US President Joe Biden has suspended the implementation of some of Donald Trump's orders. This also affected the scheme to identify users of non-custodial wallets of the
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Financial Crime Network (FinCEN). The rule required getting personal information about the sides of transactions and operations' details. The supervisors of the crypto industry deprecated the outline. They noted that its realization is practically unworkable for a lot of networks as smart contracts don't include name or address data.On January 20, the official website of the White House published a memorandum. It was for the heads of executive departments and agencies. The report announced that the new presidential-nominated officials would review all existing rules.
Biden already made some appointments. He picked former Federal Reserve Chairwoman Janet Yellen as the next Treasury secretary. Michael Barr, a previous Treasury executive, and Ripple consultant would replace Brian Brooks as Comptroller of the Currency.