Feds Pull Proposals for Reporting Crypto Transactions
By PYMNTS
AI summary of the source article
FinCEN and the Federal Reserve Board have rescinded proposed "Travel Rule" and "Recordkeeping Rule" measures. The withdrawn plans would have expanded reporting requirements and required financial institutions to collect information on cryptocurrency transactions.
Key facts
- FinCEN and the Federal Reserve Board announced the withdrawal of the proposed Travel Rule and Recordkeeping Rule on Friday, Nov. 6.
- The proposals would have expanded reporting requirements around cryptocurrency transactions.
- The rules would have required financial institutions to collect information on transactions.
Source excerpt · PYMNTS
Federal regulators have withdrawn plans that would have expanded reporting requirements around cryptocurrency transactions. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and Federal Reserve Board of Governors announced Friday (Nov. 6) that they were rescinding the proposed “Travel Rule,” and “Recordkeeping Rule,” which would have required financial institutions to collect…