US Treasury Taking Aim at Self-Hosted Wallets?

Plus more info about the upcoming Coinbase IPO

Happy Friday, Blockfolians

The Lede

For weeks, rumors have been running rampant about the US Treasury leaving some last minute onerous anti-crypto legislation.

The Block is now reporting that the ruling is getting close:

The Block is told that under the rule, money services businesses would need to file a currency transaction report (CTR) if a client conducts a cryptocurrency transaction to or from a self-hosted wallet that involves their service and above an as-yet-unknown threshold. According to the Financial Crimes Enforcement Network (FinCEN), regulated financial institutions are required to report currency transactions "conducted by, or on behalf of, one person, as well as multiple currency transactions that aggregate to be over $10,000 in a single day."

Until we see something real, we won’t know just how disruptive this might be. What’s clear is that self-hosting has a target on its back, and at stake is the very sovereign nature of cryptocurrencies.

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