FinCEN Formally Withdraws Trump-Era Crypto Wallet Reporting Proposal

FinCEN formally withdrew a 2020 proposal for added recordkeeping and reporting on certain crypto transfers involving self-custody wallets. The withdrawal took effect Oct. 6, 2026, and the agency said it would take no further action on the proposal. The rule never took effect. The proposal would have applied when banks or money services businesses handled covered transactions involving an unhosted wallet or a wallet hosted in a foreign jurisdiction identified by FinCEN. For transactions worth more than $3,000, firms would have kept records including the counterparty’s name and physical address. A transaction above $10,000, or multiple covered transactions totaling more than $10,000 within 24 hours, would have required a report to FinCEN within 15 days of a reportable transaction. Firms also would have verified their own customers’ identities.

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