Treasury just pulled back two proposed crypto surveillance rules, and the headlines are calling it a landmark win for financial privacy. But the fine print tells a different story about what actually changed and who it protects.
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The Financial Crimes Enforcement Network (FinCEN), a Treasury Department bureau focused on combating money laundering, announced it would withdraw two proposed rules that would have required banks and exchanges to report users who mix cryptocurrencies or manage their own wallets.
This decision is a significant win for advocates of crypto privacy, though it doesn’t…
