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- Introduction
- Purpose is to voice objection to proposed regulation to impose special recordkeeping and reporting requirements on transactions involving cryptocurrency mixing (docket number FINCEN-2023-0016).
- I. Cryptocurrency mixing has legitimate uses
- Majority of users not engaged in illegal activity
- Illicit transactions are <0.15% of all cryptocurrency transactions
- Increases financial privacy and security against hacking/theft
- Public blockchains like bitcoin encourage bad actors to use other cryptocurrencies
- II. Regulation is unconstitutional government overreach
- Mass surveillance of innocent citizens is dangerous precedent
- Compare to illegal mass surveillance programs (Snowden)
- Violates civil liberties and principles America founded on
- III. Regulation creates burdens and stifles innovation
- Huge compliance burden on financial institutions
- Discourages cryptocurrency privacy innovation
- Hurts small startups
- IV. Fails to address illicit activity
- Criminals will use foreign exchanges or other money laundering methods
- Only hurts lawful privacy-seeking users
- V. Less intrusive alternatives exist
- Selective monitoring of suspicious transactions (probable cause)
- Balanced approach to protect privacy while allowing lawful monitoring
- Conclusion
- Reconsider unconstitutional invasion of privacy rights
- Seek balanced approach to avoid mass surveillance that Americans reject
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