U.S. Treasury and Federal Reserve Withdraw Proposal to Lower Cross-Border Travel Rule Threshold to $250

The U.S. Treasury Department and the Federal Reserve have withdrawn their proposal to lower the threshold for reporting cross-border funds transfers from $3,000 to $250. Following the withdrawal, the $3,000 threshold remains in effect, including for eligible cryptocurrency transfers under current FinCEN guidance. The proposal was jointly issued by FinCEN and the Federal Reserve in 2020 and applied to funds transfers and remittances that originate or terminate outside the United States, while the domestic transaction threshold remains unchanged at $3,000. The proposal also clarified that the relevant rules apply to convertible virtual currency transactions and digital assets with legal tender status, requiring financial institutions to collect, maintain, and transmit specific transaction information as mandated.

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