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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."
