The Financial Crimes Enforcement Network and the Federal Reserve have abandoned a 2020 proposal that would have lowered the Bank Secrecy Act recordkeeping and Travel Rule threshold for qualifying international transfers from $3,000 to $250. The withdrawal takes effect on Nov. 9, leaving the existing threshold in place for banks and other covered financial institutions, including cryptocurrency businesses subject to FinCEN money-transmission rules. The agencies cited the time elapsed since the proposal and changes in the digital-asset industry and regulatory environment. The proposal received nearly 3,000 comments, with opponents raising privacy, compliance-cost and expanded-data-collection concerns. FinCEN and the Federal Reserve left open the possibility of pursuing separate rules after further public consultation.