The Financial Crimes Enforcement Network, or FinCEN, withdrew the rule Sunday along with a separate proposal targeting transactions involving crypto mixers. Neither had ever taken effect.
The wallet proposal dates to December 2020, during the final weeks of the first Trump administration.
It would have required banks and money-service businesses such as crypto exchanges to file reports when customers sent more than $10,000 in crypto to or from so-called unhosted wallets, including transactions that crossed the threshold when added together over 24 hours. Firms would also have had to collect information about the customer and the wallet on the other side of the transfer.
An unhosted wallet is one where a person controls the private keys themselves rather than leaving the assets with an exchange or bank.
The proposal drew thousands of public comments and remained unresolved for nearly six years.
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