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US Treasury, Fed withdraw $250 crypto Travel Rule proposal. What does it mean?
The US Treasury Department’s Financial Crimes Enforcement Network and the Federal Reserve have withdrawn a proposal to lower the reporting and recordkeeping threshold for cross-border transfers from $3,000 to $250, leaving existing requirements unchanged.
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Terms in this story
- Travel Rule
- A requirement for crypto service providers to pass sender and recipient details along with transfers, as banks do for wires.