The Trump administration has formally withdrawn a plan proposed by Steven Mnuchin's Treasury Department on December 18, 2020, which would have required crypto exchanges and other financial institutions to collect more information about transactions involving self-controlled wallets. The original proposal had generated thousands of objections and aimed to extend banking rules into the crypto space by imposing reporting requirements on transactions exceeding $10,000 and additional recordkeeping for those over $3,000, including collecting counterparty information.