Donald Trump · U.S. Treasury · CoinDesk
U.S. scraps proposed $10,000 reporting rule for for crypto sent to private wallets
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The U.S. Treasury Department has scrapped a years-old proposal that would have forced banks and crypto businesses to collect and report more information when customers sent large amounts of crypto to wallets they controlled themselves.
Key facts
- It would have required banks and money-service businesses such as crypto exchanges to file reports when customers sent more than $10,000 in crypto to or from so-called unhosted wallets, including
- The wallet proposal dates to December 2020, during the final weeks of the first Trump administration
- The Financial Crimes Enforcement Network, or FinCEN, withdrew the rule Sunday along with a separate proposal targeting transactions involving crypto mixers
- FinCEN also withdrew a 2023 proposal that would have classified crypto mixing transactions as a category of primary money-laundering concern, allowing the government to impose additional reporting
Summary
FinCEN withdrew a 2020 proposal that would have required banks and crypto businesses to report transfers of more than $10,000 involving customers’ self-controlled wallets. The agency also scrapped a 2023 proposal that would have subjected transactions involving crypto mixers to additional reporting requirements. FinCEN said the withdrawals, neither of which had taken effect, advanced the Trump administration’s deregulatory agenda and effort to create “fit-for-purpose” digital-asset rules. The U.S. The Financial Crimes Enforcement Network, or FinCEN, withdrew the rule Sunday along with a separate proposal targeting transactions involving crypto mixers.