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Rep. Casten Proposes U.S. Bill for Two-Year Crypto Mixer Ban, $100K Fines

May 8, 2024, 08:00 PM

U.S. lawmakers are intensifying their scrutiny of cryptocurrency mixing services with new legislative proposals. Congressman Sean Casten (D-IL) has introduced the 'Blockchain Integrity Act', which seeks to impose a two-year moratorium on financial institutions transacting with funds that have passed through digital asset mixers. This bill, supported by Democrats on the House Financial Services Committee and set to be introduced this week, aims to address concerns that these services facilitate money laundering and other illicit activities. The legislation also mandates the Treasury to conduct a comprehensive study on the use of mixers and privacy coins. Additionally, the bill proposes fines up to $100,000 for violations related to crypto mixers.