Coin Center challenges FinCEN rules on crypto mixing
Coin Center criticizes the Financial Crimes Enforcement Network (FinCEN) over the “broad” cryptocurrency mixing rule. Coin Center, a leading nonprofit research and advocacy organization in the crypto currency sector, has voiced significant concerns over FinCEN’s recent proposal to categorize certain crypto currency transactions as primary money laundering concerns (PMLC). The proposed rule, which focuses on virtual currency mixing , has been criticized by Coin Center as being unprecedented, overly broad, and potentially unconstitutional. The proposed rule marks the first time in 23 years since the creation of the 311 power by Congress that FinCEN has targeted an entire class of transactions as a PMLC. According to Coin Center, this lack of precedent leaves a gap in legal guidance for reporting entities and individuals whose transactions may inadvertently fall under the PMLC designation, leading to serious economic and reputational consequences. Coin Center has expr...