And some more good news for crypto …
Donald Trump announced on March 2, 2025, that the Treasury Department is suspending the enforcement of the BOI reporting requirement, which was implemented under the Biden administration. This rule required small businesses to report detailed information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The suspension is seen as a relief for small businesses, including those in the cryptocurrency sector, and the Treasury is finalizing an emergency regulation to formally suspend this rule for American businesses.
Benefits for the Crypto Industry
The suspension of the BOI reporting requirement is particularly advantageous for the cryptocurrency industry in several ways:
• Reduced Compliance Costs: Small crypto businesses can save on the costs associated with compiling and submitting the required reports, allowing them to focus more on their core operations and innovation.
• Enhanced Privacy: The crypto community values privacy and anonymity, and the suspension aligns with this by eliminating the need to disclose personal information about beneficial owners.
• Mitigation of De-Banking Risks: Concerns that BOI reporting could lead to increased scrutiny and potential de-banking by traditional financial institutions are alleviated, making it easier for U.S.-based crypto companies to maintain banking relationships.
• Fostering Innovation: A less restrictive regulatory environment encourages small crypto firms to invest in new technologies and services, driving growth in the sector.
Source: As reported by Truth Network, based on Trump’s post on Truth Social.
-cReaper