Paradigm files comment letter in response to the CFTC's proposed rule on prediction markets and election contracts.

In June, Paradigm conducted a first-of-its kind poll of Republican voters to better understand how they think about crypto. The results were clear: Republicans embrace financial freedom and want the current Administration’s crypto approach to end.

Paradigm today filed a comment to FinCEN’s Notice of Proposed Rulemaking, which labels all “convertible virtual currency mixing”–defined broadly–as a primary money laundering concern, and seeks to impose a new reporting requirement on all related transactions.

The Consumer Financial Protection Bureau has proposed a rule intended to regulate large centralized digital payment companies, but captures crypto wallets in the process. Paradigm urges the Bureau to appropriately narrow the scope of the rule to exclude crypto wallets, which are quite different than the rule's ostensibly intended targets.