The Treasury Department is scrapping two long-stalled crypto surveillance proposals, handing a major win to privacy advocates and the digital asset industry.

The Financial Crimes Enforcement Network filed notices Monday withdrawing its 2020 “unhosted wallet” rule and a 2023 plan to brand international crypto mixing a “class of transactions of primary money laundering concern.” Both notices are set to appear in the Federal Register on Tuesday.

In a Monday statement, the Washington crypto policy group Coin Center said the news was “a significant victory for financial privacy.” 

“The definition of mixing was extraordinarily broad, sweeping in common techniques…

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