In brief
- FinCEN withdrew its 2020 “unhosted wallet” proposal, which would have required banks and money services businesses to keep records on self-custody wallet transactions over $3,000 and report those over $10,000.
- It also dropped a 2023 proposal to label international crypto mixing a “primary money laundering concern,” citing concerns it could chill legitimate activity.
- Coin Center hailed the move but warned that Treasury still has the legal authority to propose similar rules.
Two of crypto’s most hated surveillance proposals are officially dead.
The Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, withdrew its long-pending “unhosted wallet” rule and a separate proposal targeting crypto mixers, according to…
