A 2020 proposal by the U.S. Treasury Department that raised quite a bit of consternation appears to be finally dead (after years of being mostly dead).
The U.S. Treasury Department - through the Financial Crimes Enforcement Network - issued a proposal for imposing know-your-customer requirements on unhosted wallets, seen as technically impossible to comply with.
At the time, the proposal drew a huge amount of backlash. Lawmakers, company leaders, and lobbyist groups all pushed back, noting the vague definitions and impractical nature of the requirements.
The rule kind of popped its head up here and there, but was never seriously considered again, finally ending with the withdrawal of the proposal this week.
#crypto-regulation #us-treasury #financial-crimes-enforcement-network #kyc-requirements #cryptocurrency-industry
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