On November 6, 2026, FinCEN announced that it is withdrawing a notice of proposed rulemaking that would have amended the Recordkeeping and Travel Rule regarding convertible virtual currencies. The proposal is being jointly withdrawn with the Federal Reserve Board of Governors.
Issued in October 2020, the proposal would have modified the threshold in the Agencies' rules implementing the BSA requiring financial institutions to collect and retain information on certain funds transfers and transmittals of funds. It also would have lowered the threshold for funds transfers and transmittals of funds that begin or end outside the United States.
The Agencies have reconsidered the proposal in light of the public comments received and have determined to withdraw the joint NPRM for two primary reasons:
The Agencies are withdrawing the proposal to allow additional public comment before considering similar amendments to the Recordkeeping Rule or Travel Rule, ensuring no final rule is issued without further public input.
The Agencies noted significant developments in the CVC industry, including more mature markets and emerging legal frameworks, that should be considered when evaluating any future amendments to ensure they remain appropriate and effective.
Read FinCEN’s press release here.