US Crypto Mixing Rule Targets Terrorism Financing: Crypto in DC

US Treasury Department’s Financial Crimes Enforcement Network proposed a new rule that targets terrorists and adversarial regimes’ use of cryptocurrency to launder money and fund their operations.

The rule would require financial institutions to report information about transactions they suspect involve convertible virtual currency mixing - a practice of using multiple accounts to anonymously move or trade digital tokens.

The announcement came after a bipartisan group of US lawmakers including Senators Elizabeth Warren and Roger Marshall pressed the Biden administration for details on how it plans to prevent militant groups such as Hamas from using crypto for financing acts ...