The Biden government has abolished cryptocurrency wallet regulations or introduced changes pending close scrutiny of the cryptocurrency market.

Composite General Counsel Jake Chervinsky tweeted on Jan.21 that Biden officials have tightened all rules, including the cryptocurrency wallet regulation proposed by FinCEN, led by Treasury Secretary Steven Mnuchin. The announced cryptocurrency wallet regulations will be investigated further. Jake Chervinsky is happy about this, saying the cryptocurrency industry has rested and can start over. Yellen is not Steve Mnuchin. News Previously, the US FinCEN requested a public announcement of its new non-regulatory oversight of the cryptocurrency wallet reporting policy. The law would require management companies to verify the names and addresses of users of unregulated portfolios for trades over $ 3,000. The exchange is also required to send and store information related to the cryptocurrency market.