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FollowingTwo controversial regulatory proposals in the cryptocurrency space officially terminate
Two of the most offensive surveillance proposals in the crypto industry have officially become history. In accordance with an announcement filed Monday and set to be published in the Federal Register on Tuesday, the U.S. Treasury Department's Financial Crimes Enforcement Agency (FinCEN) withdrew the long-stalled "unmanaged wallet" rule and another separate proposal for cryptocurrency mixers.
The so-called "unmanaged wallets", also known as self-managed wallets, are directly controlled by users rather than by exchanges or banks. FinCEN made the recommendation in December 2020 and was issued in the final weeks of President Donald Trump's first term. The plan originally required banks and money services companies to record transactions exceeding $3,000 between customers and such wallets and report transactions exceeding $10,000, including counterparty information. As Decrypt reported at the time, the plan effectively extended the provisions of the Bank Secrecy Act to personal wallets.
"FinCEN will not take further action on this proposed rulemaking notice." The agency wrote in the statement, which used the abbreviation for "Notice of Proposed Rule Making."
The second announcement repealed a 2023 Biden administration proposal that had attempted to designate international cryptocurrency mixing as a "major money laundering concern" transaction under the American Patriot Act. Mixing services cover their tracks by gathering and scrambling coins. According to the announcement, the proposal originally required financial institutions to report wallet addresses, transaction hashes and IP addresses related to suspected currency mixing activities. At the time, the move was aimed at labeling the currency mixer as a national security threat.
FinCEN said commentators warned that the rule's broad definition of currency mixing could inhibit legitimate activity. The bureau added that it will continue to monitor currency mixers to guard against illegal financial activity and may take action in the future.
Both withdrawals cite the White House's digital assets report released in July 2025. The announcement on money mixers quoted the administrative agency's statement in the report that it supports "the ability of legitimate digital asset users to conduct private transactions on public blockchains."
The Coin Center, a Washington-based crypto policy group that has opposed both proposals for years, celebrated. "This has been a difficult month for privacy and your rights to use cryptocurrency, but there is a silver lining." Peter van Walkenberg, executive director of Coin Center, wrote on Platform X. However, he warned that "the potential legal power to create new and similar bad rules still exists."
This is not the only controversy surrounding self-trusteeship. At the beginning of last year, the Consumer Financial Protection Bureau (CFPB) proposed an explanatory rule to include wallets such as MetaMask into the consumer payment legal framework, a move that was strongly opposed by industry stakeholders.
