U.S. Regulators Drop $250 Travel Rule Plan, Crypto Language Too
By Micah Zimmerman
AI summary of the source article
FinCEN and the Federal Reserve have formally withdrawn a 2020 proposal to lower the cross-border Travel Rule threshold from $3,000 to $250. The withdrawal leaves the existing $3,000 threshold in place and drops proposed crypto-specific language.
Why it matters
The agencies stated the withdrawal gives the public "certainty" that no final rule will be issued without another chance to comment, and noted that any future changes should be considered in light of maturing crypto markets and new legal frameworks so they are "fit for purpose."
Key facts
- FinCEN and the Federal Reserve formally withdrew a proposal to lower the Bank Secrecy Act and Travel Rule threshold to $250 for cross-border transfers.
- The existing $3,000 recordkeeping and Travel Rule threshold remains in place.
- The withdrawn proposal would have clarified the definition of money to include convertible virtual currencies and digital assets with legal tender status.
Source excerpt · Bitcoin Magazine
Bitcoin Magazine U.S. Regulators Drop $250 Travel Rule Plan, Crypto Language Too FinCEN and the Federal Reserve formally withdrew a 2020 proposal that would have cut the cross-border funds-transfer threshold from $3,000 to $250 and spelled out that the rules cover crypto, saying any future version needs a fresh comment period. This post U.S. Regulators Drop $250 Travel Rule Plan, Crypto Language T…