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Major crypto exchanges' reaction to Blockchain Integrity Act 3 months post-passage
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Resolution / Starting Odds
Compliance • 25%
Non-compliance • 25%
Legal challenge • 25%
Operational adjustments • 25%
Official statements or regulatory filings by the exchanges
Story
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.
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Compliance • 25%
Non-compliance • 25%
Legal Challenge • 25%
Service Modification • 25%
Other major exchanges face similar SEC actions • 33%
Limited actions on other exchanges • 33%
No action on other exchanges • 34%
Increased scrutiny • 33%
No change • 33%
Decreased scrutiny • 34%
Support Passage • 25%
Oppose Passage • 25%
Neutral • 25%
No Public Reaction • 25%
Overall market increase • 25%
Overall market stability • 25%
Overall market decrease • 25%
No significant market reaction • 25%
Increased regulation • 33%
No change in regulation • 33%
Decreased regulation • 34%
Coinbase appeals the decision • 25%
Coinbase adjusts business practices • 25%
Coinbase seeks further legal action • 25%
Coinbase complies without contest • 25%
Positive • 50%
Negative • 50%
Expand operations in the US • 33%
Restrict operations in the US • 33%
No significant change • 34%
Strongly positive • 25%
Mildly positive • 25%
Neutral • 25%
Negative • 25%
Significant increase in cryptocurrency market cap • 33%
Significant decrease in cryptocurrency market cap • 33%
No significant change in market cap • 34%
Increase USDC holdings • 25%
Maintain current stablecoin proportions • 25%
Increase non-USDC stablecoin holdings • 25%
No significant changes • 25%