FinCEN drops its crypto mixing reporting proposal
FinCEN drops its crypto mixing reporting proposalThe abandoned plan reached beyond dedicated mixers; existing anti-money-laundering duties remain.
FinCEN has abandoned a proposed reporting regime that could have exposed more wallet and customer data when institutions handled transactions involving crypto mixing. Existing anti-money-laundering requirements still apply, and privacy developers face separate questions about criminal liability. The SEC is also changing who can make decisions, with two commissioners remaining and a narrow exception allowing one eligible member to form a quorum. In corporate accounts, Strategy estimates a $4.1 billion tax benefit after Bitcoin recovered above its cost basis. Top News
FinCEN drops crypto mixing proposal as backlash kills ruleThe withdrawal took effect on October 6, ending a proposal that would have required covered domestic financial institutions to report mixing-related transactions with a foreign nexus. Its broad definition included splitting transfers, swapping assets and routing funds through single-use wallets, with reports potentially containing customer identities and wallet data. Covered money transmitters still face registration, suspicious-activity reporting and other existing obligations; FinCEN says it will continue monitoring illicit use. SEC drops to 2 members, and 1 hidden rule shifts crypto powerHester Peirce’s October 2 departure leaves two commissioners. A new rule permits one eligible member to form a quorum only when every other sitting member is disqualified from that matter; custody and offering reforms remain proposals. Bitcoin rally delivers $4.1 billion tax windfall for StrategyStrategy’s October 5 filing estimates a $4.1 billion income-tax benefit from its September 30 Bitcoin valuation. The management figures are unaudited and unreviewed; the accounting adjustment does not establish ETF investors’ individual break-even prices. From Our Sponsor
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