FinCEN withdrew two proposed digital-asset rules Monday, ending rulemakings that had remained unresolved across multiple administrations. FinCEN.gov
The first proposal, issued in December 2020, would have imposed recordkeeping, verification and reporting requirements on certain transactions involving convertible virtual currency and unhosted wallets. The second, proposed in 2023, contemplated a special measure involving convertible virtual currency mixing. FinCEN.gov
FinCEN said it considered comments submitted on the proposals and withdrew them as part of the administration’s deregulatory agenda and efforts to make digital-asset regulation fit for purpose.
The withdrawals eliminate those proposed mechanisms. They do not repeal existing anti-money-laundering law, sanctions requirements or other Bank Secrecy Act obligations applicable to covered financial institutions.
TOKEN RECON ASSESSMENT
For self-custody and privacy infrastructure, this is a concrete regulatory change, not guidance or political messaging. Two potential compliance regimes are off the table. The remaining enforcement perimeter still matters, so the withdrawal should not be read as a blanket federal retreat from illicit-finance controls.
