I promised a follow up once we had an update from FinCEN, and yesterday’s “bad news” didn’t turn out to be so bad after all. FinCEN has clarified that they will respect a separate injunction on a different case and businesses are not currently required to file.

Here’s what FinCEN said:

On January 23, 2025, the Supreme Court granted the government’s motion to stay a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. McHenry—formerly, Texas Top Cop Shop v. Garland). As a separate nationwide order issued by a different federal judge in Texas (Smith v. U.S. Department of the Treasury) still remains in place, reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action in Texas Top Cop Shop. Reporting companies also are not subject to liability if they fail to file this information while the Smith order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.

To check out last evening’s story on the issue click here: 

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