US agencies withdraw a proposed change to crypto transfer reporting

FinCEN and the Federal Reserve are withdrawing a proposal that would have changed Recordkeeping and Travel Rule obligations for convertible virtual currencies and lowered the threshold for certain cross-border transfers.

FinCEN announced the joint withdrawal on 6 November. The affected proposal dealt both with the treatment of digital assets under transfer-information rules and with transfers beginning or ending outside the United States.

A withdrawal ends that proposal’s route to becoming a final rule. It does not, by itself, repeal existing anti-money-laundering requirements or establish that crypto transfers no longer require customer information.

This is separate from the MEXC order announced the same day: one action concerns a general proposed rule, while the other targets transfers involving a particular exchange. Treating both as a single easing or tightening of crypto policy would miss that distinction.