Coinbase, Blockchain Association challenge FinCEN’s proposed mixer crackdown 

Several industry players have objected to a federal agency’s attempt to crack down on crypto mixing services, with one advocacy group calling the proposal “fundamentally flawed.”

The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) proposed in October to classify what it calls convertible virtual currency mixing, or CVC mixing, as “a class of transactions of primary money laundering concern.”

The proposal is FinCEN’s first-ever use of its authority to target a transactions class as such.

Read more: FinCEN seeks tighter controls on crypto mixing services

Mixing is a process that blends different crypto transactions to obscure the original source —…

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