Coin Center Pushes Back on New Anti-Money Laundering Rules for Crypto Payment Services — Here's What's at Stake
64d ago · 1 source
Coin Center, a leading crypto policy advocacy group, has submitted formal comments to FinCEN and OFAC regarding proposed anti-money laundering (AML), counter-financing of terrorism (CFT), and sanctions compliance requirements for payment processing service infrastructure (PPSI). The comments likely address concerns about how these rules could impact privacy, innovation, and the broader crypto ecosystem. This is part of an ongoing regulatory dialogue that could shape how crypto payment services operate in the United States.
WHY IT MATTERS
Imagine the government is creating new rules for anyone who helps move money around — like requiring every mail carrier to check what's inside every package. In the crypto world, FinCEN and OFAC are proposing rules that would require crypto payment services to have programs to prevent money laundering and sanctions violations. Coin Center, a group that advocates for sensible crypto policy, is pushing back to make sure these rules don't accidentally capture people who just build software or run decentralized tools — as opposed to companies that actually hold your money. Think of it like the difference between regulating a bank versus regulating the person who invented email. The outcome of this debate could determine how easy or hard it is to use crypto payment tools in the U.S. going forward.
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