The U.S. Treasury Department withdrew a proposal that would have lowered the information-collection threshold from $3,000 to $250, expanding reporting requirements for cryptocurrency transactions. The Financial Crimes Enforcement Network and the Federal Reserve Board withdrew the 2020 proposal on Friday. FinCEN said that more than five years had passed and the convertible virtual currency industry had changed, making it worthwhile to seek further public comment. Coin Center welcomed the withdrawal, while Jihoon Kim, CEO of the Crypto Council for Innovation, said the lower threshold would place an undue burden on institutions handling cross-border transfers.