US President Freezes Proposed Crypto KYC Regulations
- Joe Biden ordered the halt of all Federal regulatory processes including proposed cryptocurrency regulations by FinCEN.

Joe Biden, the newly elected US President, has frozen all Federal regulatory processes during his first day at the office. The new order included the controversial crypto KYC regulations proposed by the former Treasury Secretary, Steve Mnuchin.
According to the official announcement, Biden wants to ensure that his appointees have enough time to review the pending rules. In a memorandum sent to the heads of executive departments and agencies, Biden ordered to postpone the rules’ effective dates for at least 60 days from 20 January.
The US Treasury Department proposed strict crypto KYC regulations in December last year and asked cryptocurrency exchanges in the country to verify the identity of crypto wallet owners if the transaction exceeds $3,000. Additionally, the authority asked digital exchanges to submit the personal information of wallet owners including their name, address and purpose of the transaction to the Financial Crimes Enforcement Network (FinCEN), if the total value of the transaction crosses $10,000.
The Treasury department faced criticism by the crypto community for the proposed rules as Coinbase termed the Treasury’s decision as a significant intrusion into the privacy of cryptocurrency owners. Finance Magnates reported earlier this month about a letter sent by eight congress members in the US to the Treasury Secretary Mnuchin with concerns over the process of FinCEN’s proposed crypto rule.
Crypto Market and Biden Administration
The crypto market seems optimistic about a clear regulatory framework under the newly elected president, Joe Biden. Biden is planning to appoint Michael Barr, a former advisory board member of Ripple Ripple Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may send and receive currencies to public digital address codes through the Ripple network. You can think of a gateway as a payment intermediary for Ripple. Serving as a bridge currency, XRP allows for a seamless exchange of any currency (fiat or cryptocurrency) due to each currency possessing its own gateways such as BitPay, CoinsBank, Blockonomics, and CoinGate. Unlike Bitcoin, the Ripple network does not support proof-of-work (PoW) or proof-of-stake (PoS) systems. Instead, a consensus protocol is employed to authenticate and verify that each transaction and account balance match.This ensures the integrity of the Ripple network while lessening the risk of double-spending, all while these confirmations take no longer than 4 seconds to complete.Ripple’s IOU gateway is similar to the traditional banking systems, where contractual obligations are upheld while the potential of transactions defaulting is a constant variable with counter-party risk. Coincidentally, banks are said to be increasing their usage of the Ripple payment system while its market cap shows evidence of its value and demand. All transactions performed over the Ripple network are logged and may be seen on the Ripple consensus ledger. For trading, XRP is generally traded in the form of CFDs. Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may send and receive currencies to public digital address codes through the Ripple network. You can think of a gateway as a payment intermediary for Ripple. Serving as a bridge currency, XRP allows for a seamless exchange of any currency (fiat or cryptocurrency) due to each currency possessing its own gateways such as BitPay, CoinsBank, Blockonomics, and CoinGate. Unlike Bitcoin, the Ripple network does not support proof-of-work (PoW) or proof-of-stake (PoS) systems. Instead, a consensus protocol is employed to authenticate and verify that each transaction and account balance match.This ensures the integrity of the Ripple network while lessening the risk of double-spending, all while these confirmations take no longer than 4 seconds to complete.Ripple’s IOU gateway is similar to the traditional banking systems, where contractual obligations are upheld while the potential of transactions defaulting is a constant variable with counter-party risk. Coincidentally, banks are said to be increasing their usage of the Ripple payment system while its market cap shows evidence of its value and demand. All transactions performed over the Ripple network are logged and may be seen on the Ripple consensus ledger. For trading, XRP is generally traded in the form of CFDs. Read this Term as the Head of the Office of the Comptroller of the Currency (OCC).
“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. Following the 60-day delay in effective date,” the official memorandum for the heads of executive departments and agencies states.
Joe Biden, the newly elected US President, has frozen all Federal regulatory processes during his first day at the office. The new order included the controversial crypto KYC regulations proposed by the former Treasury Secretary, Steve Mnuchin.
According to the official announcement, Biden wants to ensure that his appointees have enough time to review the pending rules. In a memorandum sent to the heads of executive departments and agencies, Biden ordered to postpone the rules’ effective dates for at least 60 days from 20 January.
The US Treasury Department proposed strict crypto KYC regulations in December last year and asked cryptocurrency exchanges in the country to verify the identity of crypto wallet owners if the transaction exceeds $3,000. Additionally, the authority asked digital exchanges to submit the personal information of wallet owners including their name, address and purpose of the transaction to the Financial Crimes Enforcement Network (FinCEN), if the total value of the transaction crosses $10,000.
The Treasury department faced criticism by the crypto community for the proposed rules as Coinbase termed the Treasury’s decision as a significant intrusion into the privacy of cryptocurrency owners. Finance Magnates reported earlier this month about a letter sent by eight congress members in the US to the Treasury Secretary Mnuchin with concerns over the process of FinCEN’s proposed crypto rule.
Crypto Market and Biden Administration
The crypto market seems optimistic about a clear regulatory framework under the newly elected president, Joe Biden. Biden is planning to appoint Michael Barr, a former advisory board member of Ripple Ripple Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may send and receive currencies to public digital address codes through the Ripple network. You can think of a gateway as a payment intermediary for Ripple. Serving as a bridge currency, XRP allows for a seamless exchange of any currency (fiat or cryptocurrency) due to each currency possessing its own gateways such as BitPay, CoinsBank, Blockonomics, and CoinGate. Unlike Bitcoin, the Ripple network does not support proof-of-work (PoW) or proof-of-stake (PoS) systems. Instead, a consensus protocol is employed to authenticate and verify that each transaction and account balance match.This ensures the integrity of the Ripple network while lessening the risk of double-spending, all while these confirmations take no longer than 4 seconds to complete.Ripple’s IOU gateway is similar to the traditional banking systems, where contractual obligations are upheld while the potential of transactions defaulting is a constant variable with counter-party risk. Coincidentally, banks are said to be increasing their usage of the Ripple payment system while its market cap shows evidence of its value and demand. All transactions performed over the Ripple network are logged and may be seen on the Ripple consensus ledger. For trading, XRP is generally traded in the form of CFDs. Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may send and receive currencies to public digital address codes through the Ripple network. You can think of a gateway as a payment intermediary for Ripple. Serving as a bridge currency, XRP allows for a seamless exchange of any currency (fiat or cryptocurrency) due to each currency possessing its own gateways such as BitPay, CoinsBank, Blockonomics, and CoinGate. Unlike Bitcoin, the Ripple network does not support proof-of-work (PoW) or proof-of-stake (PoS) systems. Instead, a consensus protocol is employed to authenticate and verify that each transaction and account balance match.This ensures the integrity of the Ripple network while lessening the risk of double-spending, all while these confirmations take no longer than 4 seconds to complete.Ripple’s IOU gateway is similar to the traditional banking systems, where contractual obligations are upheld while the potential of transactions defaulting is a constant variable with counter-party risk. Coincidentally, banks are said to be increasing their usage of the Ripple payment system while its market cap shows evidence of its value and demand. All transactions performed over the Ripple network are logged and may be seen on the Ripple consensus ledger. For trading, XRP is generally traded in the form of CFDs. Read this Term as the Head of the Office of the Comptroller of the Currency (OCC).
“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. Following the 60-day delay in effective date,” the official memorandum for the heads of executive departments and agencies states.