The US government recognizes that non-custodial cryptocurrency wallets provide services related to fund management. Metamask and Samourai Wallet developed by Consensy have received support from US regulatory agencies. The creators of Phoenix Wallet and Wasabi Wallet have chosen to operate in other jurisdictions to avoid regulatory impact. According to US authorities, self-custody wallets, Lightning Network software, and even Lightning Network node providers may be considered as currency service businesses and subject to regulation.
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The US government recognizes that non-custodial cryptocurrency wallets provide services related to fund management. Metamask and Samourai Wallet developed by Consensy have received support from US regulatory agencies. The creators of Phoenix Wallet and Wasabi Wallet have chosen to operate in other jurisdictions to avoid regulatory impact. According to US authorities, self-custody wallets, Lightning Network software, and even Lightning Network node providers may be considered as currency service businesses and subject to regulation.