The U.S. Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, said it will no longer move forward with a 2020 proposal aimed at tracking transfers involving personal crypto wallets. Under that proposal, banks and exchanges would have been required to keep records for transfers involving unhosted wallets above $3,000 and file reports with FinCEN for transfers above $10,000. FinCEN said in a filing that the withdrawal is intended to make digital asset rules “fit for purpose,” citing a White House crypto report from July 2025. The filing also said the Trump administration supports the ability of lawful digital asset users to make private transactions on public blockchains. The decision will take effect after publication in the Federal Register on Oct. 6. On the same day, FinCEN also withdrew a separate 2023 proposal targeting cryptocurrency mixers, while saying it may still take action on that issue in the future. The item cited BeInCrypto as the source.
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said it will no longer pursue a 2020 rulemaking proposal that would have expanded recordkeeping and reporting requirements for transfers involving personal crypto wallets.
Under the proposal, banks and exchanges would have been required to keep records when transfers involving unhosted wallets exceeded $3,000. Transfers above $10,000 would have had to be reported to FinCEN.
In its filing, FinCEN said it withdrew the proposal to make digital asset regulation “fit for purpose,” and cited a White House crypto report published in July 2025. The document said, “The Trump administration supports the ability of lawful users of digital assets to transact privately on public blockchains.”
The withdrawal will take effect after it is published in the Federal Register on Oct. 6.
FinCEN on the same day also withdrew a separate 2023 proposal focused on cryptocurrency mixers, though it said it could still take action on that matter in the future.
The source cited for the update was BeInCrypto.
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