U.S. lawmakers are intensifying their scrutiny of cryptocurrency mixing services with new legislative proposals. Congressman Sean Casten (D-IL) has introduced the 'Blockchain Integrity Act', which seeks to impose a two-year moratorium on financial institutions transacting with funds that have passed through digital asset mixers. This bill, supported by Democrats on the House Financial Services Committee and set to be introduced this week, aims to address concerns that these services facilitate money laundering and other illicit activities. The legislation also mandates the Treasury to conduct a comprehensive study on the use of mixers and privacy coins. Additionally, the bill proposes fines up to $100,000 for violations related to crypto mixers.
This bill preventing financial inst. (like CEXs and payment cos) from accepting funds that have gone thru a mixer for 2 yrs is practically unworkable. Random devs can deploy mixers way faster than anyone can tag a contract as a “mixer.” Impossible for FIs to know. https://t.co/HYLDXVPliX
NEW: 🇺🇸 Congressman Sean Casten introduces bill to place a 2-year moratorium on financial institutions transacting with #Bitcoin and crypto used in mixers. https://t.co/2SGIhgelpT
Rep. Stephen Lynch on SAB 121 today: "#Crypto primary use cases continue to be money laundering, tax avoidance, ransomware, payments, and terrorist finance. Regrettably, crypto has become...a textbook case of an elegant idea that is continuously savaged by an ugly gang of facts."
US bill suggests banning #crypto mixers for 2 years, imposing up to $100,000 fines for involvement. https://t.co/tmADZ9xQrB
JUST IN: 🇺🇸 Congressman Sean Casten introduces the "Blockchain Integrity Act" to "temporarily prohibit financial institutions from transacting with funds that have gone through digital asset mixers" while the SEC and DOJ "conduct a study on their illicit uses." https://t.co/a2jIB6aNCJ
SCOOP: Congressmen Introduce "Blockchain Integrity Act", Propose Two Year Mixer Ban https://t.co/0gRp0f6s9c
Here’s Rep. Sean Casten’s (D-IL) new bill that would: • Place a 2-year moratorium on financial institutions transacting with funds that have gone through a digital asset mixer • Direct Treasury to study and report on the use of mixers, privacy coins, and other…
Cryptocurrency has been used to finance terrorist attacks around the world, made possible by digital asset mixers. I’m introducing legislation to temporarily prohibit crypto mixers while we study this technology & how it is used for illicit purposes. https://t.co/8JrLmipe6J
House Republicans Move To Crush SEC's Anti-Crypto Banking Policy ► https://t.co/nSJzq5dYPS https://t.co/nSJzq5dYPS
Crypto mixing services may be further under the gun this week when Democrats on the House Financial Services Committee introduce a bill they say will target money laundering in the controversial privacy services. @jesseahamilton 🐺Follow @CoinDesk https://t.co/xKKfJOEjVP
Crypto mixing services may be further under the gun this week when Democrats on the House Financial Services Committee introduce a bill they say will target money laundering in the controversial privacy services. @jesseahamilton reports https://t.co/2oqhvSbCjE
NEW: 🇺🇸 Congressman Brad Sherman asks former SEC official John Reed Stark, "other than mixing up law enforcement, is there any legitimate use for a [crypto] mixer?" Stark's response was, "No." 😮 https://t.co/0uLtCw43aB