U.S. scraps proposed $10,000 reporting rule for for crypto sent to private wallets
Summary
FinCEN withdrew two proposed crypto rules that never took effect. A 2020 proposal would have required banks and money-service businesses to report crypto transfers exceeding $10,000 to or from self-hosted wallets and collect details about customers and destination wallets. A 2023 proposal would have treated crypto-mixing transactions as a primary money-laundering concern, potentially triggering additional reporting. FinCEN said the withdrawals support the Trump administration’s deregulatory agenda and aim to make digital-asset rules fit for purpose.
