Bitcoin Holds Above $85,000 As Treasury Drops Wallet Reporting Plan, CFTC Proposes Crypto Rules

Key Summary

Bitcoin (BTC) maintained a value above $85,000 as the US Treasury's Financial Crimes Enforcement Network withdrew its proposed rule to report and record crypto transactions involving self-custodied wallets. The plan, which was set to take effect in December 2020, would have required banks and money services businesses to file reports on transactions above $10,000 involving unhosted or covered wallets. In contrast, the US Commodity Futures Trading Commission (CFTC) proposed its first crypto market rules, which will aim to regulate the trading of digital assets.