Preston Pysh says proposed FinCEN crypto rules violate US Constitution
Crypto proponent Preston Pysh claims that the Financial Crimes Enforcement Network (FinCEN) has proposed rules for crypto companies that violate citizens’ 1st and 4th Amendment rights. His widely circulated analysis of the US Treasury bureau’s proposal explains the crypto industry’s concern about governmental overreach into the private affairs of its constituency. FinCEN ’s new proposal is titled unambiguously, “Proposal of Special Measure Regarding Convertible Virtual Currency Mixing, as a Class of Transactions of Primary Money Laundering Concern ” (emphasis added). So right off the bat, the bureau’s stance is clear: crypto privacy services are a risk factor for anti-money laundering enforcement. Of course, it’s no coincidence FinCEN proposed special measures for crypto privacy services around the time of Binance’s record-setting $4.3 billion settlement. FinCEN was a party in that settlement. It fined Binance for its egregiously lax implementation of controls for countering t...