The ban was confirmed in a White House memorandum addressed to heads of executive departments and agencies. While the edict does not specifically mention the crypto wallet proposal, the order places a general freeze on all agency rulemaking for the next 60 days.
On December 18, the Financial Crimes Enforcement Network (FinCEN) proposed a new rule that would require banks and crypto exchange to “submit reports, keep records, and verify the identity of customers.” Industry participants quickly opposed the rule calling it inappropriate.
As reported by BTC PEERS, within two weeks, the agency received over 65,000 comments from crypto supporters opposing its plan.
Thankfully, Biden has stepped in and the crypto community might have some respite. Industry insiders are excited about the move. Jake Chervinsky, Compound’s Finance General Council said:
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Source: Cryptocurrency - investing.com
