[US Treasury and Federal Reserve Withdraw Proposal to Lower Information Threshold for Cross-Border Transfers] The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve have withdrawn their 2020 proposal to lower the information recording and transmission threshold for cross-border transfers from $3,000 to $250. The withdrawal will take effect on November 9. The current rules have not been repealed, and the $3,000 threshold for applicable transfers remains. Under existing FinCEN guidance, eligible convertible virtual currency transactions may also be subject to the rule. The two agencies will not proceed with the original proposal but may propose revisions to reflect industry changes in the future.