US Treasury: No Intent to Ban Cryptocurrency Mixers, Aims to Boost Transparency
2024-05-29 23:01:07
At the Consensus conference, Brian Nelson, the US Treasury's undersecretary for terrorism and financial intelligence, said that the Treasury has no intention of banning cryptocurrency mixing services. Nelson explained that the Financial Crimes Enforcement Network (FinCEN) 2023 proposal aims to list mixers as a "major money laundering concern" and require virtual asset service providers (VASPs) to report crypto transactions involving mixing in order to promote transparency, not ban mixers. While there are concerns in the industry that this proposal will result in a blanket ban on cryptocurrency mixing services, Nelson clarified that this is only to prevent money laundering and the financing of terrorism. The Treasury wants to work with industry to develop tools that enhance privacy without supporting illegal activities.
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