FinCEN and the Federal Reserve formally withdrew a 2020 proposal on Monday, November 9, 2026, that would have lowered the Bank Secrecy Act threshold for cross-border funds transfers from $3,000 to $250 and expanded the Travel Rule to explicitly cover cryptocurrency. The notice, published in the Federal Register, states the agencies "will not take further action" on the proposal originally issued on October 27, 2020. The existing $3,000 threshold and current Travel Rule remain in effect. According to the agencies, the withdrawal was prompted by the submission of nearly 3,000 comments opposing the lower threshold, with commenters arguing it would burden smaller institutions and potentially redirect remittances to less regulated channels. Additionally, the crypto industry has continued to mature since 2020, with new legal frameworks like the GENIUS Act stablecoin law enacted in July 2025, prompting the agencies to seek additional feedback before any future similar proposal.
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