Coin Center, an eminent research and advocacy group in the digital currency field, has raised substantial objections against the Financial Crimes Enforcement Network's (FinCEN) recent proposition. This proposal seeks to classify specific digital currency transactions as primary money laundering concerns (PMLC), especially focusing on cryptocurrency mixing. Coin Center criticizes the rule for its unprecedented, overly wide-ranging scope and potential infringement on constitutional rights.
This rule represents the first instance since Congress established the 311 power 23 years ago, where FinCEN designates a whole category of transactions as a PMLC. Coin Center points out the absence of previous cases, highlighting the legal uncertainties for those who might unintentionally engage in transactions now considered PMLC, risking severe
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First found on: Coin Center Challenges FinCEN's Overreaching Virtual Currency Mixing Rule
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