The Treasury Department has withdrawn a proposal to expand reporting requirements for cryptocurrency transactions by lowering the information-collection threshold from $3,000 to $250. The Financial Crimes Enforcement Network and the Federal Reserve Board of Governors withdrew the 2020 proposal on Friday. FinCEN cited the passage of more than five years, changes in the convertible virtual currency industry and the value of further public input. Coin Center welcomed the withdrawal, while Crypto Council for Innovation CEO Ji Hun Kim said the lower threshold would have imposed an undue burden on institutions handling cross-border transfers.