US drops plan to cut the Travel Rule threshold to $250

What is being withdrawn. The Recordkeeping Rule and the Travel Rule require banks and nonbank financial institutions to collect, keep and pass along data on transfers of $3,000 or more. In October 2020 FinCEN and the Fed proposed cutting that threshold to $250 for transfers that begin or end outside the US. The proposal also clarified that money in these rules includes convertible virtual currency, meaning crypto.

Why. The proposal drew nearly 3,000 comments, most of them against the lower threshold. The agencies give two main reasons for withdrawing it. More than five years have passed, so new public feedback is needed before any similar change. And the crypto industry has changed a lot: in July 2025 the US passed the GENIUS Act on stablecoins, and future rules need to reflect developments like that.

What stays. The $3,000 threshold remains, including for qualifying crypto transfers under FinCEN's existing guidance, The Defiant reports. The agencies say they will take no further action on this proposal.

已确认的事实

• FinCEN and the Federal Reserve Board are withdrawing the joint proposed rule published on October 27, 2020.^[1][2]
• The proposal would have cut the recordkeeping threshold for transfers that begin or end outside the US from $3,000 to $250.^[1][3]
• The proposal also would have clarified that the rules apply to convertible virtual currency transactions.^[1][2]
• The withdrawal is scheduled for Federal Register publication on November 9, 2026.^[1]
• The proposal received nearly 3,000 comments.^[1]
• The agencies cite the five years since the proposal and major changes in the crypto industry.^[1]
• The $3,000 threshold remains in place.^[1][3]

影响

• 已确认Cross-border transfers, including qualifying crypto transfers, keep the existing $3,000 threshold.
• 已确认Any future cut to the threshold will go through a new public comment round.
• 我们的解读US crypto exchanges and payment firms will not need to rebuild systems for a $250 threshold. This is our inference.

仍未知

• Whether FinCEN is preparing a new proposal on crypto transfers
• When it might appear and what it would say

影响到谁

United States, Global. People who send money or crypto abroad through US services

来源

1. FinCEN and Federal Reserve Board (Federal Register): Threshold for the Requirement to Collect, Retain, and Transmit Information on Funds Transfers ...; Withdrawal 2026年11月6日 · 官方
2. FinCEN: FinCEN Announces Withdrawal of Proposed Rule Related to Recordkeeping and Travel Rule Obligations 2026年11月6日 · 官方
3. The Defiant: Treasury and Fed Withdraw Plan for $250 Cross-Border Travel Rule Threshold 2026年11月6日 · 媒体