Automatic filing of Currency Transaction Reports (CTRs) for transactions exceeding $10,000 . Arguments and Industry Pushback
By 2026, the regulatory landscape shifted from total "freezes" to targeted implementation and legislative reform.
Many feared the rule would stifle American leadership in the digital asset sector by burdening developers with legacy banking compliance. Modern Context (2025–2026) Proposed Crypto Wallet Rule Among Those Frozen ...
Exchanges to verify the identity of owners for transactions over $3,000 to unhosted wallets.
The rule sparked a "firestorm" within the crypto community, leading to over . Automatic filing of Currency Transaction Reports (CTRs) for
The "Proposed Crypto Wallet Rule" originally refers to a controversial 2020 regulatory proposal by the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN). It sought to impose strict reporting and record-keeping requirements on transactions involving "unhosted" (self-custodied) cryptocurrency wallets.
Critics noted it was technically impossible for some decentralized finance (DeFi) protocols or smart contracts to collect the required name and address data. Treasury's Financial Crimes Enforcement Network (FinCEN)
On his first day in office in January 2021, President Joe Biden issued a memorandum halting all "new or pending" rules from the previous administration. This "regulatory freeze" was a standard procedure to allow the incoming administration time to review pending policies.