Treasury Secretary Mnuchin plans to rush out new regulation regarding self-hosted crypto wallets before the end of his term.

Apparently the proposed regulation would  “require financial institutions like Coinbase to verify the recipient/owner of the self-hosted wallet, collecting identifying information on that party, before a withdrawal could be sent to that self-hosted wallet” according to Coinbase CEO Brian Armstrong

So what would this ruling mean? Don’t want to have to KYC a store before buying groceries? Want to participate in DeFi? Then move your money out of financial institutions and into non-custodial wallets. Remember: not your keys, not your coins.

Happy thanksgiving everyone!

Reporting by C. Edward Kelso and Naomi Brockwell

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