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Key Takeaways
- FinCEN and Fed Board withdraw $250 threshold plan
- Nearly 3,000 comments, most opposing the cut
- $3,000 U.S. Travel Rule threshold stays
- EU crypto transfer data rules have no minimum
The Financial Crimes Enforcement Network (FinCEN) announced the withdrawal on November 6, acting jointly with the Federal Reserve Board. The notice is scheduled for Federal Register publication on November 9, when the withdrawal takes effect. It is the latest dormant crypto proposal to be shelved, after the earlier withdrawal of wallet and mixer proposals.
What the $250 plan would have changed, and why it stalled
Published on October 27, 2020, the joint proposal targeted two rules. The Recordkeeping Rule, issued by both agencies, makes banks and nonbank financial institutio...
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