GPT created comment
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Dear FinCEN,
I am writing to express my strong opposition to the Proposal of Special Measure Regarding Convertible Virtual Currency Mixing, as a Class of Transactions of Primary Money Laundering Concern.
This proposal is a misguided overreach that would stifle innovation and harm legitimate users of CVC mixers. CVC mixers are a valuable tool for privacy and security, and they are used by a wide range of people, including businesses, individuals, and journalists.
The proposal is based on the false premise that CVC mixing is primarily used by criminals. In reality, CVC mixing is used by a wide range of people for legitimate purposes. For example, businesses use CVC mixers to protect their trade secrets, individuals use them to protect their financial privacy, and journalists use them to protect their sources.
The proposal would also have a negative impact on innovation in the CVC space. CVC mixers are a key part of the CVC ecosystem, and they play an important role in promoting privacy and security. This proposal would make it more difficult for new CVC mixers to emerge and compete, and it would stifle innovation in the CVC space.
I urge FinCEN to withdraw this proposal. It is a misguided overreach that would harm legitimate users of CVC mixers and stifle innovation in the CVC space.
In addition to the above, I would like to offer the following specific comments:
The proposal is vague and poorly defined. It is unclear what constitutes a "covered transaction" or who would be considered a "covered financial institution." This lack of clarity would make it difficult for businesses to comply with the proposal and would create uncertainty in the market.
The proposal would impose a significant burden on businesses. The reporting requirements are complex and would require businesses to invest in new systems and processes. This would be particularly burdensome for small businesses.
The proposal would not be effective in preventing criminals from using CVC mixers. Criminals are always finding new ways to evade law enforcement, and this proposal would not be able to keep up.
I urge FinCEN to reconsider this proposal. It is a misguided overreach that would harm legitimate users of CVC mixers and stifle innovation in the CVC space.
Sincerely,
[Your name]
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