In addition, the bill effectively bans privacy-enhancing technologies in blockchain networks. The bill would prohibit all financial institutions from handling, using, or transacting with digital asset mixers, privacy coins and “any other anonymity-enhancing technologies.” The list of financial institutions prohibited from interacting with privacy-enhancing technologies includes the broad group of blockchain network participants that would be classified as money-service businesses under the bill – meaning that developers, miners, validators and custodial and self-hosted wallet creators would all effectively be prohibited from interacting with privacy-enhancing technologies, including privacy coins.
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