Category: Government

US Treasury wants to get crypto industry on board with sanctions programs

US Treasury wants to get crypto industry on board with sanctions programs

The Treasury wants to keep its sanctions toolbox effective. That apparently means working with the crypto industry. On October 18, the Treasury published a review of sanctions for 2021. While it highlights crypto as a threat, it also stresses the need for the department to engage with the crypto community. Administered by the Treasury’s Office […]

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FinCEN charts massive surge in ransomware activity reports in H1 2021

FinCEN charts massive surge in ransomware activity reports in H1 2021

The U.S. anti-money laundering watchdog has put out a new report on a surge in ransomware payment activity in 2021. But is it a surge in ransomware or in reporting related to ransomware? Published on October 15, the report on ransomware in the first half of 2021 comes from the Financial Crimes Enforcement Network (FinCEN). […]

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CFTC fines Tether and Bitfinex $42.5 million over USDT backing

CFTC fines Tether and Bitfinex $42.5 million over USDT backing

The Commodity Futures Trading Commission (CFTC) simultaneously filed and settled charges against Tether and Bitfinex today, ordering the sister companies to pay fines totaling $42.5 million. The CFTC’s announcement said Tether made “untrue or misleading statements and omission of material fact” related to its stablecoin, USDT. Tether falsely claimed that USDT was fully backed by U.S. […]

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US Treasury publishes new sanctions guidance for crypto businesses

US Treasury publishes new sanctions guidance for crypto businesses

The U.S. sanctions watchdog is honing in on the crypto industry.  On October 15, the Treasury’s Office of Foreign Asset Control (OFAC) released a new brochure with crypto-specific guidance on navigating U.S. sanctions.  The actual contents of the guidance are not especially revolutionary, but largely push the idea that OFAC expects virtual currency operators to […]

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Biden’s ransomware summit calls for better cyber hygiene

Biden’s ransomware summit calls for better cyber hygiene

The White House released a joint statement on behalf of representatives of 32 countries who convened virtually yesterday and today to talk ransomware.  There were a number of takeaways, but central were the essentials of prevention. As the statement put it:  “These basic steps include maintaining offline data backups, use of strong passwords and multi-factor […]

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Uniswap Labs hires Democrat communications veteran amid regulatory scrutiny

Uniswap Labs hires Democrat communications veteran amid regulatory scrutiny

Uniswap Labs has hired a Democratic Party communications veteran to handle its public presence.  Hari Sevugan has joined the team of developers behind decentralized exchange developer Uniswap Labs as head of communications. The Washington insider made his name as the senior spokesperson for President Barack Obama’s 2008 campaign. He also worked as the deputy campaign […]

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Coinbase unveils lobbying push for a brand new US regulator focused on digital assets

Coinbase unveils lobbying push for a brand new US regulator focused on digital assets

Coinbase has put out a sweeping proposal for a new regulatory regime over digital assets in the United States.  Released on October 14, Coinbase’s plan at its core proposes a drastic reconfiguration of U.S. financial regulation. Most notably, that includes establishing a brand new regulator with control over marketplaces for digital assets, which the firm […]

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SEC commissioner comes out against colleague Peirce’s safe harbor, ICOs in general

SEC commissioner comes out against colleague Peirce’s safe harbor, ICOs in general

A safe harbor for token offerings doesn’t seem to be on the horizon under the current U.S. administration.  At a Securities and Exchange Commission (SEC) event on October, Commissioner Caroline Crenshaw pushed back against calls for a safe harbor that would protect initial coin offerings (ICOs) from the SEC’s full reporting regime. “Instead of a […]

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Rise in privately funded crypto unicorns worries SEC commissioner

Rise in privately funded crypto unicorns worries SEC commissioner

The growth of private capital markets in recent decades is an issue that calls for greater transparency, at least according to one leader of the Securities and Exchange Commission (SEC).  In an October 12 speech, SEC Commissioner Allision Herren Lee called out the increase in private capital — and said the rise of crypto-related “unicorns” […]

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UK gambling regulator is looking into NFT fantasy soccer league Sorare

UK gambling regulator is looking into NFT fantasy soccer league Sorare

Sorare, a fantasy soccer platform dealing in non-fungible tokens (NFTs), is facing scrutiny from the United Kingdom’s gambling watchdog.  A consumer information notice from the UK Gambling Commission clarified that the platform is not licensed by the regulator. “This means that any activity completed on the site by consumers in Great Britain is outside of […]

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