US President Joe Biden has suspended the implementation of some of the decrees of his predecessor, Donald Trump. This also affected the proposal for the verification of users of non-custodial wallets of the Financial Crimes Network (FinCEN).
Lawyer Jake Chervinsky drew attention to the White House statement.
President Biden has frozen all agency rulemaking pending further review. This includes former Secretary Mnuchin’s proposal on “unhosted wallets.”
We fought hard & earned the right to take a breath & reset. Janet Yellen isn’t Steve Mnuchin. I’m optimistic.https: //t.co/0EAmYhbqa5
– Jake Chervinsky (@jchervinsky) January 21, 2021
“We fought and earned the right to reset. Janet Yellen is not Steve Mnuchin. I am optimistic, ”he wrote.
The memorandum to executive departments and agencies says that new presidential-appointed new officials will review all existing rules.
Earlier, Biden had appointed former head of the Federal Reserve System (FRS) Janet Yellen to the post of Treasury Secretary. She will take office after Senate approval.
“Janet Yellen is likely to become Bitcoin’s biggest ally in the next four to eight years,” Morgan Creek Digital head Anthony Pompliano wrote late last year.
The frozen regulatory changes FinCEN assumed the collection of personal information about the parties to transactions and transactions of clients of cryptocurrency companies.
Representatives of a16z, Coinbase and Square CEO Jack Dorsey called these rules disastrous for the cryptocurrency industry. In their opinion, the strengthening of regulatory regulation of the industry would lead to a reduction in cryptocurrency users.
We will remind, on January 18, Joe Biden appointed financier Gary Gensler chairman of the Securities and Exchange Commission (SEC).
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