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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.

The proposal was the first time Fincen had used section 311 of the USA Patriot Act, which lets Treasury impose special measures such as extra reporting requirements on money-laundering threats, against a whole class of transactions rather than a specific foreign bank or country. More here.

Early on the morning of March 11, 2025,…