Menu

  • Alerts
  • Incidents
  • News
  • APTs
  • Cyber Decoded
  • Cyber Hygiene
  • Cyber Review
  • Cyber Tips
  • Definitions
  • Malware
  • Threat Actors
  • Tutorials

Useful Tools

  • Password generator
  • Report an incident
  • Report to authorities
No Result
View All Result
CTF Hack Havoc
CyberMaterial
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
Hall of Hacks
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
No Result
View All Result
Hall of Hacks
CyberMaterial
No Result
View All Result
Home News

US Bill Seeks Two Year Ban on Crypto Mixers

May 9, 2024
Reading Time: 3 mins read
in News
US Bill Seeks Two Year Ban on Crypto Mixers

A new legislative proposal, the Blockchain Integrity Act, has been introduced in the United States House of Representatives, seeking to impose a two-year ban on cryptocurrency mixers. Spearheaded by Democratic congressperson Sean Casten along with co-sponsors including Representatives Bill Foster, Brad Sherman, and Emanuel Cleaver, the bill aims to curb the use of crypto mixers which can obscure the financial trails of cryptocurrency transactions. If passed, the bill would enforce strict penalties on financial institutions, cryptocurrency exchanges, and virtual asset service providers that handle funds associated with crypto mixers, with fines reaching up to $100,000 per violation.

The proposed ban on crypto mixers comes as part of a broader effort to regulate the anonymity that these services provide, which is often exploited for illicit financial activities such as money laundering, tax evasion, and funding terrorism. Representative Brad Sherman, known for his critical stance on cryptocurrencies, highlighted that the intent behind cryptocurrencies, reflected even in the name, suggests a form of ‘hidden money’ that could facilitate criminal activities. This legislative move is aligned with previous actions taken by U.S. regulatory bodies, such as the Treasury’s Office of Foreign Asset Control, which previously targeted the Tornado Cash mixer service by placing it on a sanctions list.

During the two-year ban period proposed by the bill, the Treasury Department is tasked with compiling a comprehensive report. This report will explore various aspects of crypto mixers, including estimating the percentage of transactions linked to illicit finance, assessing legitimate uses of these services, and the ability of law enforcement to track and prevent illegal transactions involving mixers. Additionally, the report will review regulatory approaches to mixers adopted in other jurisdictions, providing a basis for informed policymaking going forward.

The introduction of the Blockchain Integrity Act indicates a growing recognition of the complexities and risks associated with cryptocurrency transactions and the need for regulatory frameworks to keep pace with technological advancements. By temporarily banning crypto mixers and conducting thorough research, U.S. lawmakers aim to strike a balance between innovation in the financial sector and necessary regulatory measures to protect against financial crimes. This approach reflects an ongoing global trend toward stricter regulation of cryptocurrencies, as seen with recent anti-money laundering laws in the European Union targeting privacy-focused cryptocurrencies like Monero.

Reference:
  • US Proposes Two-Year Ban on Crypto Mixers via New Bill
Tags: BlockchainCryptocurrenciescryptocurrency mixersCyber NewsCyber News 2024Cyber threatsCybersecurityMay 2024MoneroUnited States House of RepresentativesUSA
ADVERTISEMENT

Related Posts

Proton Launches Encrypted AI Assistant

Jetflicks Operator Sentenced to 7 Years

July 25, 2025
Proton Launches Encrypted AI Assistant

Proton Launches Encrypted AI Assistant

July 25, 2025
Proton Launches Encrypted AI Assistant

Brave Blocks Windows Recall Screenshot

July 25, 2025
Interlock Ransomware Threat Alert

Altman Flags Looming AI Fraud Crisis

July 24, 2025
Interlock Ransomware Threat Alert

XSS Forum Admin Arrested in Kyiv

July 24, 2025
Interlock Ransomware Threat Alert

Google OSS Rebuild Exposes Malicious Code

July 24, 2025

Latest Alerts

CastleLoader Uses Clickfix on Windows

Sophos, SonicWall Patch Critical RCE Bugs

Koske Malware Hides in Panda Images

Interlock Ransomware Threat Alert

GitLab Patches Key Vulnerabilities

Backdoor Found in WP Plugins

Subscribe to our newsletter

    Latest Incidents

    Hackers Target Amazon’s AI Code Bot

    APTs Use Fake Dalai Lama Apps to Spy

    Infostealer Hidden in Steam Game

    Data Breach Affects 340K Jobseekers

    Hackers Use Ransomware on SharePoint Servers

    Beluga Vodka Ransomware Attack Reported

    CyberMaterial Logo
    • About Us
    • Contact Us
    • Jobs
    • Legal and Privacy Policy
    • Site Map

    © 2025 | CyberMaterial | All rights reserved

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    No Result
    View All Result
    • Alerts
    • Incidents
    • News
    • Cyber Decoded
    • Cyber Hygiene
    • Cyber Review
    • Definitions
    • Malware
    • Cyber Tips
    • Tutorials
    • Advanced Persistent Threats
    • Threat Actors
    • Report an incident
    • Password Generator
    • About Us
    • Contact Us
    • Advertise with us

    Copyright © 2025 CyberMaterial