Coin Center Wins Right to Sue as Treasury Withdraws Unhosted Wallet Rule

Coin Center has won the right to sue the U.S. Treasury and IRS again over a controversial tax reporting rule. This development follows the official withdrawal of the Treasury's unhosted wallet rule, which was proposed by FinCEN in late December 2020 during the Trump Administration. The rule, often referred to as the 'Mnuchin Midnight Ruling,' aimed to impose data collection and reporting requirements on users of unhosted wallets. After years of pending rulemaking and significant opposition, the rule has been officially withdrawn, marking a significant victory for Coin Center.