FinCEN drops crypto rules as China stablecoins surge 43x

Homepage > News > Finance > FinCEN drops crypto rules as China stablecoins surge 43x TL;DR: U.S. FinCEN has withdrawn its 2020 unhosted wallet reporting rule and 2023 crypto mixer proposal as the CFTC proposes a federal framework for digital currency exchanges. Chainalysis reports China’s P2P stablecoin wallets grew 43-fold despite restrictions, and the ECB outlined three models for on-chain central bank money. Key Takeaways: FinCEN withdrew two proposed crypto rules on October 4, citing the Trump Administration’s deregulatory agenda. The 2020 rule would have required reporting of transfers over $10,000 to or from unhosted wallets. China’s P2P stablecoin wallets grew 43x between Q1 2024 and Q2 2026, per Chainalysis. South Korea leads East Asia in crypto economy size, with $449.1 billion. The ECB is weighing three models for on-chain central bank money while keeping the two-tier banking system. US FinCEN scraps proposed $10,000 reporting rule for crypto On October 4, the U.S. Treasury Department dropped two long-stalled crypto proposals. The Financial Crimes Enforcement Network (FinCEN), the Treasury’s financial crimes unit, has scrapped proposed digital asset-related rules...