FinCEN and Fed Withdraw 2020 Crypto Transfer Rule Proposal

The Financial Crimes Enforcement Network (FinCEN) and Federal Reserve Board withdrew a 2020 proposal to tighten transfer rules, with the decision taking effect Monday, Nov. 9. The agencies did not announce a replacement timeline. The proposal would have lowered the reporting threshold for certain transfers that start or end outside the United States from $3,000 to $250. It also would have clarified that the Recordkeeping and Travel Rules covered domestic and cross-border transfers involving convertible virtual currency and digital assets with legal-tender status for a recipient. FinCEN and the Fed received nearly 3,000 public comments on the proposal, a significant majority of which were substantially similar form letters.

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