Blockchain Integrity Act
The source supplies the latest action, but no lifecycle stage.
Latest action (7 May 2024): Referred to the House Committee on Financial Services.
What this bill does
This bill, the Blockchain Integrity Act, would prohibit financial institutions from handling, using, or transacting with funds that have gone through digital asset mixers. This restriction would apply to both incoming and outgoing funds routed through these services, which are designed to obscure the origin and destination of digital asset transactions. The Secretary of the Treasury would be responsible for enforcing this moratorium, with potential civil penalties of up to $100,000 per violation.
Additionally, the bill mandates that the Secretary of the Treasury, in consultation with other federal agencies, conduct a comprehensive study on digital asset mixers, privacy coins, and other technologies that enhance anonymity. This study would examine various aspects, including transaction volumes, connections to illicit finance, legitimate uses, and the capabilities of law enforcement to track such funds. The Secretary would be required to report the findings and recommendations to Congress within 18 months of the bill's enactment.
The Blockchain Integrity Act was introduced in the House of Representatives on May 7, 2024. As it has only been introduced, it has not yet been voted on by the House or the Senate. If it were to pass both chambers, it would then go to the President for signature into law.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
7 May 2024
Referred to the House Committee on Financial Services.
Common questions
- What does H.R. 8266 do?
- This bill, the Blockchain Integrity Act, would prohibit financial institutions from handling, using, or transacting with funds that have gone through digital asset mixers. This restriction would apply to both incoming and outgoing funds routed through these services, which are designed to obscure the origin and destination of digital asset transactions. The Secretary of the Treasury would be responsible for enforcing this moratorium, with potential civil penalties of up to $100,000 per violation. Additionally, the bill mandates that the Secretary of the Treasury, in consultation with other federal agencies, conduct a comprehensive study on digital asset mixers, privacy coins, and other technologies that enhance anonymity. This study would examine various aspects, including transaction volumes, connections to illicit finance, legitimate uses, and the capabilities of law enforcement to track such funds. The Secretary would be required to report the findings and recommendations to Congress within 18 months of the bill's enactment. The Blockchain Integrity Act was introduced in the House of Representatives on May 7, 2024. As it has only been introduced, it has not yet been voted on by the House or the Senate. If it were to pass both chambers, it would then go to the President for signature into law.
- Has H.R. 8266 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 8266. Check the latest action and official source below.
- Who sponsored H.R. 8266?
- H.R. 8266 was sponsored by Rep. Casten, Sean [D-IL-6] (D-IL), with 4 cosponsors.
- What's the latest action on H.R. 8266?
- Referred to the House Committee on Financial Services. (7 May 2024).
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