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The Week In Crypto Policy: Wallet Rule Withdrawn; Prometheum
Key Insights
- Treasury has officially withdrawn a rule first proposed under the Trump Administration that would have expanded Bank Secrecy Act reporting requirements to transactions involving crypto and self-custody wallets.
- Prometheum Capital, a FINRA approved special purpose broker dealer, told Coin Desk that it plans to custody UNI and ARB for customers, despite regulatory guidance from the SEC suggesting that SPBDs may only custody digital assets that are securities and no clear legal indication that UNI and ARB are securities.
- Brian Nelson, a campaign advisor to VP Harris, told Bloomberg News that Harris “is going to support policies that ensure that emerging technology and that sort of industry can continue to grow,” when asked about the VP's engagement with the crypto community.
- Senator Tim Scott (R-SC) said he would establish a digital asset subcommittee within Senate Banking if Republicans control the Senate and he is Chairman next Congress.
Treasury Withdraws Unhosted Wallet Rule
Withdrawal
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George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.