Altcoin News Official TheBitTimes.com

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...

The Data Act was first proposed in early 2022 and passed by the European Parliament on March 14. European Union (EU) lawmakers have reached an agreement to move ahead with the controversial European Data Act, which has previously drawn criticism from the crypto community. The deal was confirmed by the EU’s Commissioner for Internal Markets, Thierry Breton, in a tweet calling it a “milestone in reshaping the digital space.” Another deal! ⁰Tonight’s agreement on the #DataAct is a milestone in reshaping the digital space. Thanks to the swift work of the EP @delcastillop & the Council Presidency, we are on the way of a thriving data economy that is innovative & open — on our conditions. pic.twitter.com/vTWUU8xTx9 — Thierry Breton (@ThierryBreton) June 27, 2023 The European Parliament passed the Data Act on March 14, but negotiations among EU lawmakers on the bill’s final version have been ongoing. The act is focused on the fair use of industrial data and removing barri...