The United states Treasury Section's now-infamous proposal to require data on crypto transfers from exchanges to cocky-hosted wallets is back in motion.

Per a Tuesday announcement from the Financial Crimes Enforcement Network, or FinCEN, stakeholders will have some other 60 days to respond to the proposal. While a marked improvement from the 15-24-hour interval comment menstruum of the original proposal, unfortunately for the crypto industry, it doesn't await similar the bodily terms of the proposal accept changed along with the administration.

The news follows Janet Yellen's confirmation as secretary of the Treasury last night. Shortly after his inauguration, President Joe Biden ordered a freeze on all midnight rulemaking from agencies run by appointees — the Treasury included.

FinCEN had originally announced the proposal right earlier Christmas with a wildly truncated annotate period and then that the last rule could come out before Donald Trump left office. It was rumored to be an initiative straight from Trump's treasury secretary, Steven Mnuchin, himself.

The crypto customs reacted with outrage, submitting enough commentary and leveraging enough political pressure level to get Mnuchin'due south Treasury to extend the comment menses, finer passing the proposal off to his successor. Some hoped that Yellen, who Biden named as his treasury secretary nominee dorsum in November 2020, would be less antagonistic toward crypto.

It remains to be seen what happens afterward the Treasury gets another round of comments, simply the return to this rule on Yellen'due south first formal day at work is non crusade for optimism. Interested parties can send comments to FinCEN hither.