It is reported that Joe Biden began serving as president of the United States (US) with the first thing freezing all the Federal legal processes including self-hosted crypto wallet laws.
The wallet law is a proposal proposed by former Treasury Secretary Steven Mnuchin.
The decision was announced through a memorandum posted on The White House website for the attention of all heads of various federal agencies, including the Financial Crime Enforcement Network (FinCEN).
Proponents of the crypto industry have praised Biden for his optimism "Janet Yellen is not Steve Mnuchin".
On December 18, 2020, FinCEN introduced a self-hosted crypto wallet proposal paper. If the idea is approved, all banks and financial services businesses will need to submit reports, record keeping and verification of the identity of the customer conducting the transaction to or from the personal wallet of the cryptocurrency.
The proposal was opposed by Coinbase and Square CEO Jack Dorsey because he said it was not appropriate to get the user's name and address for cryptocurrency transactions, just like the use of cash.
Yellen, Biden's preferred candidate for Secretary of the Treasury this week has given a bad impression of cryptocurrencies, linking the sector to money laundering crimes.
Biden has also selected Gary Gensler, a crypto expert to lead the SEC throughout his administration. Gensler replaces former chairman Jay Clayton who resigned in December 2020.
