Bitcoin Magazine U.S. Regulators Drop $250 Travel Rule Plan, Crypto Language Too
FinCEN and the Federal Reserve have formally withdrawn a 2020 proposal that would have cut the Bank Secrecy Act threshold for cross-border funds transfers from $3,000 to $250 and spelled out that the rules cover crypto, leaving the existing $3,000 line in place.
The notice, published Monday in the Federal Register, says the Financial Crimes Enforcement Network and the Fed’s Board of Governors “will not take further action” on a proposal they first issued on Oct. 27, 2020.
That plan would have lowered the recordkeeping and Travel Rule thresholds to $250 for transfers that begin or end outside the United States. Those rules require banks and nonbank financial institutions to collect, retain and pass along customer information on transfers of $3,000 or more.
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