New U.S. President Joe Biden has frozen all agency rulemaking, including the proposal by the Financial Crimes Enforcement Network (FinCEN) relating to cryptocurrency wallets. Biden will appoint someone to “review any new or pending rules,” the White House has announced.
FinCEN’s Crypto Wallet Proposal Frozen, Pending Regulatory Review
Joe Biden, the 46th president of the United States, has frozen all rulemaking carried over from the previous administration, the White House announced after his inauguration Wednesday. This would include the proposal by the Financial Crimes Enforcement Network (FinCEN) affecting cryptocurrency wallets. The freeze is “In order to ensure that the president’s appointees or designees have the opportunity to review any new or pending rules.”
The announcement elaborates:
With respect to rules that … have not taken effect, consider postponing the rules’ effective dates for 60 days from the date of this memorandum.
“For rules postponed in this manner, during…