FinCEN abandons proposed reporting requirements for private crypto wallets
The agency also withdrew a separate proposal covering crypto mixers. Neither measure had taken effect.
FinCEN has abandoned a 2020 proposal under which transfers exceeding $10,000 involving wallets controlled by customers themselves would have triggered reporting duties for banks and cryptocurrency businesses.
A second proposal, introduced in 2023, was also withdrawn. That measure would have added reporting obligations for transactions involving crypto mixers. Both proposals were withdrawn before taking effect.
The agency described its decisions as advancing the Trump administration’s agenda to reduce regulation. FinCEN also said the withdrawals supported the administration’s effort to develop digital-asset rules suited to their purpose.