As the Department of the Treasury has announced its regulatory agenda for the fiscal year on Jan. 31, many in the Web3 space have likely experienced flashbacks to December 2020, when the agency had first proposed to impose Know Your Customer, or KYC, rules on transactions that involved self-custodied crypto wallets.
The Treasury’s semiannual agenda and regulatory plan, a document that is meant to inform the public of the department’s ongoing rulemaking activities and encourages public feedback, features a clause entitled “Requirements for certain transactions involving convertible virtual currency or digital assets.”