Coin Center expressed concern that the implementation of these regulations could lead to a notable increase in government monitoring of cryptocurrency users’ financial activities. Over the years, the organization has consistently urged the US Treasury Department and FinCEN to retract these proposals.
Following the US Treasury Department’s announcement on October 5, both proposals were officially rescinded. Coin Center hailed this as a major victory for financial privacy, emphasizing that American users should not face undue surveillance when utilizing cryptocurrencies directly from their personal wallets.
*This is not investment advice.