The Wall Street Journal: The U.S. Treasury Department identifies "mixers" as a major money laundering threat to national security

ChainCatcher news, according to WSJ, the Biden administration has identified international cryptocurrency platforms commonly known as "mixers" as major money laundering centers that pose a threat to national security.

The U.S. Treasury has proposed an unprecedented measure using laws typically aimed at foreign banks and foreign jurisdictions, which will require special record-keeping and reporting for any financial transactions involving international mixers. This approach, potentially targeting an entire category of transactions, is a significant regulatory measure aimed at shaping the future of the global financial system.

The backdrop of this proposal is the increasing pressure from the U.S. Congress regarding the role of cryptocurrencies in funding militant organizations following the Hamas attack on Israel on October 7.

The Financial Crimes Enforcement Network (FinCEN) announced the proposed new regulations on Thursday, which will be open for public comment for 90 days before potentially being adopted. The proposed regulations allow for remedial measures to be taken against the subjects.