FinCEN withdraws proposed crypto mixing rule over legitimate activity concerns
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The US Treasury's Financial Crimes Enforcement Network withdrew a December 2020 proposal on unhosted wallets and an October 2023 rule on crypto mixing. FinCEN cited the Trump Administration's deregulatory agenda, noting the rules could impose heavy reporting burdens and chill legitimate activity. Meanwhile, CFTC Chair Michael Selig announced two proposed rules for crypto operations under existing statutory authorities.
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