FinCEN Withdraws Proposed Crypto Travel Rule Expansion in Separate November Move
Summary
FinCEN and the Federal Reserve withdrew a proposed expansion of recordkeeping and Travel Rule requirements covering some virtual-currency transfers and lowering the threshold for certain cross-border transfers. The withdrawal stops this proposal from proceeding in its current form; it does not repeal existing anti-money-laundering or transfer-information obligations. The agencies may pursue a different rulemaking or issue further guidance, but no replacement timetable was provided. Crypto firms should maintain existing controls while reviewing which planned changes depended on the withdrawn proposal.
