On Oct. 5, 2026, FinCEN withdrew two proposed rules; neither had taken effect. The 2020 draft would have required covered financial institutions to verify and keep records for certain transactions involving self-hosted wallets above $3,000 and file reports on certain transactions above $10,000. The 2023 draft proposed treating international convertible-virtual-currency mixing as a primary money-laundering concern and imposing special reporting requirements. 2020 proposal · 2023 proposal

Oct 6, 2026, 11:50 UTC

The reported reason for dropping the mixer proposal was concern it could have a “chilling effect on legitimate activity.” Both drafts remained proposals, so withdrawing them means those proposed duties were not adopted; it does not itself repeal existing reporting obligations. The Block’s report

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Answered Oct 6, 2026, 11:50 UTC

Sources 3

2020 proposalfederalregister.gov
2023 proposalfederalregister.gov
The Block’s reporttheblock.co

Research trace 21

The page www.theblock.co
The supplied article could not be read, so this step seeks primary Treasury or FinCEN records and independent reporting to establish whether the proposals were withdrawn and what the stated reason was.
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