✓ Official source BTC
FinCEN and the Fed withdraw the proposed $250 cross-border Travel Rule threshold
Summary
The U.S. Treasury's Financial Crimes Enforcement Network and the Federal Reserve Board are withdrawing a 2020 proposal that would have lowered certain cross-border funds-transfer recordkeeping and Travel Rule thresholds from $3,000 to $250, according to a Federal Register public-inspection notice scheduled for publication Nov. 9 and coverage by The Block and Bitcoin.com News.
Bitcoin.com News said the agencies stated they "will not take further action on this NPRM," preserving the existing $3,000 threshold; The Block said FinCEN cited the proposal's age (more than five years), changes in the convertible virtual currency industry and a need for fresh public input before any future amendments.
Bitcoin.com News said the withdrawn package would have expanded collection on smaller international transfers and explicitly covered convertible virtual currency and legal-tender digital assets, drawing nearly 3,000 comments that mostly opposed the lower threshold on cost and privacy grounds; The Block noted Coin Center and the Crypto Council for Innovation welcomed the withdrawal alongside last month's pullbacks of unhosted-wallet and crypto-mixing proposals.
The agencies said any comparable future amendments would require another public comment opportunity; existing Travel Rule and Bank Secrecy Act duties at the $3,000 level remain in force.
Updates
- Update, : Update (Nov. 9): Bitcoin Magazine also reported the withdrawal, noting the 2020 proposal would have cut the threshold from $3,000 to $250 and spelled out that the rules cover crypto, and that any future version would need a fresh comment period.
Key facts
- Federal Register public inspection: FinCEN "Threshold for the Requirement to Collect, Retain, and Transmit Information…; Withdrawal" scheduled to publish Nov. 9, 2026.
- The Block / Bitcoin.com News: FinCEN and Fed withdraw 2020 proposal to cut cross-border Travel Rule / recordkeeping threshold from $3,000 to $250; existing $3,000 threshold stays.
- Bitcoin.com News: Agencies say they will not take further action on the NPRM; withdrawal effective on Nov. 9 publication; nearly 3,000 comments mostly opposed lower threshold.
- The Block: FinCEN cited proposal age, CVC industry change and need for new public input; Coin Center and Crypto Council for Innovation welcomed the withdrawal.
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