On October 6, the U.S. Financial Crimes Enforcement Network (FinCEN) withdrew two proposed rules, neither of which had taken effect. The first, issued on December 23, 2020, would have required banks and money services businesses (including crypto-related MSBs) to report to FinCEN and verify customers’ identities when customers engaged in transactions exceeding $10,000 (including transactions aggregated over 24 hours) involving the exchange of convertible virtual currency or legal-tender digital assets with an “unhosted wallet” (a wallet whose private keys are controlled by the user) or a wallet hosted in certain jurisdictions. Transactions exceeding $3,000 would also have required records of the transaction and counterparty to be retained. The second, issued on October 23, 2023, proposed designating international convertible virtual currency mixing transactions as a primary money laundering concern and requiring covered institutions to strengthen recordkeeping and reporting.

On the same day, FinCEN said it would take no further action on the unhosted-wallet proposal. In its explanation for withdrawing the special measure on mixing, FinCEN noted that public comments raised concerns that an overly broad definition could stifle legitimate activity and increase compliance burdens, while stating that it would continue monitoring illicit financial activity related to mixing. Media reports have noted that neither withdrawal changed any obligations currently in force, since the proposals had never formally taken effect. The compliance boundaries for self-hosted wallets and exchange-based transactions remain governed by current regulations.

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