US Treasury Hands Big Win to Crypto Privacy

Key Summary

The US Treasury has withdrawn plans to track personal crypto wallets, including a proposal to record transfers above $3,000 and report those above $10,000. The Financial Crimes Enforcement Network (FinCEN) will no longer take action on the 2020 proposal, citing a July 2025 White House report that supports the ability of lawful users to privately transact on a public blockchain. The withdrawal aims to keep digital asset rules "fit-for-purpose." Existing duties, such as suspicious activity reports and sanctions screening, remain in force. The decision also applies to a 2023 plan on crypto mixing, which was set to take effect in December 2027.