CryptoUnited States

US regulators withdraw $250 travel rule plan and crypto language

US regulators withdrew a 2020 plan to cut a transfer threshold to $250 and cover crypto. Any future version must first face public comment, which one firm's chief warned could push businesses toward Europe.

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FinCEN, the Financial Crimes Enforcement Network, and the Federal Reserve have officially dropped a 2020 proposal. The plan called for cutting the cross-border transfer limit from $3,000 to $250 and stating that the rules apply to crypto.

Officials said that any later move to set the limit at $250, or to define crypto coverage in detail, would first be opened to public feedback. The proposed limit never came into force.

Cross-border transfer threshold in the 2020 proposal

  • Threshold before change$3,000
  • Proposed threshold$250

Figures from the proposal withdrawn by FinCEN and the Federal Reserve.

In a separate matter, a European exchange may still ask for details before releasing a $500 transfer from a customer. As a result, some crypto transfers in Europe still face checks while the American proposal is on hold.

The chief executive of Brickken, a firm that works on tokenization, which means turning assets into digital tokens, said US regulatory delays could push such firms toward Europe and the UAE. For readers, the US rules on crypto transfers remain unsettled for now.

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