Federal Reserve & FinCen on Non-Custodian Wallet Rumors

In the cryptosphere there’s a lot of talk about Treasury Mnuchin regulating non-custodian wallets. Brian Armstrong mentioned rumors that the Treasury is going to regulate un-hosted wallets. I’m not sure where this rumor came from but there was a rule proposed by the Fed Board and FinCEN 10-23-2020. “Threshold for the Requirement to Collect, Retain, and Transmit Information on Funds Transfers and Transmittals of Funds That Begin or End Outside the US”. HERE

Maybe the comments requested to be more regulated with “Non-hosted wallets“, who knows. But overall, I don’t see anything to do with unhosted or non custodian wallet regulation…… View all comments HERE

Full PDF proposal HERE.

Let me know your thoughts. Maybe I’m crazy….