
Recently, Brian Nelson, who works at the U.S. Treasury, said they won’t stop people from using cryptocurrency mixing services. He said this at a big meeting called the Consensus Conference.
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- Top U.S. Treasury official Brian Nelson denies plans to ban cryptocurrency mixing services.
- FinCEN’s 2023 proposal seeks to increase transparency by categorizing mixers as a primary concern for money laundering.
- Nelson encourages cooperation between the Treasury and the crypto industry to maintain transaction privacy without inadvertently supporting terrorist financing.
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US Treasury Clarifies Stance on Crypto Mixers: No Ban, Just Transparency
Nelson discussed a new rule from the Financial Crimes Enforcement Network (FinCEN) coming in 2023. This rule says that mixers, like magic tools that make it hard to see where the money comes from by mixing it with other money, could be used for bad things like money laundering. Because of this rule, companies with digital money (cryptocurrency) must tell the agency if they use mixers.
Some people thought the U.S. would stop people from using cryptocurrency mixing altogether because the Justice Department has been acting against some mixing services. But the U.S. Treasury said that’s not true.
Nelson explained that they don’t want to ban mixers. They just want to clarify how cryptocurrency transactions work.
Nelson understands that people who use cryptocurrency want to keep their money private. He thinks the Treasury and these people should work together to keep things private but also prevent them from accidentally helping bad guys.
He said that while it’s good to keep some things secret, there’s a difference between keeping secrets and hiding things. He believes many mixers are used to break rules, which can attract bad guys like those in North Korea.
In the end, Nelson said the goal isn’t to make everyone know who you’re dealing with in your transactions. The goal is to ensure people and companies aren’t accidentally helping bad guys like Hamas or North Korea.
Also, Nelson thinks learning about cryptocurrency is very important. He said the Treasury could have special classes to help people get to know cryptocurrency, what mixers do, and how to use them without doing something wrong.
These classes could also help the Treasury and the people who work with cryptocurrency to talk and understand each other better. Nelson said, “Learning is very important to use cryptocurrency well and stay out of trouble.
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