🇺🇸 US WITHDRAWS PROPOSAL TO MONITOR CRYPTO TRANSFERS FROM $250
💰 Monitoring threshold remains at $3,000
FinCEN, part of the US Treasury Department, and the Federal Reserve have jointly filed a notice withdrawing a proposal to lower the threshold for collecting information on cross-border transfers from $3,000 to $250. The proposal, introduced in 2020, also sought to explicitly apply the rule to cryptocurrency transactions.
📝 Nearly 3,000 comments opposed the proposal
The two agencies received nearly 3,000 comments, most opposing the lower threshold due to increased compliance costs for smaller organizations and privacy risks from having to retain more personal information. The withdrawal takes effect on November 9, and the agencies confirmed they will take no further action on this proposal.
🌤️ The $3,000 threshold remains in place, and any similar future proposal must also be opened to public comment before a final rule is issued.
$BTC
💰 Monitoring threshold remains at $3,000
FinCEN, part of the US Treasury Department, and the Federal Reserve have jointly filed a notice withdrawing a proposal to lower the threshold for collecting information on cross-border transfers from $3,000 to $250. The proposal, introduced in 2020, also sought to explicitly apply the rule to cryptocurrency transactions.
📝 Nearly 3,000 comments opposed the proposal
The two agencies received nearly 3,000 comments, most opposing the lower threshold due to increased compliance costs for smaller organizations and privacy risks from having to retain more personal information. The withdrawal takes effect on November 9, and the agencies confirmed they will take no further action on this proposal.
🌤️ The $3,000 threshold remains in place, and any similar future proposal must also be opened to public comment before a final rule is issued.
$BTC
