• Key insight: Fincen withdrew its first-ever proposal to treat an entire class of transactions, international crypto mixing, as a primary money-laundering concern.
• Supporting data: Fincen estimated about 15,000 institutions would have filed the mixer reports, spending a combined 1.47 million hours a year.
• Forward look: Fincen said it will keep monitoring mixers and “may take appropriate steps in the future.”

Overview bullets generated by AI with editorial review.

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The Treasury Department’s financial crimes bureau is scrapping a proposed rule that would have made banks report customer transactions tied to foreign cryptocurrency mixers.

Mixers are services that pool and shuffle crypto from many users to hide where any of it…