On October 6, 2026, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) withdrew its 2023 finding and proposed rule on international convertible virtual currency (CVC) mixing. FinCEN said the proposal’s broad definition could chill legitimate activity and create a large reporting burden for financial institutions. The withdrawal does not mean mixers are legal or end FinCEN scrutiny: the agency says it will keep monitoring mixer activity and may take future action.
What FinCEN withdrew
FinCEN withdrew both its finding that international CVC mixing is a class of transactions of primary money laundering concern and the proposed rule associated with that finding. The action, titled “Proposal of Special Measure Regarding Convertible Virtual Currency Mixing, as a Class of Transactions of Primary Money Laundering Concern; Withdrawal,” took effect October 6, 2026, and was published as 91 FR 63513, document 2026-20429. Read the Federal Register notice.
The 2023 proposal had not become a final rule. Its reporting and recordkeeping requirements therefore did not take effect. The Block also reported that a separate 2020 proposal concerning self-hosted wallets had not been finalized; that was a distinct proposal, not the subject of the mixer withdrawal. The Block’s contemporaneous account provides this additional status context.
What the proposed rule would have required
The proposal would have used Section 311 of the USA PATRIOT Act to impose a special measure on covered financial institutions dealing with a class of international CVC mixing transactions. It would have required reporting when an institution knew, suspected, or had reason to suspect that a transaction involved CVC mixing within or involving a jurisdiction outside the United States.
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A broad, functional definition of mixing
The proposal covered facilitating CVC transactions in ways that obscured the source, destination, or amount of funds, regardless of the protocol or service used. Examples included pooling funds, algorithmically coordinating transactions, splitting transfers, using single-use wallets, exchanging asset types, and adding user-initiated delays.
Proposed reports and customer records
Reports would have included details such as the amounts and types of CVC, mixer names, customer-associated wallet addresses, transaction hashes and dates, IP addresses, and narrative descriptions. The proposal also called for customer records containing identifying details such as full name, date of birth, address, email address, or unique identifying numbers. These were proposed obligations only; withdrawal prevented them from taking effect under this rule.
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Why Treasury withdrew the proposal
FinCEN said commenters objected that the proposal’s expansive definition could deter legitimate activity and impose a large reporting burden on covered institutions. The agency did not say that illicit use of mixers had stopped. Deputy Director Jimmy L. Kirby’s signed notice states: “While FinCEN maintains that illicit actors continue to use mixers and other tools and methods to hinder law enforcement investigations, this withdrawal is informed by the concerns from commentors that the expansive definition of CVC mixing in the proposed rule could have a chilling effect on legitimate activity and place a large reporting burden on covered financial institutions.”
The notice also points to the President’s Working Group on Digital Asset Markets’ July 2025 report, Strengthening American Leadership in Digital Financial Technology. That report recognized both illicit use and lawful uses of mixers for privacy on public blockchains, saying that “lawful users of digital assets may leverage mixers to enable financial privacy when transacting through public blockchains.”
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What the withdrawal means for banks and crypto users
For covered institutions, the withdrawal removes the proposed mixer-specific reporting and recordkeeping regime before it became a final rule. It should not be read as a repeal of existing reporting duties or as a change that automatically makes every mixer transaction lawful. The notice addresses this proposed Section 311 measure; it does not establish a blanket legal status for mixing services or users.
For crypto users, the practical policy change is that this particular proposal will not impose its proposed new obligations. FinCEN has not announced that it will stop investigating or monitoring mixer-related activity. Its notice says: “However, FinCEN will continue to monitor activity involving CVC mixers for indicia of money laundering, terrorist financing, or other illicit finance activity, and may take appropriate steps in the future to mitigate any such activity.”
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How Section 311 fits into the decision
Section 311 of the USA PATRIOT Act, codified at 31 U.S.C. 5318A, authorizes the Treasury Secretary to find that a jurisdiction, financial institution, class of transactions, or account type is of primary money laundering concern and to impose special measures on covered financial institutions. FinCEN administers this delegated authority. The withdrawn proposal was an attempted use of that mechanism for international CVC mixing, not a final rule that had already established new reporting requirements.
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