Deputy Attorney General Blanche's recent memo indicates that the U.S. Department of Justice will halt its regulatory enforcement against bitcoin and crypto mixers, stating the department will not prosecute exchanges or services based on users' actions. In response, New York Attorney General James urged congressional leaders to impose stricter federal regulations on cryptocurrency transactions, especially regarding illicit uses of mixers. This contrast reveals a divide in perspectives; while Blanche acknowledges the legality of mixer usage, James views them predominantly as tools for crime, raising concerns about the presumption of guilt surrounding their users.
The Justice Department will stop participating in regulation by prosecution in this space. Specifically, the Department will no longer target virtual currency exchanges, mixing and tumbling services.
Effective legislation must require cryptocurrency platforms to expressly comply with anti-money laundering laws, know your customer regulations, and cyber security protocols to prevent the use of cryptocurrency to finance terrorism.
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