The new American President Joe Biden has frozen all business rulemaking, including previous Treasury Secretary Steven Mnuchin’s questionable scheme on “unhosted wallets,” as per prominent cryptocurrency lawyers.
The freeze, effective until the proposed rules go though further review by the officials, is already being hailed by crypto lawyers, who fiercely oppose both the already proposed rule and the initial attempt by the former administration to rush it through.
"We fought hard & earned the right & reset," tweeted Jake Chervinsky, general counsel of Compound Finance and the Decentralized Finance Group co-chairman of the Blockchain Association.
The proposals, submitted on Dec, 18, would require exchanges to store data for consumers who transfer over $3,000 in crypto daily to private cryptocurrency wallets, and file currency transaction reports (CTRs) for customers transacting in over $10,000 per day.
Critics of the rule said it would be technically not possible for many projects to comply because smart contracts don’t have the name and information of the address to display.
Initially, the administration proposed a 15-days of time on the rule, far short of the normal 60 days. After the protests by a wide range of crypto communities and companies, the comment period was alredy extended earlier this month.