Bitcoin on Nostr: Coin Center Challenges FinCEN's Broad Rulemaking on CVC Mixing Coin Center, a ...
Coin Center Challenges FinCEN's Broad Rulemaking on CVC Mixing
Coin Center, a nonprofit focused on Bitcoin policy issues, has submitted a comment to FinCEN regarding the proposed rule to label certain Bitcoin transactions, specifically CVC mixing, as a money laundering concern. Coin Center argues that this rulemaking, the first of its kind in 23 years since FinCEN was granted 311 powers, is unprecedentedly broad, could wrongfully target legitimate transaction practices meant for privacy, and does not differentiate between domestic and foreign transactions, overstepping statutory authority and potentially constitutional rights.
- The proposed rule fails to consider the potential impact on individuals using CVC mixing for legitimate privacy purposes, and lacks an adequate basis for assuming such impact will be minimal.
- The rulemaking exceeds the PATRIOT Act's limitations by not being confined to foreign transactions, as it should be per statutory language, risking the inclusion of purely domestic activities and imposing undue consequences on innocent Americans.
https://www.coincenter.org/comments-to-the-financial-crimes-enforcement-network-on-proposal-of-special-measure-regarding-convertible-virtual-currency-mixing-as-a-class-of-transactions-of-primary-money-laundering-conce/
Coin Center, a nonprofit focused on Bitcoin policy issues, has submitted a comment to FinCEN regarding the proposed rule to label certain Bitcoin transactions, specifically CVC mixing, as a money laundering concern. Coin Center argues that this rulemaking, the first of its kind in 23 years since FinCEN was granted 311 powers, is unprecedentedly broad, could wrongfully target legitimate transaction practices meant for privacy, and does not differentiate between domestic and foreign transactions, overstepping statutory authority and potentially constitutional rights.
- The proposed rule fails to consider the potential impact on individuals using CVC mixing for legitimate privacy purposes, and lacks an adequate basis for assuming such impact will be minimal.
- The rulemaking exceeds the PATRIOT Act's limitations by not being confined to foreign transactions, as it should be per statutory language, risking the inclusion of purely domestic activities and imposing undue consequences on innocent Americans.
https://www.coincenter.org/comments-to-the-financial-crimes-enforcement-network-on-proposal-of-special-measure-regarding-convertible-virtual-currency-mixing-as-a-class-of-transactions-of-primary-money-laundering-conce/