FinCEN Withdraws Proposed Rules on Unhosted Wallets and CVC Mixing
What happened
FinCEN withdrew two proposed rules targeting unhosted wallets and convertible virtual currency mixing on October 5, 2026.
The Context
- Long-standing proposals: The unhosted wallet proposal had been pending for nearly six years, while the CVC mixing proposal was introduced just three years prior.
- Public feedback considered: FinCEN's decision reflects extensive public comments and aims to align with current digital asset market realities.
- Ongoing compliance: Existing Bank Secrecy Act obligations for regulated entities remain unchanged, ensuring that anti-money laundering and sanctions compliance continues.
The Number
— the duration the 2020 unhosted wallet proposal remained pending before withdrawal, highlighting the regulatory landscape's slow evolution.
Takeaway
While these proposals are withdrawn, FinCEN will continue to monitor the crypto space for illicit finance risks, indicating that regulatory scrutiny is far from over.
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