FinCEN cited the Trump administration's goal to make digital asset regulations "fit-for-purpose" and cited concerns that the 2023 mixing proposal could chill legitimate activity through its broad definitions. While the administrative rules are dead, the Department of Justice is continuing to pursue criminal cases against developers of anonymity tools, including the ongoing prosecution of Tornado Cash co-founder Roman Storm.
Tuesday, October 20, 2026
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US Treasury Kills Long-Pending Rules for Unhosted Crypto Wallets
Crypto15 days ago
The Financial Crimes Enforcement Network has formally withdrawn two long-pending proposals that would have increased surveillance of digital assets held in self-custody accounts and mixing services. The 2020 wallet rule would have required banks and money services businesses to verify customer identities and report transfers exceeding $10,000, while transactions above $3,000 would have been subject to recordkeeping. The agency will take no further action on the rules, officially ending both rulemaking processes.
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