FinCEN withdraws unhosted-wallet proposal as Treasury also drops proposed crypto-mixer rule
FinCEN has withdrawn its 2020 proposal on transactions involving unhosted crypto wallets and said it will take no further action. Reports say the Treasury action also covers a separate proposed rule for convertible virtual currency mixing services [1] [2] [3] [4].
The wallet proposal would have required banks and money services businesses to report transactions over $10,000 involving unhosted or certain covered wallets and verify customer identities; transactions above $3,000 would have triggered recordkeeping requirements. Existing anti-money-laundering and sanctions rules remain in effect, according to Coindoo [1] [3].
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- 1FinCEN withdraws 2020 unhosted crypto wallet rule, takes no further actionWu Blockchain• Oct 5, 2026
- 3US Treasury Withdraws Proposed Crypto Wallet and Mixer RulesCoindoo• Oct 5, 2026
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