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FinCEN Withdraws Proposed Crypto Mixer and Unhosted Wallet Reporting Rules
FinCEN said the rules would have required banks and money services businesses to collect records on transfers above $3,000 and reports above $10,000.
- On Monday, The Financial Crimes Enforcement Network formally withdrew two crypto surveillance proposals, with notices scheduled for publication in the Federal Register on Oct. 6.
- Treasury officials cited a July 2025 report from the White House Working Group on Digital Asset Markets when pulling the 2023 mixer proposal and 2020 self-custody wallet proposal.
- Under the rescinded rules, banks would have filed reports for transactions topping $10,000 or exceeding $3,000 within 24 hours, while collecting wallet addresses, transaction hashes, and IP addresses.
- Coin Center, a crypto policy group, hailed the withdrawal as "a significant victory for financial privacy," with Jason Somensatto noting the action eliminates lingering revival risks.
- While dropping the proposals, FinCEN emphasized it continues tracking mixer use for illicit finance and "may take appropriate steps in the future" citing Trump Administration support for lawful private transactions.
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Treasury Just Chose Crypto Privacy Over Surveillance. Investors Should Read the Fine Print
The Financial Crimes Enforcement Network (FinCEN), a Treasury Department bureau focused on combating money laundering, announced it would withdraw two proposed rules that would have required banks and exchanges to report users who mix cryptocurrencies or manage their own wallets. This decision is a significant win for advocates of crypto privacy, though it doesn’t drastically […]
·Lakewood, United States
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US Treasury drops proposed reporting rules for wallets and crypto mixers
The U.S. Treasury has moved to withdraw two proposed crypto rules from 2020 and 2023 that would have expanded financial institutions’ reporting and recordkeeping duties for self-custody wallets and mixing transactions. FinCEN, the Treasury bureau responsible for enforcing the Bank…
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