Bitcoin retreats, Treasury drops rules, OKX draws investment

Bitcoin retreats, Treasury drops rules, OKX draws investment

In this week’s edition of the weekly recap, Bitcoin lost its early-October gains as U.S. exchange-traded funds recorded heavy withdrawals, while the Treasury abandoned two proposed crypto reporting rules. OKX added institutional investors at a $25 billion valuation, and Ethereum…

FinCEN withdraws its crypto mixing and unhosted wallet rules three years later

FinCEN estimated its mixing rule alone would have cost 15,000 institutions a combined 1.47 million compliance hours annually, a burden the agency cited in scrapping both proposals on October 6.

FinCEN Withdraws Proposed Wallet and Mixing Rules as Bitcoin Falls

Bitcoin closed at $82,546.32 on Oct. 9, while U.S. spot Bitcoin ETFs recorded $729 million in combined net outflows over two sessions and OKX disclosed a $25 billion pre-money valuation.