Share this article
Proposed Crypto Wallet Rule Not Among Those Frozen by Biden Pending Review
Crypto advocates mistakenly hailed the new administration for putting the controversial proposed rule on ice.
Updated Sep 14, 2021, 10:59 a.m. Published Jan 21, 2021, 12:49 a.m.
Correction (Jan. 26, 2021, 20:20 UTC): While this article originally said the rulemaking freeze would impact the proposed FinCEN wallet rule, that proposal was not covered. FinCEN did extend the comment period on Jan. 26.
STORY CONTINUES BELOW
President Joe Biden has frozen all agency rulemaking, including former Treasury Secretary Steven Mnuchin's controversial proposal on "unhosted wallets," according to a prominent cryptocurrency lawyer. However, the freeze does not impact the Financial Crimes Enforcement Network (FinCEN) rule proposal.
- The freeze, effective until the proposed rules undergo further review, is already mistakenly being hailed by cryptocurrency advocates, who fiercely opposed both the proposed rule and the initial attempt by the previous administration to rush it through.
- "We fought hard & earned the right to take a breath & reset," tweeted Jake Chervinsky, general counsel of Compound Finance and the DeFi Group co-chair at the Blockchain Association. "[Treasury Secretary nominee] Janet Yellen isn't Steve Mnuchin. I'm optimistic."
- First submitted on Dec. 18, 2020, the proposals would require exchanges to store name and address information for customers transferring over $3,000 in crypto per day to private crypto wallets, and file currency transaction reports (CTRs) for customers transacting in over $10,000 per day.
- Critics of the rule said it would be technically impossible for some projects to comply because smart contracts do not have name or address information to provide.
- Initially, the administration proposed a 15-day comment period on the rule, far short of the usual 60 days. After protests by a wide range of crypto groups and companies, the comment period was extended earlier this month.
Read more: 7K Comments and Counting: Crypto Industry Fights ‘Arbitrary’ Treasury Rule
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
CFTC's acting chief Pham poised to go to crypto firm MoonPay once Mike Selig lands
The leader of the derivatives regulator is planning to join the crypto industry as the CFTC and other federal regulators work on policies to benefit the sector.
What to know:
- Commodity Futures Trading Commission Acting Chairman Caroline Pham confirmed again that she's heading to crypto firm MoonPay when the Senate confirms her replacement and he's sworn in.
- President Donald Trump's CFTC chair nominee Mike Selig was set for a Senate vote Wednesday evening, according to that chamber's schedule.
- Selig, currently an SEC official, would arrive at the CFTC just as several of Pham's crypto initiatives have gone live.
Top Stories
