To place a 2-year moratorium on financial institutions handling, using, or transacting with funds routed through digital asset mixers and to require the Secretary of the Treasury to carry out a study of digital asset mixers, and for other purposes.
About This Bill
Committee
Latest Action · May 7, 2024
Referred to the House Committee on Financial Services.
The Blockchain Integrity Act would ban U.S. financial institutions from handling cryptocurrency that has been routed through digital asset mixers, which are services designed to hide the origins and destinations of crypto transactions. The moratorium would last for two years, beginning six months after the law takes effect, and would apply to both incoming and outgoing funds connected to these mixing services. The Treasury Department would enforce the ban and can fine violating financial institutions up to $100,000 per violation. Additionally, the bill requires the Treasury Secretary to complete a comprehensive study within eighteen months examining digital asset mixers and related anonymity technologies, including their use in illegal activities like money laundering and sanctions evasion, as well as legitimate privacy uses. The study must also assess federal law enforcement's ability to track and stop funds processed through these services and make recommendations for additional legislation or regulations to combat illicit uses.
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