FinCEN Drops Two Old Crypto Rules as Washington Rebuilds the Regulatory Playbook

By Isaac • October 6, 2026 7:50 pm •

Washington just cleared two long-running crypto proposals off the table.

FinCEN announced that it is withdrawing proposed rules aimed at transactions involving unhosted wallets and convertible virtual currency mixing. Neither proposal had become final.

The first dated to 2020. It would have required banks and money-services businesses to collect records for certain transactions above $3,000 and file reports when covered transactions exceeded $10,000.

The second dated to 2023. It sought to treat international crypto mixing as a class of transactions of primary money-laundering concern and would have imposed a new reporting framework on covered financial institutions.

FinCEN said it considered the public comments filed on both proposals. The agency tied the withdrawals to President Trump’s deregulatory