FinCEN, the US Treasury’s Financial Crimes Enforcement Network, withdrew two proposed rules on unhosted wallets and crypto mixers as part of the Trump Administration’s deregulatory agenda. The first rule, proposed in December 2020, would have imposed recordkeeping, verification, and reporting requirements on crypto transactions and unhosted wallets. The second rule, proposed in October 2023, concerned the enforcement of crypto mixing services. FinCEN stated that the mixer rule could have a chilling effect on legitimate activity and place a large reporting burden on covered financial institutions. The crypto industry advocacy group Crypto Council for Innovation praised the decision as positive for the digital asset ecosystem.
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