Treasury is walking back its crypto travel rule surveillance proposal. Less compliance friction for crypto firms means one less regulatory overhang on the tape. The sector gets a modest risk-appetite

What happened: The US Treasury Department withdrew a controversial proposal that would have expanded requirements for cryptocurrency transactions, walking back a crypto surveillance "travel rule" plan. Why it matters: The withdrawal reverses a proposed expansion of transaction reporting requirements for crypto, a shift in the regulatory approach to surveillance of digital asset transfers.

The US Treasury Department withdrew a controversial proposal that would have expanded requirements for cryptocurrency transactions, walking back a crypto surveillance "travel rule" plan.

The withdrawal reverses a proposed expansion of transaction reporting requirements for crypto, a shift in the regulatory approach to surveillance of digital asset transfers.