Bitcoin Magazine reports that FinCEN and the Board of Governors of the Federal Reserve System have withdrawn a 2020 proposed rule. It would have lowered the threshold for cross-border transfers from $3,000 to $250 and explicitly included cryptocurrencies in the wording of the Travel Rule.
The current rules are unchanged: the threshold remains $3,000. Regulators said they withdrew the proposal to gather additional feedback and account for changes in the crypto industry.
The proposal drew nearly 3,000 responses. Crypto companies and industry groups objected to the proposed wording, while some banks and money transfer operators supported it.