TREE NEWS update: FinCEN withdrew its 2020 proposal to require banks and money services businesses to report on unhosted crypto wallets, and rescinded its 2023 finding that crypto mixing is a primary money laundering concern. The agency said it will continue monitoring mixers and may take action again in the future.
FinCEN Drops 2020 Unhosted Crypto Wallet Reporting Rule
AI take
The retreat matters less as deregulation than as a signal about how far AML policy can reach into self-custody without a workable compliance model. It also restores the pre-2023 posture on mixers, removing a designation that had pushed exchanges and banks toward blanket de-risking of privacy-adjacent activity. The stated intent to keep monitoring and possibly act again is the real story: whether this becomes a durable shift in how US authorities treat unhosted wallets, or just a pause, is the open question.
Generated by AI for reference only.
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