Cryptocurrency received by illicit addresses surges over $20B, call for independent examiners in FTX case dismissed

In today’s BSV Blockchain Gazette: read about a Chainanalysis report that concludes the volume of illicit crypto addresses has reached more than $20B, the Senate Banking Committee’s commitment to get serious about regulating crypto and an update on the call for independent examiners in the FTX case.

The BSV Blockchain Gazette is presented to you by BSV Blockchain Association’s Global Policy Director, Bryan Daugherty, featuring:

• Blockchain Intelligence Platform, Chainanalysis Inc.
• The United States Senate Committee on Banking, Housing, and Urban Affairs
• The Internal Revenue Service
• Digital Asset Exchange FTX

Cryptocurrency received by illicit addresses amounts to $20.1B according to report

According to an annual report from Chainalysis on January 12, the total cryptocurrency value received by illicit addresses reached $20.1 billion in 2022, a record high. This is up about 10% from 2021.

Senate Banking Committee Chair committed to “get serious about crypto legislation”?

Earlier this week, Senate Banking Committee Chair Sherrod Brown (D-OH) said in an interview on Bloomberg TV that his committee will “get serious about crypto legislation” in the 118th Congress. He added, “They have to come to the Hill and show a purpose in the financial system, I don’t think they have proven that to most of us in the Senate and in the House.”

IRS argues it did not violate a man’s right to privacy by seizing records from virtual exchanges

The IRS is arguing that a New Hampshire federal court should dismiss a case brought by a man who claims that the IRS illegally seized his records from up to three virtual exchanges including informal requests. The agency says that the summons seeking information about his cryptocurrency transactions did not violate the man’s right to privacy.

Judge deems bipartisan letter calling for independent examiner “inappropriate ex parte communication” - list of creditors for FTX will remain sealed for at least another three months?

The judge in the FTX bankruptcy case said that the bipartisan letter sent by four U.S. senators this week calling for an independent examiner is “inappropriate ex parte communication.” He stated that “I will make my decisions on the matters referred to in the letter based only upon admissible evidence and the arguments of parties and interest presented in open court” and that the letter “will have no impact whatsoever on my decisions in this case which will only be based upon the facts and law presented by the parties." The judge also ruled on January 11 that a list of creditors for FTX will remain sealed for at least another three months.