Two-Year Ban on Financial Institutions Handling Crypto Mixer Funds.
This Act imposes a two-year moratorium preventing banks and other financial institutions from handling funds that have been routed through digital asset mixers (tools designed to enhance transaction anonymity). The goal is to curb money laundering and illicit financing. Citizens using these tools for privacy may face difficulties transferring such funds into the traditional financial system during this period.
Key points
Financial institutions are prohibited from handling funds routed through digital asset mixers for a 2-year period, starting 6 months after enactment, facing potential civil penalties up to $100,000 per violation.
The Treasury Department must conduct a comprehensive study on digital asset mixers, privacy coins, and other anonymity-enhancing technologies, focusing on their use in illicit finance.
The study will also analyze legitimate uses of these technologies, such as payments to journalists in authoritarian regimes, and recommend future regulatory actions.
Status:
Expired
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