US Officials scrutinize Hamas's crypto use at House hearing
At a House hearing, Treasury Undersecretary Brian Nelson revealed that Hamas used less crypto than previously thought. Sen. Lummis criticized the Energy Department's plan for a crypto-mining database. Additionally, a FinCEN report highlighted increased virtual currency use in criminal activities.
The BSV Blockchain Gazette is presented by Bryan Daugherty, Public Affairs Director of Americas for BSV Blockchain, featuring:
US
Hamas's crypto use under scrutiny at House Financial Services Committee hearing
At a House Financial Services Committee hearing, Treasury Undersecretary for Terrorism and Financial Intelligence Brian Nelson stated that Treasury’s assessments indicate that Hamas used smaller amounts of crypto than previous reports have suggested. Reps. Brad Sherman (D-CA), Sean Casten (D-IL), Tom Emmer (R-MN), and Bryan Steil (R-WI) asked about crypto and illicit finance during the hearing.
Sen. Lummis criticizes Energy Department's plan for crypto-mining database
Sen. Cynthia Lummis (R-WY) criticized the Energy Department’s plan to start a database to track crypto-mining operations.
Nominee for US Ambassador to OECD commits to avoid crypto policy work
Former Rep. Sean Patrick Maloney (D-NY), who is President Biden’s nominee to serve as US ambassador to the OECD, promised in a letter to Sen. Elizabeth Warren (D-MA) that he will forgo working on crypto-oriented policy if confirmed, after Sen. Warren expressed concern over his work with Coinbase.
FinCEN report highlights increase in virtual currency use for criminal activities
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a report finding an increase in Bank Secrecy Act reporting associated with the use of virtual currency for online child sexual exploitation and human trafficking between January 2020 and December 2021.
Fed Chair Powell urges Congress for stablecoin framework in closed-door meeting
At a closed-door meeting with House Financial Services Committee Democrats, Federal Reserve Chair Jerome Powell discussed digital assets, calling on Congress to create a framework for stablecoins and arguing that a CBDC would require congressional authorization.
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SEC Chair Gensler reiterates concerns on crypto fraud in CNBC Interview
SEC Chair Gary Gensler discussed crypto regulation and spot BTC ETF approvals in an interview with CNBC, reiterating that crypto is an industry rife with fraud and abuse.
CEO of Digitex Futures Exchange charged with Bank Secrecy Act Violations
The US Attorney’s Office for the Southern District of Florida charged the CEO of Digitex Futures Exchange with violating the Bank Secrecy Act, alleging that he failed to maintain an adequate anti-money laundering program and customer identification procedures.
Prosecutors link Russian-Swedish national to Bitcoin Fog's $400 Million Operation
Federal prosecutors are arguing that Russian-Swedish national Roman Sterlingov was behind Bitcoin Fog throughout its ten-year run, during which the service made more than $400 million untraceable and played a “key role” in the online drug economy.
US Bankruptcy Judge grants Genesis request to sell $1.6 Billion in Grayscale shares
US Bankruptcy Judge Sean Lane granted Genesis’ request to start selling more than $1.6 billion of shares in Grayscale Investments trusts to fund payouts to creditors.
Crypto super PAC attacks Rep. Katie Porter in ad, prompting response
Crypto-focused super PAC Fairshake put out a new ad attacking Rep. Katie Porter (D-CA), who is running for Senate in California. Rep. Porter subsequently argued in a fundraising email that “crypto billionaires don’t want a strong voice for consumers in the Senate, because they fear anyone who calls out corruption and greed.”
EU/UK
FCA issues 450 alerts on illegal crypto promotions in Q4 2023
The UK Financial Conduct Authority (FCA) released a report on the agency’s efforts to enforce restrictions on illegal financial promotions, noting that FCA issued 450 consumer alerts on illegal crypto asset promotions in the last three months of 2023.
EU Financial Services Committee to discuss digital finance and crypto in April
An informal document shared between EU officials indicates its Financial Services Committee will discuss digital finance and crypto at an upcoming April meeting, which could influence policy for crypto and a potential digital euro.