Web3/Crypto news and reports on Federal Newswire

On May 29, 2024, Commissioner Caroline D. Pham is set to participate in a panel discussion at the Hellenic Capital Market Commission (HCMC) Public Conference during the IOSCO Annual Meeting. The panel, titled "Digital Finance, Fintech and Crypto Assets: Supervision Challenges and Experiences Including Issues relating to Sustainability," will delve into the complexities of digital finance supervision and related sustainability issues.

Commissioner Goldsmith Romero to speak at Financial Times' Moral Money Summit

The Financial Times' Moral Money Summit will feature a keynote interview with Commissioner Goldsmith Romero. The event is scheduled for Wednesday, May 22, 2024, from 9:10 am to 9:30 am London/BST or 4:10 am to 4:30 am USA/EDT. The venue for the summit is The Biltmore Mayfair, located at 44 Grosvenor Sq, London W1K 2HP, United Kingdom. For more information about the event, interested parties can visit https://moralmoneyeurope.live.ft.com/home.

House passes FIT21 Act marking significant step for cryptocurrency regulation

Washington, D.C., (May 22, 2024) – The Blockchain Association, a prominent trade association for the cryptocurrency and blockchain technology industry, has acknowledged the bipartisan passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) by the U.S. House of Representatives.

FinCEN holds bilingual beneficial ownership engagement event in Puerto Rico

SAN JUAN, Puerto Rico—The Financial Crimes Enforcement Network (FinCEN) conducted an outreach event today focused on beneficial ownership reporting requirements. The event, held at the Puerto Rico Department of State, was attended by Puerto Rico’s Secretary of State, Hon. Omar J. Marrero-Diaz, and included trade associations representing small business groups in Puerto Rico. This marks FinCEN’s first outreach event in Spanish regarding federal requirements for reporting information about individuals who ultimately own or control businesses.

Commissioner Pham to Speak at City Week 2024

By Federal Newswire | May 21, 2024

Commissioner Caroline D. Pham is set to speak at a featured fireside chat on the CFTC’s role in regulating digital assets at City Week 2024. The event is scheduled for Tuesday, May 21, 2024, at 11:00 a.m. (London/GMT) and 6:00 a.m. (USA/EDT). The location for the event is Guildhall Gresham Street London EC2V 7HH, United Kingdom.

Commissioner Goldsmith Romero to discuss international finance at City Week 2024

By Federal Newswire | May 20, 2024

Commissioner Christy Goldsmith Romero is scheduled to participate in a panel discussion on international financial regulation at City Week 2024. The event will take place on Monday, May 20, 2024.

Treasury launches PROTECT series to combat illicit fentanyl trafficking

By Federal Newswire | May 20, 2024

The Financial Crimes Enforcement Network (FinCEN), as part of the Treasury Department’s Counter-Fentanyl Strike Force and in partnership with IRS Criminal Investigation (CI), has announced a new initiative to combat the illicit trafficking of fentanyl into the United States. The "Promoting Regional Outreach to Educate Communities on the Threat of Fentanyl" (PROTECT) series of FinCEN Exchange sessions will be held throughout 2024 in U.S. cities severely affected by the opioid epidemic.

State Department is involved and providing assistance to US citizen held ‘hostage’ in Nigeria

By Federal Newswire | May 17, 2024

A State Department spokesperson has confirmed to Federal Newswire that the Department is monitoring the case of Tigran Gambaryan, an American citizen and former federal agent detained in Nigeria since February 26 and are providing all appropriate assistance. The spokesperson’s comments were provided May 15 following Deputy Secretary Kurt Campell’s meeting in Washington, D.C. with Nigerian Foreign Minister Yusuf Tuggar.

House Committee on Rules to consider historic Financial Innovation and Technology for the 21st Century Act.

By Federal Newswire | May 16, 2024

The House Committee on Rules has announced its intention to consider the Financial Innovation and Technology for the 21st Century (FIT21) Act. The bill is expected to be put to a floor vote later this month.

