Us Senate, National Defense Act, And The Cryptocurrency Mixers.
Originally Posted: Publish0x
On July 27, the United States Senate passed the National Defense Authorization Act (NDAA - Fiscal Year 2024), which has a number of cryptocurrency-related provisions, including one targeting cryptocurrency mixers.
Cryptocurrency mixers are services that allow users to mix their cryptocurrency funds with the funds of other users. This can make it difficult to track cryptocurrency transactions, which is often used by criminals or cybercriminals to hide stolen funds or proceeds from criminal activity.
The NDAA provision would require payment service companies to block transactions with cryptocurrency mixers. It would also require these companies to report suspicious transactions involving cryptocurrency mixers to authorities. Although the provision has been praised by law enforcement advocates, it has also been criticized by many cryptocurrency users, who argue that it could be used to censor cryptocurrency use.
The reality is that the NDAA provision is likely to have a significant impact on the cryptocurrency mixer industry, causing some to shut down because it would be too difficult for them to operate without being detected by the authorities, while others may try to find ways to avoid and/or evade the provision, which could include the use of new technologies or change of location. However, it is likely that the authorities can adapt to these changes and continue to block transactions with cryptocurrency mixers.
There is also the possibility that users will become more careful when choosing a cryptocurrency mixing service, as they will want to ensure that the service they choose is not subject to the NDAA provision, is safe and trustworthy.
In my opinion, this provision is yet another example of how regulators are trying to address the risks associated with cryptocurrencies, although I believe that the background is just another absurd attempt to censor cryptocurrencies and what they represent, so I do not doubt, and it is very likely, that we will see more regulatory efforts in the future, considering that crypto assets become increasingly popular as an alternative to the traditional monetary system.
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Author's Note: The opinion expressed here is not investment advice, is provided for informational purposes only, and reflects the opinion of the author only. I do not promote, endorse or recommend any particular investment. Investments may not be right for everyone. Every investment in the market and every trade you make involves risk, so you should always do your own research before making any decision. I do not recommend investing money that you cannot afford to chair, as you could lose the entire amount invested.
