US Treasury and Fed Abandon Plan to Track Smaller Bitcoin, Crypto Transfers

The U.S. Treasury Department and the Federal Reserve are withdrawing a proposal to expand information collection for international crypto transfers as small as $250. The decision preserves the existing $3,000 threshold as officials reassess rules proposed in 2020. The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board filed a joint withdrawal notice on Nov. 6, abandoning plans to lower certain international transfer thresholds from $3,000 to $250. The withdrawal is scheduled to take effect upon publication Nov. 9. Referring to the notice of proposed rulemaking (NPRM), a formal proposal inviting public comment, the agencies stated: Under the proposed international transfer requirements , covered banks and nonbank financial institutions would have collected and retained information on smaller payments beginning or ending outside the United States.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Bitcoin.com News.