Regulation & supervision
FinCEN and Fed withdraw 2020 Travel Rule threshold and crypto proposal
USSource: Financial Crimes Enforcement Network
- FinCEN and the Federal Reserve Board are withdrawing their joint notice of proposed rulemaking published on October 27, 2020, which would have lowered the Bank Secrecy Act Recordkeeping and Travel Rule threshold from $3,000 to $250 for funds transfers that begin or end outside the United States.
- The proposal would also have clarified that the rules apply to domestic and cross-border transactions involving convertible virtual currency (CVC) and digital assets with legal tender status, and the agencies say they will not take further action on it.
- FinCEN announced the withdrawal on November 06, 2026; the notice is scheduled for publication in the Federal Register on 2026-11-09.
Why it matters
US banks keep the existing $3,000 threshold for collecting, retaining and transmitting cross-border funds-transfer information, and the proposed explicit extension of these rules to convertible virtual currency will not proceed under this rulemaking.
Read the original: Financial Crimes Enforcement Network ↗
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More detail
Who is affected
Banks and nonbank financial institutions subject to the Bank Secrecy Act Recordkeeping Rule and Travel Rule, including those handling transactions in convertible virtual currency.
Key dates
- Joint FinCEN–Federal Reserve NPRM published (85 FR 68005)
- FinCEN announces the withdrawal
- Withdrawal notice scheduled for publication in the Federal Register (FR Doc. 2026-22809)
Key facts
- Event
- Proposed rule withdrawn
- Jurisdiction
- US
- Source
- Financial Crimes Enforcement Network (FinCEN) and Federal Reserve Board
- Source tier
- Tier 1 · Regulator / central bank
In the database
How we verified this
The source says
“The NPRM would have reduced this threshold from $3,000 to $250 for funds transfers and transmittals of funds that begin or end outside the United States.”
“The Agencies will not take further action on this NPRM.”
Verbatim from Financial Crimes Enforcement Network (FinCEN) and Federal Reserve Board, matched word for word against the live page on 7 November 2026.
Sources
- PrimaryFinancial Crimes Enforcement Network (FinCEN) and Federal Reserve Board ↗2026-11-06T1Regulator
- PrimaryFinCEN: FinCEN Announces Withdrawal of Proposed Rule Related to Recordkeeping and Travel Rule Obligations ↗
This proposal is being jointly withdrawn with the Federal Reserve Board of Governors.
Evidence
- Confidence
- High Primary source (regulator / official record); quote string-matched against the live page.
- Quote verified
- 2026-11-07 16:56 UTC
- Archived snapshot
- SHA-256
efaa3a37b8ba6818…· fetched 2026-11-07 · Wayback Machine copy ↗ - Source type
- Primary Financial Crimes Enforcement Network (FinCEN) and Federal Reserve Board ↗
Change log (1)
- 2026-11-07 Published
AI-assisted: the summary and analysis were drafted with AI from the primary source and checked by the editors. AI-drafted from the primary source; quote string-matched against the live source page.
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