FinCEN just yanked back two proposed rules on Monday, one on self-custody wallets and another on crypto mixers. 🖤 This move came as the Treasury bureau leaned into the Trump administration’s deregulatory agenda to kill off that wallet idea which had been sitting around since December 2020. ✨

What the Withdrawn Rules Would Have Required 💀

One withdrawn rule popped up first on December 23, 2020 and went straight at unhosted wallets where no bank or financial spot handles your moves. Banks and money service businesses would’ve needed to file reports plus verify IDs for any transfers over $10,000 or multiple ones hitting that mark in 24 hours. Record keeping kicked in at $3,000 and it covered foreign spots outside the usual rules too. 🕸️ The mixer proposal from 2023 would’ve slapped a special measure on blending coins to hide origins and it based everything on a section 311 finding that international mixing was a major laundering concern. If it went live covered institutions would’ve reported any mixes with foreign ties including amounts wallet addresses hashes and IPs while keeping full customer details.

Industry Reaction 🦇

The Crypto Council for Innovation called both pullbacks positive for the digital asset scene in their X thread. It had flagged how the broad mixing definition could snag legit stuff and called the whole thing the rulemaking process actually working. 🔪 On the wallet side they said this stops regulators from banning or limiting self-hosted use. This happens while privacy crypto spots deal with heat like the Samourai Wallet founders pleading guilty in that big laundering case where prosecutors said it handled over $2 billion in shady txns and laundered more than $100 million. 🩸 Their lawyers tried for dismissal after a Justice Department memo said no more pursuing user actions or tech rules and they claimed internal FinCEN notes showed it wasn’t even a money transmitter. Rodriguez and Hill got five years and four years respectively with the judge noting he used his skills to enable fraud. 🌙 Supporters argued the platform was just for anonymous sends not covering crimes. 🌸

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Just another echo from the void by iconofsin.eth 💖

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Trump’s going all in on that 5000 dollar dividend vibe if the Republicans hold Congress this November fr. 💀 Popular analyst Crypto Rover spilled his thoughts on why this massive liquidity wave, still kinda up in the air rn, could dump tens of billions into BTC and the rest of the digital assets. ✨

Billions Flooding Crypto? 🤑

Before jumping in, gotta drop this disclaimer tho. Trump’s big promise hits some serious political and economic walls, even a few Republicans are pushing back. But he’s done wild stuff before so we can’t just ignore it 🖤. So Crypto Rover noted the potential hit on digital assets is getting slept on, even tho other analysts thought it might spark huge alt rallies lately. His take’s simple: Households would blow a chunk on bills and debts for sure, but even a tiny slice going to investments could mean fresh demand for crypto 🌙. He figured 5%-10% of a 1.7 trillion liquidity boost equals 85 billion to 170 billion maybe hitting the market. But here’s the twist 🦇. Trump said payments go to adult US citizens, not everyone. Fresh estimates show the real cost around 1.2-1.3 trillion instead. Even then, 5%-10% would still mean 60 billion to 130 billion. Rover pointed out today’s market’s way better at soaking up retail cash than old stimulus times, thanks to spot ETFs, bigger institutional setups, easier access and a stronger regulatory scene 🕸️.

The Catch Is Real Tho 🩸

This bit’s too huge to skim over quick, there are major hurdles before any liquidity boost lands. As mentioned, some Republicans doubt the plan, worried over a trillion plus payout worsening the deficit and firing up inflation again. According to Reuters, a few GOP folks want that revenue going to cut debt instead. Congress still needs to approve the spend even if Republicans win in November. Rover’s whole scenario rests on big assumptions: GOP win, approval, checks actually sent and folks putting even a sliver into crypto 🐈‍⬛.

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Just another echo from the void by iconofsin.eth 💖

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Strive’s got that sinister spark making it the ultimate dark horse in Bitcoin treasures rn 😈 and their CEO dropped seven killer principles on X to back it up.

Strive Flexes Double The Amp Over Strategy 💎

His real vibe tho is that Strive plus Strategy gotta team up to blow up Bitcoin backed credit markets instead of just stealing investors. “I think Strive has emerged as the leading contender to be the fastest horse in the next bull market” Cole told Podcaster Robin Seyr in this vid. “What will drive the highest total returns will be one having a high amplification ratio two being able to maintain a high amplification ratio and three not giving up Bitcoin upside for that amplification ratio.” Amplification stacks preferred stock plus debt against Bitcoin value and Strive’s tracker clocks 51.4 percent all from SATA shares with zero debt while Strategy sits at about 25 percent so Cole’s crew doubles the juice. He sees the next bull run pushing Bitcoin anywhere from 400000 to 500000 by late 2029 thanks to US debt chaos tanking yields and crushing the dollar and calls that take conservative lol. The Strive boss played down any beef with Saylor’s outfit by pointing to Strategy’s own post about them collabing. SATA moves at 25 to 50 percent of STRC’s daily volume which some Strategy fans see as lost turf but he shut that down as a really bad argument since even if Strategy grabbed all of SATA’s roughly 1 billion it would only make STRC like 10 percent bigger. What really slaps is growing that digital credit pool exponentially over the next three and a half years. Institutions hit issuer caps so big buyers need multiple players and each side’s been copying moves like daily dividends and cash reserves.

Strive Stacks 29462 BTC While Strategy Hits 848000 🦇

“I’m glad that they innovate based on what we do and we innovate based on what they do” he told Seyr. On X Cole wrote every management team owes its first duty to its own shareholders and competing and collaborating are not mutually exclusive. Strive just grabbed 2000 more BTC for 169 million on October 5 while Strategy picked up 334 BTC for 28.7 million leaving Strive at 29462 BTC and Strategy at 848000. ASST was chilling near 30 up about 137 percent in three months tho down 42 percent over a year. Meanwhile SATA pays 13 percent dividend daily vs 12 percent on STRC. Check the full chat here 🖤 ✨ 🌙 💀 🔥 🕸️ 🎀

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Just another echo from the void by iconofsin.eth 💖

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Binance just dropped the tea on their Brazilian users saying from November 1 every crypto move in or out the country needs a full purpose declared plus details on the other side lol. Theyll report the whole thing to the Central Bank every month now 🦇💀

Binance Drops Demands on Those Spicy Global Transfers 😈

The update pulls international crypto transfers right into Brazils foreign exchange rules and nothing slides through without those answers fr. 🌙 Users sending or receiving crypto outside Brazil gotta explain the reason and name the counterparty while corporate accounts spill if its the same economic group.
This aint the Travel Rule tho since that hits separately in 2027 and 2028. Transfers count as international if the other party sits outside Brazil or if youre shifting your own assets between local and overseas spots. Local Brazilian swaps stay untouched 💸
Users pick a purpose from the Central Banks list with transfers up to 50000 dollars using a quick 10 option menu while bigger ones need the full 96 choices. No generic others option for those larger ones either 👀

Key Prep Brazilians Need Before November 🖤

The real hit comes when moving assets between Binance and foreign accounts since withdrawals wont process till the form fills out and deposits might hang or bounce back without the info. Self hosted wallets skip the purpose part but need ownership confirmation with everything still reported in its own category 🔮
The details must match the actual reason each time and support is there for any slip ups while only approved foreign exchanges show in the list. Meanwhile the exchange juggles other regulatory tweaks like questions from European regulators over operations post MiCA stuff 🕸️
For Brazilian customers tho the focus stays narrow with every international deposit and withdrawal demanding the new data once it kicks in.

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Just another echo from the void by iconofsin.eth 💖

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