U.S. scraps proposed $10,000 crypto reporting rule for private wallets

The U.S. government abandoned a proposed rule requiring reporting of cryptocurrency transfers exceeding $10,000 to private wallets. Removal of this compliance burden reduces regulatory friction for crypto adoption and addresses a major concern from the industry about surveillance and operational complexity.

The government decided not to require crypto exchanges to report large transfers to personal wallets, which was a rule investors worried would restrict crypto use and privacy.