Treasury’s GENIUS Act Report Backs Mixers, But Wants a New ‘Hold Law’ For Crypto
Treasury sent Congress its GENIUS‑Act‑mandated report on “innovative tools” to fight crypto‑enabled illicit finance. A Crypto’s “Hold Law” And A Privacy Paradox In a 32-page report submitted to the US Congress this March, the U.S. Treasury Department has endorsed lawful uses of crypto mixers (a service that takes in cryptocurrency from many different users, mixes […]
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US banks may need regulatory clarity more than the crypto industry, a former Commodity Futures Trading Commission (CFTC) chief said, arguing they risk falling behind the rest of the world. Related Reading: Treasury’s GENIUS Act Report Backs Mixers, But Wants a New ‘Hold Law’ For Crypto Regulatory Uncertainty Could Leave US Banks Behind On Sunday, […]
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has escalated its crackdown on crypto mixers, labeling them as critical hubs for illicit financial activities. In a move to intensify oversight of digital currency transactions, the agency unveiled a Notice of Proposed Rule Making (NPRM) over the weekend, singling out crypto transaction mixing as a […]
The US Treasury on Wednesday published a notice of proposed rulemaking (NPRM) that launches the administration’s first formal effort to implement the GENIUS Act, the new federal law governing payment stablecoins that was signed by President Donald Trump last year. The NPRM is the Treasury’s initial regulatory proposal to give effect to the statute’s requirements […]
The American Bankers Association (ABA), along with 52 state bankers associations nationwide, has submitted a letter to the US Department of the Treasury, urging an implementation of the GENIUS Act’s prohibition on interest for payment stablecoins. This letter responds to the Treasury’s advance notice of proposed rulemaking concerning the country’s stablecoin bill and underscores the […]
Blockchain analytics firm Chainalysis highlighted that 10% of all funds coming from illicit addresses are sent to crypto mixers. As on-chain activities slow down during the crypto winter, usage of cryptocurrency mixers has doubled in 2022, with addresses classified as “illicit” being the top contributor. Cryptocurrency mixers, also called “tumblers,” provide anonymity to transactions, making the sender or receiver of the transaction completely unidentified. While this has a valid use case for everyday users, hackers have used it to hide from authorities. In a report by analytics firm....