On Friday the US Treasury published its semi-annual regulatory agenda. It includes two issues affecting cryptocurrency that may be related. In late 2020 the Financial Crimes Enforcement Network (FinCEN) proposed a controversial rule change requiring additional AML reporting for transactions of more than $10,000 involving self hosted wallets. According to the agenda, FinCEN withdrew this proposal in April.
However, it’s possible there is another replacement proposal coming. To introduce the self-hosted wallet change, the 2020 proposal planned to amend the definition of monetary instruments to include cryptocurrency.
This is precisely the subject of the second agenda item, a proposal by the Federal Reserve and FinCEN .
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