Treasury Scraps Two FinCEN Crypto Surveillance Rules

The U.S. Treasury has officially pulled two contentious crypto surveillance rules off the table. Deltaone reported that the department withdrew long-pending FinCEN proposals that aimed to police unhosted wallets and cryptocurrency mixing. The shelved wallet framework would have forced regulated financial entities to record and report transactions tied to private, self-custodied addresses. That withdrawal takes a persistent regulatory overhang off the market's back, at least for now. The regulatory reprieve lands while digital asset markets are trying to find footing amid a split dealer picture. Bitcoin was recently measured on our book at $86,124, down 0.62% on the session tape. Despite the positive regulatory headline, spot remains pinned beneath its gamma flip at $86,810. In our options read, dealers on BTC sit with net GEX at negative $12.67 million. Below the flip, dealer hedging stops acting as a cushion and turns into an accelerant, forcing desks to sell into dips and chase intraday rips. That positioning keeps the market sensitive to headline volatility. Max pain for Bitcoin currently sits down at $85,750, leaving the near-term gravity skewed lower unless buyers can muster the flow required to reclaim the $86,810 flip. Altcoins show a fractured tape under the surface. Ethereum is holding long gamma above its $2,711.36 flip with net GEX positive at $2.98 million. Solana also sits in long gamma territory at $120.59, north of its $118.56 flip. ADA surged 11.71% over the past 24 hours to $0.2749, as noted by Benzinga, though it carries no options book on our map to absorb liquidity spikes. Equities are navigating their own structural divide alongside crypto. QQQ is struggling under its flip at 749.85, trading at 749.26 in short gamma with a put wall at 740. SPY, by contrast, sits barely above its flip at 769.45, printing at 769.69 with long gamma providing modest ballast. Withdrawing the FinCEN rules removes an administrative friction point for unhosted wallets. Yet until spot pushes through the $86,810 flip, the structural dealer positioning on BTC remains unaccommodating. How traders treat the tape is their click; the map simply shows dealers hedged to amplify rather than absorb the next break.