FinCEN Withdraws 2020 'Travel Rule' Proposal, Citing Significant Changes in the CVC Industry

the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has withdrawn a "Travel Rule"-related proposal originally introduced in 2020. The proposal had originally been intended to require financial institutions and crypto companies to collect identifying information on individuals involved in certain transfers. FinCEN said on Friday that the relevant agencies believe the convertible virtual currency (CVC) industry has undergone significant changes since the proposal was published.