According to CoinMeta, the Financial Crimes Enforcement Network (FCEN) of the U.S. Treasury Department has retracted the non-hosted cryptocurrency wallet transaction reporting rules proposed in 2020 and stated that it will not pursue this proposal any further. The original proposal required banks and currency service providers to report relevant information to authorities when customers conducted cryptocurrency asset transactions exceeding $10,000 with non-hosted wallets, and to keep records for transactions over $3,000 to verify customer identities. FCEN stated that this withdrawal is part of the Trump administration's efforts to make digital asset regulation more in line with practical uses.