FinCEN, Fed Withdraw Proposal That Would Have Written Crypto Into Travel Rule Definitions
By Unchained
AI summary of the source article
FinCEN and the Federal Reserve have withdrawn a 2020 proposal that would have lowered the Travel Rule threshold to $250 for international transfers and explicitly included crypto. The existing $3,000 threshold remains in effect.
Why it matters
The agencies stated the withdrawal is meant “to provide certainty to the public that no final rule will be issued without an additional opportunity for public comment.”
Key facts
- FinCEN and the Federal Reserve withdrew their October 2020 joint notice of proposed rulemaking.
- The 2020 proposal would have lowered the reporting threshold from $3,000 to $250 for cross-border transfers and explicitly covered convertible virtual currencies.
- The withdrawal leaves the current $3,000 threshold in place for both the Recordkeeping Rule and the Travel Rule.
Source excerpt · Unchained
The regulators say any future attempt to lower the cross-border recordkeeping threshold to $250 or spell out crypto coverage will first go back out for public comment. The post FinCEN, Fed Withdraw Proposal That Would Have Written Crypto Into Travel Rule Definitions appeared first on Unchained .