The newly inaugurated US President Joe Biden has ordered the freezing of all ‘new or pending’ rules introduced but not yet enforced by the Trump administration.

According to a press release published on Wednesday, the action was necessary for new appointees of the new president to review such rules.

One of the rules that will be put on hold is the proposed rule by the former Secretary of Financial Crimes Enforcement Network (FinCEN) Steven Mnuchin, which mandated banks and money service businesses to submit information about transactions and identity of customers who make transactions to private cryptocurrency wallets.

Assistant to the President and Chief of Staff Ronald A. Klain said in the letter that “the President has asked me to communicate to each of you his plan for managing the Federal regulatory process at the outset of his Administration.”

The current price of bitcoin is $32,842.43, declining by 5.74% in the last 24 hours. Bitcoin has a current market cap of $611.06B and market volume of $59.92B. In the last 24 hours, bitcoin has dropped to $31,993.68 and experienced a $35,668.37 high.  Currently, 18,606,3005 bitcoins are in circulation.

Stats and Image from Coin Desk

Meanwhile, there are reports that President Biden is considering to nominate former Ripple advisor and former Treasury Department official Michael Barr as the head of the Comptroller of the Currency. Ripple Labs announced Bar as an advisor of the crypto company in 2015.