What's the source of this?

Is there an exception For Trump Coin and Melania Coin?

"Fincen to prohitbit ... transmittals of funds... not tied to a correspondent banking relationship"

For everyone who is sad that there was not a more decisive crypto announcemember by trump yesterday, see this and recall that a decisive announcement can also be decisively bad if premature.

Still working the bugs out I would say.

That being said, if banks will be handling bitcoin, the same restrictions on banks, that banks had before bitcoin, will surely apply after bitcoin. The same applies to gold.

If you want to circumvent these restrictions, you would have to use bitcoin (or gold) outside the banking system.

The simple answer to this is no they are not trying to prohibit P2p, self-custody, or non-censorable transactions. What this is trying to do is allow the two authorities to disrupt criminal activity.

This would only affect US financial institutions and essentially would target them from dealing with criminals. The measures fall short in being applicable to digital assets and Congress has amended these measures recently to address the changes in the financial landscape.

This wouldn't impact individuals at all these rules would only apply to financial institutions. Think of how banks have to flag you depositing 10k or more in your bank or withdrawing 10k or more. This is the 2025 update to that.

"Let's get the politicians on board", they said. Lol!

TrUmP wIlL bE gOoD fOr BiTcOiN aNd FrEeDoM.

Wow this administration is unbelievable.

more context (from page 116):

Section 311 of the USA PATRIOT Act authorizes the Secretary of the Treasury to designate a foreign jurisdiction, financial institution, class of transactions, or type of account as a "primary money laundering concern" and require domestic financial institutions and agencies to implement one or more of five "special measures." These measures are safeguards to protect the U.S. financial system from money laundering and terrorist financing. The Secretary of the Treasury has delegated authority to administer the Bank Secrecy Act (BSA), including Section 311, to the Director of FinCEN. FinCEN can impose these special measures to address such threats.

Special measures one through four involve additional recordkeeping, information collection, and reporting requirements for covered U.S. financial institutions. The fifth special measure allows FinCEN to prohibit or impose conditions on opening or maintaining correspondent or payable-through accounts in the United States for the identified primary money laundering concern. These measures often require notice and comment rulemaking.

However, FinCEN faces limitations when applying Section 311 to digital assets, as the fifth special measure is restricted to correspondent or payable-through accounts, which are not directly applicable to the digital asset industry.

Congress has introduced newer authorities, similar to Section 311, under Section 2313a of the Fentanyl Sanctions Act and Section 9714 of the Combating Russian Money Laundering Act. These address primary money laundering concerns related to illicit opioid trafficking and Russian illicit finance, respectively. Unlike Section 311, these new authorities allow FinCEN to prohibit or impose conditions on certain "transmittals of funds," as defined by the Secretary of the Treasury, by any domestic financial institution or agency. By using "transmittals of funds" instead of "correspondent or payable-through accounts," these authorities can be applied to both traditional finance and digital assets.

#1061780 (re unseizable by gov) "I am not making an such taunt or assertion." (satoshi)