Samurai Wallet, River, Strike, Swan and other cryptocurrency industry companies sent a letter to the Financial Crimes Enforcement Network (FinCEN), challenging the proposed hybrid trading system introduced last October. Commented on the rules. The companies are asking FinCEN to withdraw the proposal, which they believe is inappropriate for a number of reasons and criticizes that its scope includes lawful activities.
Samurai Wallet Blasts FinCEN Cryptocurrency Mixing Proposal Requirements
A group of 26 companies with ties to the cryptocurrency industry sent a letter to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) questioning the validity of rules the agency proposed in October to apply to mixed cryptocurrency transactions.
This 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, Voltge, Coinkite, Mutiny Wallet, and Standard Bitcoin Company, Satoshi Energy, Cathedra Bitcoin, Anchorwatch, Bitnob, Oshi, Battery Finance, Fold, and Start9 asked FinCEN to withdraw the proposed rules for a number of reasons, arguing that these rules are too broad and that they are not valid security practices for blockchain networks. request that it will interfere with .
The letter’s co-signatories said that enforcing these rules “would unduly burden FinCEN’s use of these technologies in a way that does not help it achieve its mission of preventing money laundering and other illicit uses of funds.”
The letter also notes that the proposed rule classifies practices that most industry actors consider legal as a mix, impeding the use of these measures for privacy-related purposes. Regarding this, the co-signatories say:
Using these technologies to protect valuable digital assets is routine, routine, and has no illegal purpose, just like using two-factor authentication to secure your digital wallet.
FinCEN also argues that there is no need to impose more reporting obligations on companies that already report flagged or suspicious transactions, and that this data can be made available on the agency’s public blockchain. “Covered financial institutions do not need to become de facto law enforcement agents to make FinCEN’s investigations easier,” he concludes.
What do you think about Samourai Wallet’s position on the proposed rulemaking for mixed cryptocurrency trading? Let us know in the comments section below.
Source: Bitcoin.com