US Treasury Withdraws Crypto Wallet and Mixer Surveillance Rules

VERA Brief

AI-generated. Grounded in the article and its cited sources.

The U.S. Treasury, through FinCEN, has withdrawn two proposals related to cryptocurrency. One proposal would have tracked transactions with self-custodial wallets, and the other sought to designate crypto mixers as a primary money laundering concern.

Key facts

• FinCEN has withdrawn a 2020 proposed rule concerning self-custodial wallet transactions.
• FinCEN has withdrawn a 2023 proposal to designate cryptocurrency mixers as a primary money laundering concern.
• The 2020 proposal aimed to extend Bank Secrecy Act requirements to certain unhosted wallet transactions.
• The 2023 proposal aimed to address the use of mixers for illicit finance.
• These withdrawals remove the proposed regulations from consideration.