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ETH U.S. Treasury's Financial Crimes Enforcement Network withdraws two crypto asset regulation proposals
On Monday, the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) withdrew two previously proposed rules related to cryptoassets. One was a plan proposed in 2020 that would require reporting on transfers from self-managed wallets exceeding $10,000.
Core Points
Withdraw old rules: FinCEN withdrew a 2020 proposal that would have mandated reporting for transfers of more than $10,000 from self-managed wallets.
Termination of new negotiations: The agency also abandoned its 2023 plan to no longer characterize international cryptocurrency mix-in services as a major money laundering risk concern.
Status quo remains unchanged: Since neither proposal has taken effect, the current compliance obligations of banks and crypto exchanges remain unchanged.
Details and background of withdrawal
FinCEN announced the withdrawal in a brief statement and said it had reviewed public comments on the two proposals. The decision is related to President Trump's administration's deregulatory agenda and aims to make digital asset regulations more "practical." Since these two proposals never took effect, the current operating status of banks or crypto exchanges has not been affected in any way.
关于自托管钱包的提案可追溯至2020年12月，即特朗普第一任期的最后几周，该议题搁置了近六年之久。原计划要求银行和货币服务企业记录超过3,000美元的自托管钱包转账信息，并对超过10,00美元的转账进行报告，其中包括在24小时内累计达到该门槛的小额转账。
第二份通知则终止了2023年10月的提案，该提案曾试图将国际加密货币混币服务指定为主要洗钱风险，并要求银行报告钱包地址、交易哈希值和IP地址。副主管Jimmy L. Kirby签署了该通知，指出评论者警告称，过于宽泛的定义可能会抑制合法活动并给金融机构带来负担。FinCEN表示，将继续监控混币服务以打击非法金融活动，并保留在未来采取行动的权力。
行业反应
长期反对这两项提案的政策组织Coin Center发表声明称，混币服务的定义“过于宽泛”，波及了普通加密用户依赖的隐私保护技术。该组织认为，钱包规则将对加密交易实施双重标准，并迫使机构收集非客户的数据。
Coin Center执行董事Peter Van Valkenburgh在社交媒体X上撰文表示，在加密隐私领域艰难的一个月后，此次撤回是一个亮点。但他也警告称，财政部仍保留重新尝试的权力。“创造类似不良新规的基础法定权力依然存在，”他写道。
The Crypto Council for Innovation also called the move "positive for the digital asset ecosystem."
Impact of Tornado Cash precedent
In fact, the Treasury Department had adjusted its stance on mixed-currency services before Monday. In March 2025, the Treasury Department removed Tornado Cash, a hybrid service built based on Ethereum (ETH), from its sanctions list after an appeals court ruled that its sanctions office exceeded its authority.
Both notices cite a July 2025 White House report that stated that legitimate users may use mixed-currency services for privacy purposes. In addition, a Treasury Department report submitted to Congress in March also asked lawmakers to allow agencies to temporarily freeze suspicious assets.
