US FinCEN withdraws 2020 'Travel Rule' related proposal involving collection of identity information for crypto transfers.

November 6 - The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) has withdrawn a 2020 proposed rule related to the "Travel Rule." The proposal originally aimed to require financial institutions and crypto companies to collect identification information of individuals involved in certain transfers. FinCEN stated on Friday that relevant agencies believe the convertible virtual currency (CVC) industry has undergone significant changes since the proposal was issued.