In addition, the bill effectively bans privacy-enhancing technologies in blockchain networks. The bill would prohibit all financial institutions from handling, using, or transacting with digital asset mixers, privacy coins and “any other anonymity-enhancing technologies.” The list of financial institutions prohibited from interacting with privacy-enhancing technologies includes the broad group of blockchain network participants that would be classified as money-service businesses under the bill – meaning that developers, miners, validators and custodial and self-hosted wallet creators would all effectively be prohibited from interacting with privacy-enhancing technologies, including privacy coins.
Related posts
-
Erik Voorhees Unveils New AI Platform Promising Privacy and Unfiltered Free Speech
Erik Voorhees, founder of Shapeshift, has announced the debut... -
U.S. House’s McHenry Says Bill on Crypto Market Structure Will Get Floor Vote
The bill, which had also been approved by the House Agriculture Committee, is the “culmination of... -
Crypto Exchanges Binance, KuCoin Register With India’s Financial Intelligence Unit
Please note that our privacy policy, terms of use, cookies, and do not sell my personal...