TREASURY WITHDRAWS 2020 CRYPTO WALLET SURVEILLANCE RULE

FinCEN, the US Treasury's financial crimes unit, formally withdrew a six-year-old proposal that would have forced banks and money service businesses to report crypto transactions tied to unhosted wallets above $10,000 and keep identity records on transfers above $3,000. The rule was first proposed in December 2020 and is being scrapped under the Trump administration's digital asset policy push. FinCEN said it will take no further action on the measure. The withdrawal removes a long-standing compliance overhang for self-custody $BTC holders and crypto exchanges.