FinCEN scraps proposed crypto mixer and wallet rules
FinCEN withdrew two proposed crypto rules on Monday: one aimed at self-custody or unhosted wallets, and another aimed at crypto mixers. The wallet proposal had been pending since December 2020, and the mixer proposal dated to 2023. Existing AML and KYC obligations for regulated crypto businesses remain in place.
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Crypto users who use self-custody wallets are the clearest group to notice this change tomorrow morning, because the specific proposal that would have imposed extra identity checks and recordkeeping is no longer moving forward. Regulated crypto businesses still sit inside the existing AML and KYC framework, so the practical day-to-day baseline for them remains the same for now.
What changes in practice is that FinCEN is no longer advancing two separate proposals that would have added new reporting or recordkeeping obligations, one for unhosted-wallet transactions and one for mixers. What stays the same is the current rule set for regulated crypto businesses, which the withdrawal does not remove.
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