Grab EXTRA 10% OFF all Tangem products. Till Oct 25U.S. Treasury withdraws proposed crypto wallet rules
7.3 Regulation The U.S. Treasury has withdrawn proposed rules for self-custodied crypto wallets and mixing services. Existing Bank Secrecy Act rules remain unchanged.
The U.S. Treasury, through the Financial Crimes Enforcement Network (FinCEN), has withdrawn proposed regulations that would have imposed new reporting and verification requirements on cryptocurrency transactions involving self-custodied (unhosted) wallets and crypto mixing services. The initial 2020 proposal targeted banks and money services businesses, requiring them to keep records and report transactions over $3,000 and $10,000 involving unhosted wallets or wallets in certain foreign jurisdictions. In 2023, a separate proposal focused on crypto mixing services due to concerns about money laundering. After receiving significant public feedback and opposition—particularly regarding privacy and compliance burdens—FinCEN decided not to proceed with these proposals. The existing Bank Secrecy Act requirements remain in effect, but this withdrawal marks a notable shift in the regulatory approach to privacy and compliance within the crypto industry.