Commissioner Romero to address NFA's Board of Directors spring meeting

By Federal Newswire | May 16, 2024

Commissioner Christy Goldsmith Romero is scheduled to address the National Futures Association’s (NFA) Board of Directors at their Spring meeting. The event will take place on Thursday, May 16, 2024, from 1:15 pm to 1:45 pm (EDT). The venue for this significant gathering is the St Regis, located at 923 16th Street, NW, Washington, DC 20006.

CFTC charges Agridime with fraudulent cattle scheme

By Federal Newswire | May 14, 2024

The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action in the U.S. District Court for the Northern District of Texas against Agridime LLC, a Texas corporation, and its co-founders, Joshua Link of Gilbert, Arizona and Jed Wood of Ft. Worth, Texas. The defendants are accused of defrauding thousands of customers across at least 14 states by soliciting, accepting, and using customer funds to pay undisclosed commissions and using later customers' funds to pay profits to earlier customers.

Commissioner Goldsmith Romero to Participate on an Artificial Intelligence Panel at the Asian Pacific American Institute for Congressional Studies’ Legislative Leadership Summit

Commissioner Christy Goldsmith Romero is set to participate on an AI panel at the Asian Pacific American Institute for Congressional Studies (APAICS) at the 2024 Legislative Leadership Summit. The panel, titled "How AI is Changing the World," will take place on Monday, May 13, 2024, from 11:15 am to 12:00 pm (EDT) at the Walter E. Washington Convention Center, 801 Allen Y. Lew Place, NW, Washington, DC 20001.Romero's insights on the topic will be shared alongside other experts in the field during the summit, providing valuable perspectives on the impact of artificial...

CFTC settles charges against unregistered crypto prime brokerage firm

The Commodity Futures Trading Commission (CFTC) has issued an order filing and settling charges against Falcon Labs, Ltd., a Seychelles-based entity. The firm is accused of failing to register as a futures commission merchant (FCM), marking the CFTC's first action against an unregistered FCM that facilitated access to digital asset exchanges.

SEC and FinCEN propose new customer identification program requirements

Today, the Securities and Exchange Commission (SEC) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) jointly proposed a new rule that would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish, document, and maintain written customer identification programs (CIPs). The proposal aims to prevent illicit finance activity involving the customers of investment advisers by bolstering the anti-money laundering and countering the financing of terrorism (AML/CFT) framework for the investment adviser...

CFTC issues advisory warning against 'money mule' scams

The Commodity Futures Trading Commission’s Office of Customer Education and Outreach (OCEO) has issued an advisory warning students and job seekers about the risks associated with "money mule" scams. These scams involve individuals transferring money into their bank accounts, digital wallets, or spot-market crypto trading accounts as part of their job duties or at the behest of others.

Binance CEO: 'We always place users’ interest first'

Richard Teng, Chief Executive Officer of the cryptocurrency exchange Binance, has announced that nearly 355,000 users have been removed from its platform in an effort to maintain compliance and market fairness. Teng made this statement in a post on the Binance website dated May 9.

Report finds heightened risk of mismanagement of U.S. aid funds in Nigeria

The U.S. Government Accountability Office (GAO) has issued a report indicating that the risk assessment processes of the U.S. Agency for International Development (USAID) for countries affected by violent conflict, including Nigeria, are insufficient. This deficiency leads to a "heightened risk of corruption, fraud, mismanagement or unauthorized use of U.S. aid funds" and "fraudulent financial reporting." The GAO released its report on April 30 after examining USAID's risk management in Nigeria, Somalia, and Ukraine at the behest of the House Foreign Affairs Committee.

Pressure on for release of former IRS special agent held in Nigeria prison on 'bogus' charges

By Donna Rolando | May 8, 2024

The clamor for U.S. intervention in the suspected Nigerian kidnapping of a California-raised Binance crypto executive is escalating in a case wrought with irony.

Financial Crimes Enforcement Network Issues Advisory on Iran-Backed Terrorist Organizations

By Federal Newswire | May 8, 2024

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has released an Advisory to aid financial institutions in identifying potentially illicit transactions linked to terrorist organizations backed by the Islamic Republic of Iran. The Advisory outlines the methods through which these groups receive support from Iran and details various strategies they utilize to illegitimately access or bypass the global financial system in order to raise, transfer, and utilize funds. It also presents warning signs that can help financial institutions in...