The Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury Department, has officially withdrawn its 2020 “unhosted wallet” rule proposal and its 2023 crypto mixer targeting plan. The unhosted wallet rule would have required banks and money services businesses to keep records on transactions with personal wallets exceeding $3,000 and report those exceeding $10,000. The 2023 proposal would have designated international crypto mixers as a class of “primary money laundering concern” under the USA PATRIOT Act. These withdrawals reference the White House’s July 2025 digital asset report, which supports the ability of lawful users to privately transact on a public blockchain. Coin Center celebrated the withdrawals while warning that Treasury still retains the authority to propose similar rules.
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