Several organizations, including LeXpunK_Army and BlockchainAssn, have submitted comments to FinCEN regarding the proposed rulemaking on crypto mixing. The rule aims to define mixing as a Primary Money Laundering Concern (PMLC) under PATRIOT Act authority. The comments express concerns about the broad definition of mixing, the regulatory presumption of on-chain transactions as criminal, and the significant impact of FinCEN's use of § 311 authority. Coinbase also voiced support for effective regulations but opposed bulk data collection and reporting for all transactions involving crypto mixing, even without suspicion of illegal activity.
We filed comments today on @USTreasury’s proposed rule on crypto mixing. @coinbase supports effective regulations, but not bulk data collection and reporting requirements for all transactions involving any crypto mixing–even with no indication of suspicious activity. 1/6
1/ Today, @BlockchainAssn submitted a letter in response to @FinCENnews's NPRM re: mixers. The Proposal is FinCEN’s 1st ever use of § 311 authority to designate a class of transactions as a primary money laundering concern. This is a big deal. 🧵 https://t.co/ZQtgehe8tt
Proud of @LeXpunK_Army's efforts here explaining why it is unhinged to create a regulatory presumption that all on-chain transactions are done in furtherance of crime as a means to purportedly fight money laundering. https://t.co/A0GdYby9Pk
Very proud of the @LeXpunK_Army team and, in particular, @SH_Brennan's herculean efforts, to put together and submit a 🔥comment letter on FinCEN’s proposed rulemaking that purportedly addresses "mixers" but which, in reality, covers nearly every on-chain transaction. 💪 https://t.co/O5k6e1mLJJ
Today we filed our comment in FinCEN's rulemaking to define crypto mixing as a Primary Money Laundering Concern (PMLC) under PATRIOT Act authority. Why FinCEN's PMLC designation matters to you: FinCEN's definition of mixing is, by their own account, very broad. Lots of ordinary… https://t.co/lhwOO1KbPe