FinCEN Withdraws Proposed Crypto Mixer Rule
Cointelegraph.com reported that FinCEN is withdrawing proposed rules on unhosted wallets and crypto mixers, citing the Trump administration’s deregulatory agenda and concerns about legitimate activity.
Cointelegraph.com reported that the Financial Crimes Enforcement Network is withdrawing two proposed rules covering unhosted wallets and crypto mixers. The bureau said the move is part of the Trump administration’s deregulatory agenda.
The report said the withdrawal followed concerns about legitimate activity involving crypto mixers.
Key Takeaways
- Cointelegraph.com reported that FinCEN is withdrawing two proposed rules on unhosted wallets and crypto mixers.
- The bureau said the move is part of the Trump administration’s deregulatory agenda.
- The report said the withdrawal was tied to concerns about legitimate activity.
Context
Crypto mixers are services that combine digital asset transactions, which can make it harder to trace funds on a blockchain. Unhosted wallets are wallets controlled by users rather than by a third-party custodian. Regulators have often focused on these tools because of their use in compliance and anti-money-laundering discussions.
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