TREE NEWS update: The U.S. Treasury’s FinCEN withdrew a 2020 proposal that would have required banks and crypto firms to track transactions involving self-custodial wallets, along with a 2023 plan to designate crypto mixing as a primary money laundering concern. The two rules were scrapped together, ending the surveillance measures before either took effect.
FinCEN Withdraws 2020 Unhosted Wallet Rule and 2023 Mixer Designation
AI take
The withdrawal matters less as deregulation than as a signal about how far US AML policy can reach into self-custody and privacy tooling. Both measures died before implementation, so the practical effect is limited; the precedent is not. The open question is whether this reflects a durable shift in FinCEN's posture or a temporary clearing of the docket, and whether Congress or states fill the gap.
Generated by AI for reference only.
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