US Treasury, Fed withdraw $250 crypto Travel Rule proposal. What does it mean?
Photo: crypto.news
The US Treasury Department's Financial Crimes Enforcement Network and the Federal Reserve have withdrawn a proposal to lower the reporting and recordkeeping threshold for cross-border transfers from $3,000 to $250, leaving existing requirements unchanged. FinCEN and the Federal Reserve have withdrawn their 2020 proposal to lower the reporting threshold for international transfers from $3,000 to $250, with the withdrawal taking effect on Nov. 9. The agencies cited changes in the digital asset industry and regulatory environment since 2020, while leaving open the possibility of introducing separate rules after further public consultation.
Also reported by The Defiant.
Source: crypto.news
