Overview
- FinCEN filed withdrawal notices that were placed on public inspection on Monday, Oct. 5, 2026, and set for Federal Register publication on Oct. 6, officially ending the two rulemaking dockets.
- The first rescinded proposal, from December 2020, would have required banks and money‑service businesses to keep records for transfers over $3,000 and to report transfers over $10,000 when funds moved to or from self‑custodied (unhosted) wallets.
- The second withdrawn proposal, published in October 2023, would have treated international crypto mixing as a class of primary money‑laundering concern and required extra reporting of wallet addresses, transaction hashes and IPs, a definition critics said was overly broad.
- FinCEN cited public comments and concerns that the mixer rule could chill lawful privacy uses and impose heavy compliance costs, and industry groups such as Coin Center praised the withdrawals as a win for financial privacy.
- The withdrawals do not change existing AML, BSA or sanctions duties for exchanges, banks and MSBs, and Treasury said it will continue monitoring illicit‑finance risks and may pursue future, narrower actions while other agencies pursue separate crypto rulemaking.