The US president Joe Biden just froze all Federal regulatory processes, which includes the crypto KYC regulations from 2020 that were proposed by former US Treasury secretary Steven Mnuchin. Biden did so on his first day as newly inaugurated President.
The reason behind this move is that Biden wishes his own appointees to examine the KYC rules and edit them if necessary. A memo was sent to all department and agency heads, which expanded the postponement period to expand for at least 60 days, starting from January 20th.
To quote the memorandum:
“As appropriate and consistent with applicable law, and where necessary to continue to review these questions of fact, law, and policy, consider further delaying, or publishing for notice and comment proposed rules further delaying, such rules beyond the 60-day period”
Source
I am not surprised they are reviewing recent regulatory decisions. I wonder whether they will change anything.
The reason behind this move is that Biden wishes his own appointees to examine the KYC rules and edit them if necessary. A memo was sent to all department and agency heads, which expanded the postponement period to expand for at least 60 days, starting from January 20th.
To quote the memorandum:
“As appropriate and consistent with applicable law, and where necessary to continue to review these questions of fact, law, and policy, consider further delaying, or publishing for notice and comment proposed rules further delaying, such rules beyond the 60-day period”
Source
I am not surprised they are reviewing recent regulatory decisions. I wonder whether they will change anything.
