The Biden administration freezes crypto wallet rules pending review, and the crypto market may see a turnaround

On January 21, Compound General Counsel Jake Chervinsky tweeted that the Biden administration has frozen rulemaking by all existing agencies, including the proposed crypto wallet rule by FinCEN, led by former Treasury Secretary Steven Mnuchin. The proposed crypto wallet rule will undergo further review.

Jake Chervinsky is optimistic about this, saying that the crypto market has won a respite and may start again. Yellen is not Steve Mnuchin.

Earlier news, the U.S. FinCEN solicited public opinions on the new non-custodial crypto wallet transaction reporting rules. The rules will require regulated companies to verify the names and addresses of non-custodial wallet users for transactions greater than $3,000.

Additionally, exchanges are required to submit and store records involving cryptocurrency transactions.