Treasury Secretary Mnuchin plans to rush out new regulation regarding self-hosted crypto wallets before the end of his term.
Apparently the proposed regulation would “require financial institutions like Coinbase to verify the recipient/owner of the self-hosted wallet, collecting identifying information on that party, before a withdrawal could be sent to that self-hosted wallet” according to Coinbase CEO Brian Armstrong
So what would this ruling mean? Don’t want to have to KYC a store before buying groceries? Want to participate in DeFi? Then move your money out of financial institutions and into non-custodial wallets. Remember: not your keys, not your coins.
Happy thanksgiving everyone!
Reporting by C. Edward Kelso and Naomi Brockwell
