On October 5, 2026, FinCEN announced that it is withdrawing two proposed rules that would have imposed certain regulatory requirements on financial institutions related to certain digital assets, specifically convertible virtual currencies. This action is part of ongoing efforts to ensure digital asset regulations are fit-for-purpose and in accordance with Trump Administration’s deregulatory agenda.

The following were withdrawn:

A proposal that would have imposed recordkeeping, verification, and reporting requirements on certain transactions involving convertible virtual currencies and unhosted wallets; and
A proposal that would have imposed a special measure with regards to convertible virtual currency mixing.

Read FinCEN’s announcement here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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