US targets large-scale crypto offenders for compliance boost
Republican Senators, alongside House Majority Whip Tom Emmer, introduced a bill aimed at preventing the Federal Reserve from issuing a CBDC, while simultaneously, a bipartisan group voiced apprehension regarding the extensive scope of an IRS rule mandating detailed crypto transaction reporting. Subsequently, a US judge granted approval to Binance's $4.3 billion plea deal concerning money laundering charges, and a bankruptcy judge is expected to greenlight a $21 million settlement between Genesis Global and the SEC for alleged securities violations.?
The BSV Blockchain Gazette is presented by Bryan Daugherty, Public Affairs Director of Americas for BSV Blockchain, featuring:
US
Republican Senators introduce bill to block Federal Reserve's CBDC issuance
Sens. Ted Cruz (R-TX), Bill Hagerty (R-TN), Rick Scott (R-FL), Ted Budd (R-NC), and Mike Braun (R-IN) introduced the CBDC Anti-Surveillance State Act, which would prohibit the Federal Reserve from issuing a CBDC directly to anyone. House Majority Whip Tom Emmer (R-MN) introduced a House version of the bill in September.
Bipartisan group raises concerns over IRS crypto transaction reporting rule
A group of House Ways and Means Committee members, led by Reps. Claudia Tenney (R-NY) and Suzan DelBene (D-WA), wrote a letter to Treasury Secretary Janet Yellen, voicing concern that the proposed rule requiring crypto exchanges to disclose detailed information on their clients’ transactions to the IRS is overly broad.
Energy Department suspends crypto miner energy survey amid legal challenge
The Energy Department agreed to temporarily suspend its mandatory survey of crypto miner energy use following a lawsuit by Riot Platforms and the Texas Blockchain Council. Sen. Cynthia Lummis (R-WY) praised the move.
US Judge approves Binance's $4.3 billion plea deal on money laundering charges
US District Judge Richard Jones approved Binance’s $4.3 billion plea deal on money laundering and bank fraud charges.
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Bankruptcy Judge set to approve Genesis Global's $21 million SEC settlement
US Bankruptcy Judge Sean Lane said he would approve a $21 million settlement between Genesis Global Holdco and the SEC, resolving a government lawsuit alleging the company’s now terminated Gemini Earn program violated securities rules.
Appeals Court rejects My Big Coin Founder's bid for new trial
The US Court of Appeals for the 1st Circuit rejected My Big Coin founder Randall Crater’s request for a new trial. Crater claimed that his Sixth Amendment right to obtain witnesses in his favor was violated when a lower court blocked some government officials from testifying.
US Prosecutors target large-scale crypto actors to boost industry compliance
Speaking at a New York City Bar Association event, the heads of the Illicit Finance and Money Laundering Unit in the US Attorney’s Office for the Southern District of New York said that the Justice Department is focused on taking on large-scale crypto actors in the hopes of encouraging industrywide compliance, rather than playing “a game of whack-a-mole” to keep up with crypto crimes.
EU/UK
FSB Chair outlines plans to monitor financial vulnerabilities, address crypto risks
Financial Stability Board (FSB) Chair Klaas Knot wrote a letter to G20 Finance Ministers and Central Bank Governors, laying out the FSB’s plans to monitor and address financial system vulnerabilities, including the risks posed by crypto assets.
OANDA introduces UK crypto trading platform registered with FCA
Foreign exchange corporation OANDA announced the launch of OANDA Crypto, a UK crypto trading platform registered with the Financial Conduct Authority (FCA).
FATF convenes to address crypto-related money laundering and terrorism financing
The Financial Action Task Force (FATF) held its fifth plenary to discuss money laundering, terrorism financing, and proliferation financing issues. The FATF identified jurisdictions with the most significant crypto activity and discussed plans to help them in implementing requirements to supervise and regulate crypto.
Spanish Regulator Lists Unlicensed Companies, Including Crypto Firms
The Spanish National Securities Market Commission published a list of 18 companies operating in Spain without a proper license, including several crypto companies.