U.S. Drops $250 Crypto Transfer Plan, Keeps Travel Rule

FinCEN and the Federal Reserve Board withdrew on November 6 a 2020 proposal that would have reduced the threshold for certain cross-border transfer recordkeeping and Travel Rule duties from $3,000 to $250. The Travel Rule requires financial institutions to pass specified transfer details to the next institution in the payment chain. The withdrawal takes effect when the notice is published in the Federal Register on November 9. Nearly 3,000 comments, most opposing the lower threshold, were received; the agencies said more than five years had passed and they wanted fresh public input, citing crypto market maturation and the GENIUS Act, a federal stablecoin law enacted on July 18, 2025. The $3,000 threshold remains.