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US Treasury Withdraws Proposed Crypto Travel Rule for Transaction Surveillance
(3 hours ago) · 1 source · Summarized by CryptoBipto
The US Treasury has walked back a proposed rule that would have required crypto companies to collect and share identifying information about parties in transactions above certain thresholds. The withdrawal removes what had been a contentious regulatory proposal in the crypto industry.
WHY IT MATTERS
In traditional banking, when you send a wire transfer, your bank is required to pass along information about who is sending and receiving the money — this is called the 'travel rule' because the data 'travels' with the payment.
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SOURCES
- theblock.co
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Travel RuleUS TreasuryFinCENCrypto PrivacyFinancial Regulation