🚫 US House Proposes Bill to Ban Cryptocurrency Mixers for Two Years 💡 US Lawmakers Look to Ban Crypto Mixers Cryptocurrency mixers, often used for illicit activities, are in the crosshairs of Democratic representatives. Led by Sean Casten, they aim to crack down on these tools that obscure financial trails and hinder law enforcement efforts. 🔒 Promoting Transparency and Disrupting Illicit Funds The proposed legislation seeks to prohibit financial institutions from accepting mixer-processed funds, with penalties of up to $100,000 for violations. It also calls for a comprehensive report on mixer transactions during the ban period. ⚡️ Political Challenges and Innovation Concerns While Democrats push for tighter regulations, Republicans express worries about stifling innovation. The bill's fate in the Republican-majority House remains uncertain, highlighting the need for balanced oversight. 🌐 Stablecoins and Offshore Concerns Lawmakers are not only targeting mixers but also raising questions about offshore-issued stablecoins like Tether. The focus is on transparency and regulatory oversight in this growing sector of the cryptocurrency ecosystem.