🐕 Wild Dog Crypto · Evening Briefing (November 7)
Honestly, the U.S. Treasury backed down.
FinCEN and the Federal Reserve jointly withdrew their 2020 Travel Rule proposal—which would have lowered the recordkeeping threshold for cross-border transfers from $3,000 to $250 and explicitly applied it to cryptocurrency. Sending your cousin $300 in crypto? Your name would have had to go on file, too. That’s not how you catch bad guys; it’s like opening everyone’s mail.
The withdrawal was filed on November 6 and takes effect when published on November 9. The $3,000 threshold stays put, and nothing changes for users today—that’s the key point.
Why withdraw it now? Nearly 3,000 public comments, most of them opposed. And the industry is no longer what it was in 2020: the GENIUS stablecoin bill has passed, and the rules have changed. Coin Center says this “closes the books” on that batch of 2020 surveillance proposals—the proposal targeting unhosted wallets and mixers was already withdrawn last month.
But don’t pop the champagne just yet. That same week, the Treasury cut MEXC off from the U.S. financial system, citing $16 billion in illicit transactions. The leash got longer; it wasn’t taken off. A wink for the little fish, a heavy blow for the big fish.
Sources: The Block, Bitcoin.com, Federal Register FR Doc. 2026-22809, November 6. Facts only—no predictions, no calls to trade. 🐕
Honestly, the U.S. Treasury backed down.
FinCEN and the Federal Reserve jointly withdrew their 2020 Travel Rule proposal—which would have lowered the recordkeeping threshold for cross-border transfers from $3,000 to $250 and explicitly applied it to cryptocurrency. Sending your cousin $300 in crypto? Your name would have had to go on file, too. That’s not how you catch bad guys; it’s like opening everyone’s mail.
The withdrawal was filed on November 6 and takes effect when published on November 9. The $3,000 threshold stays put, and nothing changes for users today—that’s the key point.
Why withdraw it now? Nearly 3,000 public comments, most of them opposed. And the industry is no longer what it was in 2020: the GENIUS stablecoin bill has passed, and the rules have changed. Coin Center says this “closes the books” on that batch of 2020 surveillance proposals—the proposal targeting unhosted wallets and mixers was already withdrawn last month.
But don’t pop the champagne just yet. That same week, the Treasury cut MEXC off from the U.S. financial system, citing $16 billion in illicit transactions. The leash got longer; it wasn’t taken off. A wink for the little fish, a heavy blow for the big fish.
Sources: The Block, Bitcoin.com, Federal Register FR Doc. 2026-22809, November 6. Facts only—no predictions, no calls to trade. 🐕