Bitcoin on Nostr: Bitcoin Mixing Services Under Fire from U.S. Treasury The U.S. Department of the ...
Bitcoin Mixing Services Under Fire from U.S. Treasury
The U.S. Department of the Treasury and FinCEN have proposed rules that mark bitcoin mixing as a money laundering concern, potentially outlawing the practice and infringing on individual financial privacy. In response, a legal team assembled by attorney Rafael Yakobi of The Crypto Lawyers acted on behalf of Samourai Wallet, outlining grave concerns regarding the potential overreach and impact on legitimate cybersecurity measures and privacy.
- The proposed rules could erroneously label standard security practices as suspicious and conflate them with unlawful activities, potentially violating individuals' rights and hindering their ability to protect their assets.
- The response highlights an inconsistent stance within Treasury departments on how to categorize bitcoin mixing, which may indicate an arbitrary approach to regulation. The legal team argues that existing tools and targeted enforcement against specific bad actors could more effectively address concerns without overburdening legitimate CVC users and businesses.
https://bitcoinmagazine.com/legal/samourai-wallet-response-to-fincen-proposed-rules-for-bitcoin-mixing
The U.S. Department of the Treasury and FinCEN have proposed rules that mark bitcoin mixing as a money laundering concern, potentially outlawing the practice and infringing on individual financial privacy. In response, a legal team assembled by attorney Rafael Yakobi of The Crypto Lawyers acted on behalf of Samourai Wallet, outlining grave concerns regarding the potential overreach and impact on legitimate cybersecurity measures and privacy.
- The proposed rules could erroneously label standard security practices as suspicious and conflate them with unlawful activities, potentially violating individuals' rights and hindering their ability to protect their assets.
- The response highlights an inconsistent stance within Treasury departments on how to categorize bitcoin mixing, which may indicate an arbitrary approach to regulation. The legal team argues that existing tools and targeted enforcement against specific bad actors could more effectively address concerns without overburdening legitimate CVC users and businesses.
https://bitcoinmagazine.com/legal/samourai-wallet-response-to-fincen-proposed-rules-for-bitcoin-mixing