US Treasury Withdraws FinCEN Proposals on Cryptocurrency Control

The US Department of the Treasury has officially withdrawn two proposals from the Financial Crimes Enforcement Network (FinCEN) aimed at strengthening oversight of cryptocurrency transactions. This decision removes from consideration rules that planned to introduce additional reporting and digital asset monitoring requirements.

The first proposal, published in 2020, concerned transfers between banks, crypto services, and non-custodial wallets. The document required collecting counterparty data for transactions exceeding $3,000 USD, while transfers over $10,000 were subject to separate reporting to FinCEN.

The second proposal, introduced in 2023, envisaged enhanced monitoring of operations involving crypto mixers. Under this document, FinCEN was required to obtain additional information about such transactions to improve the transparency of financial flows.

Both regulatory initiatives never entered into force due to prolonged conflict with the industry. Now, the US Department of the Treasury has officially confirmed the withdrawal of these proposals from consideration, meaning a refusal to introduce the specified restrictions in their current form.