FinCEN and Federal Reserve withdraw crypto travel rule proposal, keep $3,000 threshold

The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve announced on November 6, 2026, that they are withdrawing a proposed amendment to the longstanding Recordkeeping and Travel Rules for financial institutions, ending a multi-year review that would have impacted cryptocurrency and cross-border transfers. The agencies had first introduced the proposal in October 2020, suggesting a lower reporting threshold for international transfers and new requirements for digital asset transactions. Specifically, the changes would have required banks and nonbank financial institutions to report international transfers starting at $250, compared to the existing $3,000 limit. The rules also aimed to clarify obligations concerning convertible virtual currencies and certain digital assets with legal-tender status.

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