FinCEN and Federal Reserve Withdraw $250 Cross-Border Crypto Transfer Proposal After Nearly 3,000 Comments

The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board withdrew a proposal to lower the information-collection threshold for certain cross-border crypto transfers from $3,000 to $250. According to Odaily, the agencies received nearly 3,000 comments, most opposing the lower threshold over concerns about compliance costs for smaller institutions and privacy risks from retaining more personal information. The joint withdrawal notice was submitted on November 6 and is set to take effect on November 9. The agencies said they would seek public comment again before issuing a final rule if they pursue similar changes in the future. The agencies also cited developments in the crypto industry and changes to the legal framework, 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 issuers.