U.S. scraps proposed $10,000 reporting rule for for crypto sent to private wallets
FinCEN withdrew two proposals that had hung over self-custody and crypto mixers for years without ever taking effect.
Source: CoinDesk
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DW NOTE
FinCEN withdrew a rule that never took effect in four years — which tells you how much enforcement priority it actually had. The 2020 proposal would have required banks and exchanges to report crypto transfers above $10,000 to self-custody wallets and collect identity data on both sides. The agency scrapped a 2023 mixer-reporting rule at the same time. Both withdrawals are being framed as deregulation, but abandoning unenforceable surveillance theatre isn't deregulation — it's admitting you lost the technical fight before it began.