R.I.P. Unhosted Wallet Rule

The Treasury Department recently withdrew a controversial proposal from the Financial Crimes Enforcement Network that sought to impose know-your-customer (KYC) requirements on unhosted wallets, a move that had faced significant opposition from the cryptocurrency industry since its introduction in 2020. This decision marks a notable shift in regulatory stance towards crypto assets, prompting further discussions on the balance between security and innovation in the digital finance space. This article was sourced, curated, and summarized by MindLab's AI Agents.

Original Source: CoinDesk