US Treasury Scraps Unhosted Wallet and Mixer Rules
• FinCEN withdrew two proposals on Oct 5: the 2020 unhosted-wallet record rule ($3K record / $10K report thresholds) and the 2023 mixer rule
• Reason given: the mixing definition was too broad and risked a chilling effect on legitimate activity
• Framed as part of making crypto rules fit-for-purpose
This is a clear win for self-custody users and privacy tools. The catch: enforcement pressure on illicit flows now shifts to prosecutions and sanctions.
Not financial advice. DYOR.
#Crypto #Regulation
• FinCEN withdrew two proposals on Oct 5: the 2020 unhosted-wallet record rule ($3K record / $10K report thresholds) and the 2023 mixer rule
• Reason given: the mixing definition was too broad and risked a chilling effect on legitimate activity
• Framed as part of making crypto rules fit-for-purpose
This is a clear win for self-custody users and privacy tools. The catch: enforcement pressure on illicit flows now shifts to prosecutions and sanctions.
Not financial advice. DYOR.
#Crypto #Regulation
