FinCEN Withdraws 2020 Unhosted Wallet Rule and 2023 Crypto Mixer Designation
FinCEN, the US Treasury’s financial crimes bureau, has withdrawn two proposed crypto surveillance rules, according to The Defiant, The Block, Decrypt, Cointelegraph, and CoinDesk.
- The first was a 2020 proposal that would have required reporting on crypto transactions sent to unhosted, or self-custodial, wallets, including a proposed
U.S. scraps proposed $10,000 reporting rule for for crypto sent to private wallets.
reporting threshold, according to CoinDesk. - The second was a 2023 proposal that would have designated crypto mixing services a “primary money laundering concern” under the PATRIOT Act, according to The Block and Decrypt.
FinCEN said the mixer designation risked a “chilling effect on legitimate activity,” according to The Block and Cointelegraph. Cointelegraph reported the bureau framed the withdrawals as part of the Trump Administration’s deregulatory agenda.
The Defiant reported that FinCEN said it will continue monitoring the use of mixers and could pursue new rulemaking in the future.
Sources: The Defiant, The Block, Decrypt, Cointelegraph, CoinDesk
This article is for information only and is not financial advice.
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