Washington just quietly closed the book on one of crypto's oldest surveillance fights — I think most people missed it.
On Friday, the Treasury's FinCEN and the Federal Reserve withdrew their 2020 proposal to cut the "travel rule" threshold for international transfers from $3,000 to $250. It would have forced banks and money transmitters to collect and share sender details on far smaller payments, including convertible virtual currency. The agencies said five years had passed and the industry had changed. It follows last month's withdrawal of the unhosted-wallet and mixer proposals.
That's three such proposals shelved in about a month, and the $3,000 threshold stays. But don't read this as a free pass — the agencies left the door open to a revised proposal, and current reporting duties stand. $BTC sat flat near $75,860.
Lighter-touch era, or just Washington clearing stale paperwork before writing new rules? DYOR.
#Bitcoin #Regulation #TravelRule #CryptoMarkets
On Friday, the Treasury's FinCEN and the Federal Reserve withdrew their 2020 proposal to cut the "travel rule" threshold for international transfers from $3,000 to $250. It would have forced banks and money transmitters to collect and share sender details on far smaller payments, including convertible virtual currency. The agencies said five years had passed and the industry had changed. It follows last month's withdrawal of the unhosted-wallet and mixer proposals.
That's three such proposals shelved in about a month, and the $3,000 threshold stays. But don't read this as a free pass — the agencies left the door open to a revised proposal, and current reporting duties stand. $BTC sat flat near $75,860.
Lighter-touch era, or just Washington clearing stale paperwork before writing new rules? DYOR.
#Bitcoin #Regulation #TravelRule #CryptoMarkets