The new president of the United States just froze all Federal regulatory processes, including last year’s crypto KYC regulations proposed by the former US Treasury Secretary Steven Mnuchin. Joe Biden completed this sudden move on his first day as President.
The main reason for this is Biden’s wish to give his appointees enough time to go over the KYC rules, and clear or edit any inaccuracies. Biden, in a memo to all department and agency heads, ordered the postponement period to expand for at least 60 days, starting from January 20th.
The memorandum best explains the president’s wishes:
“As appropriate and consistent with applicable law, and where necessary to continue to review these questions of fact, law, and policy, consider further delaying, or publishing for notice and comment proposed rules further delaying, such rules beyond the 60-day period”
The proposed KYC crypto restrictions demands of crypto exchanges in the United States to verify the identity of each of its users if said user(s) deals with more than $3000. The US Treasury Department’s requests were also that all local digital exchanges submit the personal information (name, address, the purpose of the transaction) to the Financial Crimes Enforcement Network (FinCEN) of a user if the value of his single transaction surpasses $10 000.
For now, the US crypto market finds itself on the optimistic side under the new US president.
Source
I think this was expected to happen. I just wonder whether they'd change anything about the existing plan or continue with it once they review it.
The main reason for this is Biden’s wish to give his appointees enough time to go over the KYC rules, and clear or edit any inaccuracies. Biden, in a memo to all department and agency heads, ordered the postponement period to expand for at least 60 days, starting from January 20th.
The memorandum best explains the president’s wishes:
“As appropriate and consistent with applicable law, and where necessary to continue to review these questions of fact, law, and policy, consider further delaying, or publishing for notice and comment proposed rules further delaying, such rules beyond the 60-day period”
The proposed KYC crypto restrictions demands of crypto exchanges in the United States to verify the identity of each of its users if said user(s) deals with more than $3000. The US Treasury Department’s requests were also that all local digital exchanges submit the personal information (name, address, the purpose of the transaction) to the Financial Crimes Enforcement Network (FinCEN) of a user if the value of his single transaction surpasses $10 000.
For now, the US crypto market finds itself on the optimistic side under the new US president.
Source
I think this was expected to happen. I just wonder whether they'd change anything about the existing plan or continue with it once they review it.