US Treasury Department withdraws proposed cryptocurrency monitoring rules targeting non-custodial wallets and CVC crypto mixing services.

Coin Center published an article stating that the U.S. Department of the Treasury is scrapping two long-pending cryptocurrency rules: proposed regulations from the Financial Crimes Enforcement Network (FinCEN) targeting so-called "unhosted wallets" and crypto mixing services. The think tank noted that both rules threatened to drastically expand financial surveillance of cryptocurrency users, and crypto advocates had repeatedly urged the Treasury to abandon the proposals. The withdrawal marks a major victory for financial privacy and the principle that Americans should be able to use cryptocurrencies directly without undue government oversight. Founded in 2014 by Jerry Brito and Robin Weisman in Washington, D.C., Coin Center is one of the earliest crypto policy think tanks in the U.S. capital. Its mission is to defend individuals’ right to freely build and use open cryptocurrency networks—including the right to write and run code, form peer-to-peer networks, and conduct all such activities privately.