The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Coinbase CEO Says US Treasury May ‘Rush Out’ Rules on Private Crypto Wallets

by Daily Hodl Staff
November 27, 2020
in Blockchain, Regulators

Coinbase CEO Brian Armstrong is warning crypto asset owners about legislation cracking down on self-hosted crypto wallets that may be hastily introduced in the Trump administration’s final days.

Armstrong took to Twitter to alert his 376,000 followers that there are rumblings of a new crypto-targeted legislation in Washington.

“Last week we heard rumors that the US Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I’m concerned that this would have unintended side effects, and wanted to share those concerns.”

Self-hosted crypto wallets, also known as non-custodial wallets or self-custody wallets, allow crypto asset holders to protect and house their crypto independently and without the oversight of a custodian such as Coinbase.

The CEO suspects that the new legislation would require financial institutions like Coinbase to verify the identity of any self-hosted wallet owner receiving crypto assets.

Though this may seem like a reasonable measure, Armstrong stresses that it can be difficult and impractical to collect identifying information from recipients in the cryptoeconomy.

Armstrong points out that crypto assets serve a wide range of purposes across the web and many of those functions would be greatly hindered by the possible legislation. In some cases crypto is sent to smart contracts in order to use decentralized finance (DeFi) apps, which are not always owned by an identifiable individual or business, says Armstrong.

In addition, the new policy could inhibit an individual’s ability to buy goods with crypto online and to send crypto assets to emerging markets.

“Many crypto users are sending crypto to various merchants online, paying for goods and services. Does it make sense to require customers to help verify the identity of a business before they can buy a product there?

Many crypto users are also sending crypto to people in emerging markets, where it is difficult or impossible to collect meaningful “know your customer” information. Some of these individuals are living in poverty, and may not have any permanent address or form of government ID.”

Armstrong believes that any legislation that resembles what he thinks may be brewing in Washington could hinder the growth of the crypto-ecosystem and threaten user access to crucial financial systems.

“If this crypto regulation comes out, it would be a terrible legacy and have long standing negative impacts for the U.S. In the early days of the internet there were people who called for it to be regulated like the phone companies. Thank goodness they didn’t.”

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/kkssr

Submit a Press Release

Industry Announcements

  • VeraNet Launches Decentralized AI Ecosystem with Community-Controlled Tools and Services
    July 30, 2025
  • Pepescape Crypto Presale Raises $1M as Ethereum Eyes $6K, Community-Owned Exchange Gigacex Unveiled
    July 30, 2025
  • STON.fi Dev Raises $9.5M Series A to Scale DeFi on TON
    July 30, 2025
  • Naoris Protocol Announces Upcoming Token Generation Event for NAORIS
    July 29, 2025
  • Queens Park Rangers and TokenFi Announces New Partnership
    July 29, 2025
  • Shinkai Launches Version 1.0 – On-Chain AI Agents Go Live With USDC and Coinbase x402
    July 29, 2025
  • DeepSnitch Introduces Five Specialized AI Agents As Token Presale Goes Live
    July 29, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$117,780.56
$117,780.56
0.97%
Ethereum
$3,775.79
$3,775.79
2.07%
BNB
$782.95
$782.95
4.88%
Solana
$177.75
$177.75
3.21%
XRP
$3.08
$3.08
2.62%

Spotlight

  • Bank of America Customer Has $219,000 Stolen From Account by Woman Allegedly Using Fictitious Identities: Report
    July 23, 2025
  • Analyst Predicts Rallies for XRP, ADA, DOGE and Two Additional Altcoins Amid $74,500,000,000 Capital Inflows Into Crypto
    July 23, 2025
  • JPMorgan Chase Considering Allowing Clients To Borrow Against Their Crypto Assets: Report
    July 23, 2025
  • Here’s Why ETH Lagged Behind for Years, According to Ethereum Co-Founder Joseph Lubin
    July 23, 2025
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl