The Biden administration has released a strategy document focusing on setting standards for “critical and emerging” technologies such as blockchain and digital ID. The administration of United States President Joe Biden released a national standards strategy for critical and emerging technologies on May 4. The strategy stated that the U.S. would prioritize standards development in…
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Assistant Treasury Secretary Elizabeth Rosenberg said the Treasury was enhancing its regulatory regime and that DeFi should program in some compliance. The United States Treasury did a risk assessment of decentralized finance (DeFi) and found the sector lacking in several ways, Assistant Treasury Secretary for Terrorist Financing and Financial Crime Elizabeth Rosenberg reminded an audience…
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A researcher at the Ethereum Foundation said he had “internally” discovered that staking Ether reveals a user’s IP address information. A researcher at the Ethereum Foundation (EF) revealed that the IP addresses of Ether (ETH) stakers are monitored as part of a broader set of metadata, causing the cryptocurrency community to flag Ethereum for privacy…
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Large financial institutions are getting involved in digital assets by investing capital, time and effort into on-chain analytics solutions. The new year began with the news that notable Web3 entrepreneur Kevin Rose fell victim to a phishing scam in which he lost over $1 million worth of nonfungible tokens (NFTs). As mainstream financial institutions begin…
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A recent report published by market strategists from the investment bank and financial services company UBS says that the upcoming Mt Gox payouts won’t destabilize bitcoin’s value. While a new supply will come to the market, UBS strategists insist that “it would be less concentrated.” UBS Market Strategists Believe Mt Gox Payouts Won’t Destabilize Bitcoin’s…
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Part of the FATF’s ‘Travel Rule’ includes recommendations that financial institutions obtain information on the originators and beneficiaries of certain crypto transactions. The Financial Action Task Force, or FATF, reported its delegates had come to an agreement on an action plan “to drive timely global implementation” of global standards on cryptocurrencies. In a Feb. 24…
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Switzerland-based crypto platform claimed Warren made “mistakes” in comments at a recent senate hearing, and encouraged her to “constructively engage” with its community. Non-custodial crypto platform ShapeShift refuted United States Senator Elizabeth Warren’s claims of “illicit financing,” suggesting that she used the platform as a scapegoat to “push” her latest crypto bill, according to a…
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The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance. The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities. The “Virtual…
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Coinbase has agreed to pay a $100 million settlement with the New York Department of Financial Services (NYDFS), according to a consent order signed by the NYDFS superintendent Adrienne Harris on Jan. 4, 2023. New York’s financial regulator said compliance problems were detected and the exchange’s anti-money laundering controls were inadequate from 2020 through 2021.…
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Elizabeth Warren Blames ‘Crypto Risk’ for Silvergate Bank’s Liquidation, Critics Dismiss Senator’s Claims as ‘Terribly Misinformed’
After Silvergate Bank announced its voluntary liquidation, U.S. senator Elizabeth Warren is attributing the financial institution’s downfall to “crypto risk.” According to Warren, she had previously warned about Silvergate. However, some critics are dismissing Warren’s opinion as “terribly misinformed” and claim that she is “tossing out egregious accusations.” Crypto Proponents Offer Different Perspectives on Silvergate…
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