Democratic representatives have introduced the US Blockchain Integrity Act to tighten regulations in the cryptocurrency sphere. The act aims to crack down on cryptocurrency mixers, often utilized for illicit financial activities. Led by Sean Casten and supported by fellow Democrats, the proposed bill seeks to enact a two-year ban on cryptocurrency mixers.
US Lawmakers Look to Ban Crypto Mixers
A crypto mixer serves as a pool, enabling users to generate new addresses and withdraw funds without disclosing the connection between the depositor and withdrawal addresses. This opacity poses a significant challenge for law enforcement agencies, hindering efforts to track fund origins and destinations and creating an avenue for unlawful activities.
Cryptocurrency has been used to finance terrorist attacks around the world, made possible by digital asset mixers.
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