According to CoinMeta, the U.S. Treasury Department has retracted a rule that required banks and crypto companies to collect and report more information when customers sent large amounts of cryptocurrency to self-controlled wallets. This rule, which was proposed in December 2020, was never put into effect. At the same time, the Financial Crimes Enforcement Network retracted another proposal regarding mixed crypto transactions. The withdrawal of both proposals is seen as part of the Trump administration's agenda to relax regulations.