On his first day in office in January 2021, President Joe Biden issued a memorandum halting all "new or pending" rules from the previous administration. This "regulatory freeze" was a standard procedure to allow the incoming administration time to review pending policies.
Many feared the rule would stifle American leadership in the digital asset sector by burdening developers with legacy banking compliance. Modern Context (2025–2026) Proposed Crypto Wallet Rule Among Those Frozen ...
By 2026, the regulatory landscape shifted from total "freezes" to targeted implementation and legislative reform. On his first day in office in January
Advocates argued the rule was a "significant intrusion" into personal privacy and financial autonomy. 000 . Arguments and Industry Pushback
Automatic filing of Currency Transaction Reports (CTRs) for transactions exceeding $10,000 . Arguments and Industry Pushback