Web3/Crypto news and reports on Federal Newswire

By Federal Newswire | Jan 24, 2024

Sam Lyman, Director of Public Policy at Riot Platforms, a Bitcoin mining company, recently expressed his views on the use of cryptocurrency for money laundering. In a Jan. 22 post on X, Lyman stated that while cartels have indeed utilized cryptocurrency for such purposes, traditional banks have been used to launder significantly larger amounts. His comments were in response to U.S. Sen. Elizabeth Warren's (D-Mass.) remarks during a recent Congressional hearing.

By Federal Newswire | Jan 23, 2024

On January 18, Chainalysis, a blockchain analysis firm based in New York, unveiled the introduction of its annual report that examines criminal activity within the cryptocurrency ecosystem. The "2024 Crypto Crime Report" revealed a significant drop in the value of cryptocurrency sent to illicit addresses in 2023 compared to the previous year.

By Federal Newswire | Jan 18, 2024

Noah Perlman, the Chief Compliance Officer at Binance, the world's largest cryptocurrency exchange, stated on Jan. 16 that he takes pride in the accomplishments of his team over the past year and anticipates continuing their efforts. One significant achievement Perlman noted during his tenure with Binance was reaching a settlement with the U.S. government.

By Federal Newswire | Jan 15, 2024

U.S. Representative Warren Davidson (R-Ohio) has voiced concerns over policy proposals targeting the use of cryptocurrency in illicit activities. He argues that these proposals overlook the transparency provided by blockchain transactions and the fact that terrorist groups primarily rely on traditional financial systems for financing. Davidson attributes these proposals to now-debunked reports claiming that Hamas raised significant funds through cryptocurrency before its Oct. 7 attack.

By Federal Newswire | Jan 15, 2024

U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce expressed her enthusiasm regarding the availability of spot bitcoin exchange-traded products (ETPs) for investors and market participants, following the SEC's approval for the listing and trading of multiple bitcoin ETPs.

By Federal Newswire | Jan 15, 2024

Ji Kim, the General Counsel and Head of Global Policy for the Crypto Council for Innovation, a global organization focused on promoting innovation in the digital asset industry, has stated that he, the Financial Stability Oversight Council (FSOC), and members of Congress concur that lawmakers should establish a regulatory framework for the digital asset industry, which would provide clarity for those involved in the industry. Kim made these comments during a House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion hearing titled "Regulatory Whiplash: Examining the Impact of FSOC’s Ever-changing Designation Framework on Innovation."

By Federal Newswire | Jan 12, 2024

Patrick McHenry, Chairman of the House Financial Services Committee (NC-10), and French Hill, Chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion (AR-02), have issued a statement lauding the U.S. Securities and Exchange Commission's (SEC) approval of a spot Bitcoin exchange-traded fund (ETF). This announcement arrives over a decade after the cryptocurrency industry first sought approval for Bitcoin ETFs.

By Federal Newswire | Jan 12, 2024

U.S. Senators JD Vance (R-Ohio) and Thom Tillis (R-N.C.) have voiced their concerns over the breach of the U.S. Securities and Exchange Commission's (SEC) official account, asserting that it confused investors, impacted Bitcoin's price, and contradicted the SEC's mission. In a letter dated Jan. 9 to SEC Chair Gary Gensler, the senators sought answers to several questions about the breach by Jan. 23.

By Federal Newswire | Jan 11, 2024

The U.S. Securities and Exchange Commission's (SEC) social media account was recently compromised, leading to the dissemination of false information regarding the approval of a bitcoin exchange-traded fund (ETF). This caused an initial surge in bitcoin prices before they plummeted. The incident has sparked calls from lawmakers and crypto industry participants for SEC Chair Gary Gensler to clarify how the breach occurred.

By Federal Newswire | Jan 10, 2024

The Chamber of Digital Commerce, a group advocating for the blockchain and digital asset industry, has appealed to House and Senate leadership to consider H.R. 1414, also known as the Keep Innovation in America Act. The purpose of this consideration is to provide clarity for participants in the digital asset market. Cody Carbone, Chief Policy Officer of the Chamber of Digital Commerce, expressed these concerns in a letter dated January 5, specifically addressing the uncertainty surrounding a new Internal Revenue Service (IRS) digital asset reporting requirement.

By Federal Newswire | Jan 9, 2024

Seth Hertlein, the Global Head of Policy at Ledger, a provider of digital asset wallets, stated that the 'Keep Your Coins Act' should not be necessary. He argued that the Constitution already safeguards Americans' right to private property. The act was introduced by U.S. Rep. Warren Davidson (R-Ohio) with the aim of preserving crypto users' ability to transact without involving a third-party intermediary.

By Federal Newswire | Jan 5, 2024

Jerry Brito, the Executive Director of Coin Center, a non-profit organization dedicated to research, education, and advocacy in the cryptocurrency ecosystem, has expressed concerns over the difficulties crypto users may face in complying with a new IRS rule pertaining to reporting crypto transactions. In a post on Coin Center's website, Brito revealed that his organization had filed a lawsuit against this rule in 2022; however, the case remains unresolved.

By Federal Newswire | Jan 4, 2024

The U.S. Department of Justice (DOJ) has declared its decision to abstain from pursuing a second trial against Sam Bankman-Fried, the founder and former CEO of cryptocurrency exchange FTX. Last year, Bankman-Fried was convicted on seven criminal charges related to the collapse of FTX and its associated hedge fund, Alameda Research, in 2022.

By Federal Newswire | Jan 3, 2024

U.S. Senator Cynthia Lummis (R-Wyo.) has voiced the need for comprehensive regulations in the cryptocurrency industry to provide clarity and protect consumers. In 2023, Lummis, alongside U.S. Senator Kirsten Gillibrand (D-N.Y.), introduced a bipartisan bill aiming to establish a federal regulatory framework for digital assets.

By Federal Newswire | Jan 3, 2024

The Crypto Council for Innovation (CCI), a global organization that advocates for digital assets through research and education, recently disclosed the results of a national survey conducted among crypto voters. The survey revealed that a significant majority of respondents would favor a candidate who seeks to establish clear regulations for the digital asset industry. These findings were released on January 3.

By Federal Newswire | Dec 21, 2023

Richard Teng, the Chief Executive Officer (CEO) of Binance, the world's largest cryptocurrency exchange, stated that American regulatory agencies have acknowledged the efforts Binance has made to enhance its compliance. Teng assumed the role of CEO in November as part of a settlement with the U.S. government to resolve historical compliance issues associated with Binance.

By Federal Newswire | Dec 21, 2023

Vietnam is home to a significant proportion of its population that engages with cryptocurrency. Approximately 17 percent of Vietnamese citizens have either used or currently possess crypto assets.

By Federal Newswire | Dec 21, 2023

The implications of receiving cryptocurrency donations on tax returns have been increasingly recognized over the past five years.

By Federal Newswire | Dec 21, 2023

U.S. Representative Ritchie Torres (D-N.Y.) has expressed his belief that the amalgamation of blockchain technology and stablecoins could enhance financial services for impoverished Americans. In a post on X, Torres underscored the necessity for appropriate regulation in implementing blockchain and stablecoins.

By Federal Newswire | Dec 21, 2023

U.S. Representative Warren Davidson (R-Ohio), a member of the House Financial Services Committee, has expressed his support for the passage of his proposed Keep Your Coins Act. This legislation aims to maintain the ability of cryptocurrency users to conduct transactions without the need for a third-party intermediary. In a post on Dec. 19, Davidson stated that the bill would shield Americans from the introduction of a central bank digital currency (CBDC).