FinCEN and the Federal Reserve Receive Nearly 3,000 Comments, Withdraw Proposal to Lower $250 Cross-Border Transfer Threshold

Odaily reports: The U.S. Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board submitted a joint withdrawal notice on November 6, abandoning a proposal that would have lowered the information collection threshold for certain cross-border crypto transfers from $3,000 to $250. The withdrawal notice is set to take effect on November 9.

The two agencies received nearly 3,000 comments in total, with opinions mainly opposing the lowering of the threshold, citing reasons including increased compliance costs for small institutions and privacy risks associated with retaining more personal information. The two agencies stated that if similar revisions to the relevant rules are made in the future, they will again seek public comment before issuing a final rule.

The two agencies also listed developments in the crypto industry and changes in the legal framework as factors considered in withdrawing the proposal, including the payment stablecoin regulatory framework established by the GENIUS Act. The Act took effect on July 18, 2025, establishing federal rules for payment stablecoin issuing companies. (Bitcoin.com News)