FinCEN Withdraws Proposals on Crypto Recordkeeping

Posted: Oct 07 2026

The Financial Crimes Enforcement Network is withdrawing two proposed rules that would have created new recordkeeping requirements for financial institutions for certain transactions involving convertible virtual currencies, or CVC, according to an announcement.

The first rule was proposed in 2020 and would have created recordkeeping, verification, and reporting requirements for certain transactions involving CVCs and unhosted wallets. The second rule was proposed in 2023 and would have established enhanced recordkeeping and reporting requirements for CVC mixing. In addition to withdrawing these proposed rules, FinCEN also withdrew its 2023 finding that international CVC mixing is a class of transactions of primary laundering concern.

“FinCEN has considered the comments submitted in response to these proposals and is withdrawing them as part of the Trump administration’s deregulatory agenda and ongoing efforts to ensure digital asset regulations are fit-for-purpose,” the agency said.

To learn more, visit: https://www.fincen.gov/news/news-releases/fincen-announces-withdrawals-proposed-digital-asset-related-rules