Crypto

US scraps proposed $10,000 reporting rule for crypto sent to private wallets

The US Financial Crimes Enforcement Network (FinCEN) withdrew two proposed rules that had hung over self-custody wallets and crypto mixers for years without ever taking effect.

The withdrawal is part of the Trump administration's deregulatory agenda. One rule targeted unhosted wallets — wallets a user controls directly without an intermediary — and the other targeted mixers, services that blend crypto transactions to obscure their origin.

For beginners Reporting requirements force financial firms to tell authorities about large transactions to fight money laundering; dropping them reduces the regulatory burden on people who hold crypto themselves.