FinCEN and Fed Withdraw Plan to Lower Cross-Border Crypto Reporting Threshold

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FinCEN and the Federal Reserve have withdrawn their proposed rule to lower the Bank Secrecy Act reporting threshold for cross-border cryptocurrency transactions from $3,000 to $250. The current threshold remains unchanged. The agencies cited the need for additional public feedback before making similar CFT-related adjustments. A new notice will be published in the Federal Register on November 9. This decision may indirectly affect liquidity and cryptocurrency markets by maintaining the existing regulatory oversight framework.

Odaily Planet Daily reports that Bitcoin News posted on X that FinCEN and the Federal Reserve will withdraw a proposal introduced in 2020. The proposal aimed to lower the recordkeeping and travel rule thresholds under the Bank Secrecy Act from $3,000 to $250 for fund transfers originating or terminating outside the United States, and explicitly extend these rules to convertible virtual currencies. The current $3,000 threshold will remain in effect for now. The agencies stated that more than five years have passed since the proposal was introduced, and they wish to seek public comment again before proceeding with similar adjustments; a related Federal Register notice is planned for publication on November 9. Regulated entities must still collect and transmit information about senders and recipients of transfers that meet or exceed the $3,000 threshold.

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