Bitcoin tops $24K, defying U.S. Treasury dreaded KYC rules on self-hosted wallets
The U.S. Treasury Department, through the Financial Crimes Enforcement Network (FinCEN), proposed Friday a new rule that requires exchanges, banks, and money service providers (MSBs) to verify the identities of users who engage in certain transactions. Instead of the usual pullback that could take the steam out of the current bull run, bitcoin has extended its gains, this time, surging above $24K and registering a new all-time peak.
Happy Saturday #Bitcoin pic.twitter.com/1Ixm7IqYSo
— Cameron Winklevoss (@cameron) December 19, 2020
However, the price range above $24,000 seemed too big for bitcoin which quickly ran out of steam and fell below $23,800.
[caption id="attachment_20309" align="aligncenter" width="1888"]
Bitcoin’s price drops below $24,000 | Credit / TradingView[/caption]
Despite the drop in momentum and price, bitcoin is having a stellar run that has seen the cryptocurrency register new peaks in a space of a few weeks. Bitcoin reached an all-time high of just below $20,000 on December 17, 2017. It took the asset three full years to break its own record and set a new peak.
However, in the past few days, bitcoin has been in the business of setting new highs and defying expectations.
In the past seven days, bitcoin has gained 28.97%. Comparing it with other top 10 digital assets, it is only second to Litecoin which is up 55.41% in the same period.
[caption id="attachment_20308" align="aligncenter" width="1880"]
How bitcoin performed in the last 7 days in comparison with other top 10 assets | Credit / CoinMarketCap[/caption]
How bitcoin responded to U.S. Treasury’s proposed rule
If it is true that history repeats itself, the proposed rule should have negatively impacted the broader cryptocurrency market and triggered a bullish sentiment until the market made sense of the rule.However, this time the opposite was true. Mainly because there was no element of surprise.
Coinbase founder and CEO Brian Armstrong sent a series of tweets more than three weeks ago alerting the crypto world of the rules that were yet to come.
He warned that the Secretary of the United States Treasury Steven Mnuchin was planning to rush enacting new regulation on self custody wallets before the expiration of his term.
Last week we heard rumors that the U.S. 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.
— Brian Armstrong (@brian_armstrong) November 25, 2020
Jeremy Allaire, the CEO of Circle, a company with a stablecoin partnership with Coinbase, wrote a letter to the U.S. Treasury speaking against the rumored rules that could “plug a hole” by “constraining how financial intermediaries can interact with public blockchain networks, via so-called unhosted or self-hosted wallets.”
The proposed rule requires daily transactions equal to or greater than $10,000 need to be reported by financial institutions.
Some experts argue that this rule is similar to the travel rule put in place by the Financial Action Task Force (FATF).
Given that the proposed rule may not be as draconian as initially speculated, and the fact that the market had enough to process the anticipated rules, there is a high possibility that the market was already prepared for this.
The proposed rule did not have enough venom to affect the crypto market as it could have done if the situation was handled differently.
100% Success Money Back Guarantee
If our approach doesn’t outperform the overall crypto market during your subscription, we’ll give you a full refund of your membership. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.
Take your next step towards crypto success
$799/year
Get everything you need to actively manage your portfolio and stay ahead. Ideal for investors seeking regular guidance and access to tools that help make informed decisions.
For your security, all orders are processed on a secured server.
What’s included in Pro:
Success Guarantee, if we don’t outperform the market, you get 100% back, no questions asked
24/7 access to experts with 50+ years’ experience
All of our top token picks for 2025
Our latest memecoins pick with 50X potential
On hand technical analysis on any token of your choice
Weekly livestreams & ask us anything with the team
Daily insights on Macro, Mechanics, and On-chain
Curated list of top upcoming airdrops (free money)
Our track record speaks for itself
With over 2.4M tokens and widespread misinformation in crypto, we cut
through the noise and consistently find winning assets.
Frequently Asked Questions
Can I trust Cryptonary's calls?
Yes. We've consistently identified winners across multiple cycles. Bitcoin under $1,000, Ethereum under $70, Solana under $10, WIF from $0.003 to $5, PopCat from $0.004 to $2, SPX blasting past $1.70, and our latest pick has already 200X'd since June 2025. Everything is timestamped and public record.
Do I need to be an experienced trader or investor to benefit?
No. When we founded Cryptonary in 2017 the market was new to everyone. We intentionally created content that was easy to understand and actionable. That foundational principle is the crux of Cryptonary. Taking complex ideas and opportunities and presenting them in a way a 10 year old could understand.
What makes Cryptonary different from free crypto content on YouTube or Twitter?
Signal vs noise. We filter out 99.9% of garbage projects, provide data backed analysis, and have a proven track record of finding winners. Not to mention since Cryptonary's inception in 2017 we have never taken investment, sponsorship or partnership. Compare this to pretty much everyone else, no track record, and a long list of partnerships that cloud judgements.
Why is there no trial or refund policy?
We share highly sensitive, time-critical research. Once it's out, it can't be "returned." That's why membership is annual only. Crypto success takes time and commitment. If someone is not willing to invest 12 months into their future, there is no place for them at Cryptonary.
Do I get direct access to the Cryptonary team?
Yes. You will have 24/7 to the team that bought you BTC at $1,000, ETH at $70, and SOL at $10. Through our community chats, live Q&As, and member only channels, you can ask questions and interact directly with the team. Our team has over 50 years of combined experience which you can tap into every single day.
How often is content updated?
Daily. We provide real-time updates, weekly reports, emergency alerts, and live Q&As when the markets move fast. In crypto, the market moves fast, in Cryptonary, we move faster.
How does the success guarantee work?
If our approach to the market doesn’t beat the overall crypto market during your subscription, we’ll give you a full refund of your membership fee. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.
Recommended from Cryptonary
