FinCEN’s proposed regulations on Crypto

yesterday FinCEN published a set of proposed regulations for cryptocurrencies. About a two minute read.

Comment: Ok, the $3K threshold is pretty low, but much better than earlier rumours the barrier would be $250. Note this impacts hosted wallets only; effectively FinCEN and The US Treasury is transforming custodial Bitcoin providers into Financial Institutions in — as the link notes — selected domiciles. Curious. Well, I’ve always advised folks to self host and avoid leaving crypto on any exchange — this is yet-another-reason. They can’t really regulate self hosted wallets, and a blanket ban on ownership is unlikely to work.