Joe Biden, the new US president, has ordered a freeze on all "new or pending" rules proposed by the Trump administration in order to consider them carefully. This list includes an initiative by the Financial Crimes Enforcement Network (FinCEN) that would require regulated companies, including exchanges, to collect and confirm additional data when a customer attempts to withdraw cryptos into a private wallet. While cryptocurrencies are not directly mentioned in the document, FinCEN is one of the departments that should stop the approval of existing legal initiatives.
FinCEN had proposed to implement enhanced identification requirements for outbound transactions over $3,000, while companies must report transactions over $10,000 directly to the regulator.
Lawyer Jake Chervinsky has reacted to the White House statement:
"We fought hard & earned the right to take a breath & reset. Janet Yellen isn't Steve Mnuchin. I'm optimistic."
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Biden has previously nominated the former head of the US Federal Reserve (Fed) Janet Yellen as Treasury Secretary. She will take office after Senate approval.