CFTC Commissioner proposes reducing anonymity of crypto to manage risks.
A commissioner of the United States Commodity Futures Trading Commission , Christy Goldsmith Romero, has proposed reducing the anonymity of cryptocurrencies as a means of managing the risks associated with digital assets. The statement was made during the keynote speech on Illicit Finance and Other Key Risks of Digital Finance at City Week 2023 in London on April 25.
Reducing illicit finance risks in the cryptocurrency market requires addressing the challenge of identity verification, Romero said. Although the public blockchain offers some transparency and traceability, theand anonymity-enhancing technology increases the potential for substantial risk, she added. In her words:
A crypto mixer is a service that blends the cryptocurrencies of many users together to confuse the origins and owners of the funds. Because Bitcoin, Ethereum, and most other public blockchains are transparent, this level of privacy is otherwise hard to achieve.
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