Crypto firms including Coinbase, Consensys, the Blockchain Association and others have filed comments on FinCEN’s proposed reporting requirements for crypto mixing activities.
Crypto firms Coinbase, Paradigm, and Consensys are urging the United States Treasury to revisit its proposed reporting requirements for transactions involving crypto mixers, arguing they lack specificity and would be a drain on resources.
On Jan. 22, Coinbase sent a letter in response to the U.S. Treasury Department’s Financial Crimes Enforcement Network’s (FinCEN) notice of proposed rulemaking that proposes “requiring domestic financial institutions to implement recordkeeping and reporting requirements on transactions involving convertible virtual currency mixing.”
The firm argued that the proposed requirements were overly broad, burdensome, and ineffective and gave two main reasons backing their argument.
