Samourai Wallet, Strike and Others Ask FinCEN to Withdraw Proposed Rules Tied to Crypto Mixing

Samourai Wallet, River, Strike, Swan, and different companies successful the cryptocurrency abstraction person sent a missive to the Financial Crimes Enforcement Network (FinCEN), commenting connected the projected rules implicit mixing transactions introduced successful October. These companies are asking FinCEN to retreat its connection due to the fact that it considers it inadequate for galore reasons, criticizing it for being “overbroad” and including lawful activities nether its scope.

Samourai Wallet Blasts FinCEN Cryptocurrency Mixing Proposed Requirements

A radical of 26 companies linked to the cryptocurrency manufacture person sent a missive to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury, commenting connected the validity of the rules the instauration has proposed to use for cryptocurrency mixing transactions successful October.

The letter, produced by Samourai Wallet and Ten31 and co-signed by River, Strike, Ronindojo, Swan Bitcoin, Primal, GRIID, Zaprite, Peach, Mempool Space, Upstream Data, Stakwork, Vida Global, Voltage, Coinkite, Mutiny Wallet, Standard Bitcoin Company, Satoshi Energy, Cathedra Bitcoin, Anchorwatch, Bitnob, Oshi, Battery Finance, Fold, and Start9 asks FinCEN to retreat the rules projected based connected respective reasons, calling them overbroad and telling these would interfere with valid information practices for blockchain networks.

The co-signers of the missive authorities that the exertion of these rules would “overly load our usage of specified technologies successful ways that would not assistance FinCEN successful achieving its mandate of preventing wealth laundering and different illicit usage of money.”

The missive besides comments that the projected rules classify the practices considered by astir manufacture actors to beryllium lawful arsenic mixing, encumbering the usage of these measures for privacy-related objectives. In this regard, the co-signers state:

Employing these techniques to safeguard invaluable integer assets is arsenic regular and mundane and escaped of illicit intent arsenic utilizing two-factor authentication to unafraid a integer wallet.

Furthermore, it argues that FinCEN does not request to enforce much reporting duties connected companies already reporting flagged oregon suspicious transactions, with this information being disposable connected nationalist blockchains for the institution. “Covered fiscal institutions should not person to go de facto instrumentality enforcement officers to marque investigations easier for FinCEN,” it concludes.

What bash you deliberation astir Samourai Wallet’s instrumentality connected the connection of rulemaking for cryptocurrency mixing transactions? Tell america successful the comments conception below.