The Financial Crimes Enforcement Network (FinCEN) has withdrawn two rules proposed years ago that would have imposed certain regulatory requirements on financial institutions' handling of convertible digital assets.
FinCEN said in a press release issued Monday (Oct. 5) that it withdrew the proposals after considering public comments submitted on them. The agency noted the move is part of the Trump administration's broader effort to review and roll back regulatory requirements.
Commenters on the original proposals had warned that the rules could create a chilling effect on the financial sector's engagement with convertible digital assets, according to FinCEN.
The withdrawal removes the pending requirements from further consideration, leaving financial institutions without the additional reporting obligations the proposals would have introduced.
For more details, read the original report at PYMNTS.com.
