The crypto privacy rule Trump’s Treasury proposed, and Trump’s Treasury buried
FinCEN formally withdrew two proposed rules: a 2020 plan requiring financial institutions to collect and report more information about transactions involving self-hosted crypto wallets, and a 2023 proposal covering transactions involving crypto mixers. Neither proposal took effect. The withdrawals reflect a shift toward recognizing legitimate financial privacy while retaining existing anti-money-laundering, customer-identification and suspicious-activity reporting requirements. FinCEN said it would continue monitoring illicit activity, and the decisions do not affect separate criminal cases. The wallet proposal had already been marked withdrawn in a 2024 regulatory agenda; the formal notice came in October 2026. The administration’s change of position has privacy implications, while the article also raises concerns about President Trump’s family’s crypto business interests.
