Bitcoin Holds Above $85,000 As Treasury Drops Wallet Reporting Plan, CFTC Proposes Crypto Rules

• The Treasury's Financial Crimes Enforcement Network withdrew a proposed rule from December 2020.

• It would have required banks and money services businesses to report and keep records of crypto transactions involving self-custodied wallets.

• Had it taken effect, reports would have been filed on transactions above $10,000 involving unhosted or otherwise covered wallets.

As Bitcoin (BTC) held above $85,000 on Monday, Washington moved both ways on crypto: the Treasury withdrew its self-custody wallet reporting proposal, while the CFTC proposed its first crypto market rules.

The Treasury Department's Financial Crimes Enforcement Network (FinCEN) has withdrawn a proposed rule that would have required banks and money services businesses to report and keep records of cryptocurrency transactions involving self-custodied wallets. This was published in a notice filed with the Federal Register.

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The proposal, first published in December 2020, covered transactions that involved convertible virtual currency or digital assets with legal tender status held in unhosted wallets, or in wallets hosted in a jurisdiction identified by FinCEN.