US regulators drop $250 travel rule plan that covered crypto

FinCEN and the Federal Reserve formally withdrew a 2020 proposal that would have lowered the cross-border funds-transfer reporting threshold from $3,000 to $250 and explicitly stated the rules cover crypto. The agencies said any future version would need a fresh comment period. Traders read the retreat as a near-term reprieve from tighter crypto reporting requirements, though the door remains open to a revised rule later.