STREAMLINE Act Targets Outdated Financial Reporting Laws

Written by Aaron S.,

Editor-In-Chief

Last Updated: October 23, 2025

Key Takeaways

A new Senate bill seeks to raise outdated Bank Secrecy Act reporting limits that have ot changed in over 50 years;
The STREAMLINE Act would require reports only for cash transactions over $30,000, up from the current $10,000 threshold;
The proposed updates aim to reduce paperwork while maintaining safeguards against financial crimes, including for crypto firms.

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A bipartisan group of US lawmakers, led by Senator Tim Scott of South Carolina, has introduced a bill to update parts of the Bank Secrecy Act (BSA).

The BSA requires banks, credit unions, and other financial companies to report certain transactions to help law enforcement spot illegal activity such as money laundering or funding of terrorism.

However, the dollar limits that trigger reporting have not changed in over 50 years, despite inflation and changes in the economy.

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The new proposal, called the STREAMLINE Act, would raise those reporting limits. For example, cash transactions would only need to be reported when they reach $30,000, rather than the current $10,000.

Under current rules, financial institutions must report any cash deposit or withdrawal over $10,000 and flag smaller transactions if there is any sign of suspicious behavior. These rules have created a large amount of paperwork, often for routine transactions.

Supporters of the bill argue that the limits are outdated. Senator Pete Ricketts, who backs the legislation, said the current standards no longer reflect the value of today’s dollar and need to be revised. He also mentioned that the changes would ease reporting requirements for financial institutions.

Additionally, cryptocurrency platforms based in the US, including Coinbase $2.06B and Kraken $526.58M , are also required to follow the law. If the bill passes, they too would see changes to how they report transactions.

Brad Garlinghouse, CEO of Ripple, recently spoke about the need for equal treatment between traditional banks and crypto companies. What did he say? Read the full story.