This was my response (kudos to Chat GPT for the assist):

October 22, 2023

Financial Crimes Enforcement Network P.O. Box 39 Vienna, VA 22183

RE: Comment on Notice of Proposed Rulemaking - RIN: 1506-AB64

Dear Sir/Madam,

I am writing to express my strong opposition to the proposed rule issued by the Financial Crimes Enforcement Network (FinCEN), as detailed in the Notice of Proposed Rulemaking (NPRM) published in the Federal Register on 10/23/2023 (88 FR 72701). The proposed rule pertains to recordkeeping and reporting requirements for transactions involving convertible virtual currency (CVC) mixing. While I recognize the importance of preventing illicit financial activities and ensuring national security, I believe that this rule raises significant concerns about the protection of individual privacy rights as guaranteed by the United States Constitution.

The proposed rulemaking is based on Section 311 of the USA PATRIOT Act, a piece of legislation enacted in the aftermath of the 9/11 attacks. While the USA PATRIOT Act was intended to address terrorism and money laundering, it is crucial that the government's actions in the name of national security do not infringe upon the civil liberties and privacy rights of its citizens. Regrettably, the current proposal does just that by imposing onerous recordkeeping and reporting requirements on domestic financial institutions and agencies in connection with CVC mixing.

My objections to this proposed rule are as follows:

Violation of Privacy: The Fourth Amendment of the United States Constitution protects citizens from unreasonable searches and seizures. The collection of data regarding CVC mixing transactions, even for the purpose of combating financial crimes and terrorism, may infringe upon the right to privacy. It is essential to strike a balance between national security concerns and the protection of individual privacy.

Blanket Assumption of Wrongdoing: The proposed rule implies that all CVC mixing transactions are inherently suspicious, effectively placing a presumption of guilt on individuals involved in such transactions. This blanket assumption goes against the principle of "innocent until proven guilty," which is a fundamental aspect of our legal system.

Chilling Effect on Innovation: Excessive regulations on cryptocurrency and CVC mixing may stifle innovation in the financial technology sector, hampering the growth of emerging technologies that have the potential to bring about positive economic changes.

Ineffectiveness: The proposed rule might not achieve its intended goals. Determined individuals involved in illicit activities will find alternative ways to conceal their transactions, rendering the rule largely ineffective while disproportionately impacting law-abiding citizens.

I urge FinCEN to reconsider this proposed rule and ensure that any regulatory actions taken respect the constitutional rights and privacy of the American people. It is essential to approach this matter with a balanced perspective, taking into account the potential for harm to individual privacy rights.

I kindly request that my comments be considered in the decision-making process, and I implore FinCEN to uphold the principles of liberty and justice that our great nation was founded upon. The protection of our civil liberties must remain paramount in any rulemaking efforts.

Thank you for your attention to this matter, and I look forward to a thoughtful and respectful consideration of my concerns.