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BTC FinCEN withdraws two cryptocurrency regulation proposals
The Financial Crimes Enforcement Network (FinCEN) has officially withdrawn a 2020 proposal that required banks and cryptoasset exchanges to report transfers of funds involving private wallets and exceeding $10,000. At the same time, the bureau also withdrew its 2023 proposal on a crypto-asset mixer. Neither of these rules had previously come into effect.
The Financial Crimes Enforcement Network, a subsidiary of the U.S. Treasury Department, issued a press release announcing the withdrawal on Sunday, October 5. The agency said in a statement that both measures are part of the Trump administration's deregulatory agenda and aim to make digital asset regulations more "practical."
The withdrawn wallet reporting rule originally required
FinCEN originally proposed the wallet reporting rule in December 2020, the last few weeks of the Trump administration's first term. Under the proposal, banks and money services companies (including categories of crypto asset exchanges) must file reports when customers send or receive more than $10,000 in crypto assets to or from unmanaged wallets. The so-called "unmanaged wallet" refers to a wallet controlled by users rather than financial institutions. If the cumulative transfer amount reaches this threshold within 24 hours, a reporting obligation will also be triggered.
In addition, companies need to collect and retain information about customers and wallets on the other side of the transfer. The proposal attracted thousands of public comments and remained pending for nearly six years.
The currency mixer rule will be revoked accordingly
FinCEN also withdrew another independent proposal for 2023. The proposal originally planned to classify crypto asset mixed-currency transactions as a "major money laundering concern," a designation that would allow the government to impose additional reporting requirements on financial institutions handling mixed funds. However, the proposal never came into effect.
This withdrawal removes long-standing compliance uncertainties that have plagued exchanges and banks serving self-custodial customer clients. Existing reporting obligations under the Bank Secrecy Act remain in effect; only the two proposals were dropped.
