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SEC Chair Warns of ‘Too Good to Be True’ Crypto Products — US Treasury Calls for Urgent Regulation

The chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, has warned the public about crypto investments that seem “too good to be true.” Meanwhile, the US Treasury Department says that the recent crypto market turmoil underscores the urgent need for regulatory frameworks that mitigate the risks posed by digital assets.

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Stablecoins highlight 'structural fragilities' of crypto — Federal Reserve

“Stablecoins that are not backed by safe and sufficiently liquid assets and are not subject to appropriate regulatory standards create risks to investors," said the Fed report. The Federal Reserve’s board of governors pointed to stablecoins as a potential risk to financial stability amid a volatile crypto market.In its Monetary Policy Report released on Friday, the board of governors of the Federal Reserve System said “the collapse in the value of certain stablecoins” — likely referring to TerraUSD (UST) becoming unpegged from the United States dollar in May — in addition to “recent strains” in the digital asset market suggested “structural fragilities.” The government department pointed to the President’s Working Group on Financial Markets report from November 2021, in which officials said legislation was "urgently needed" to address financial risks.“Stablecoins that are not backed by safe and sufficiently liquid assets and are not subject to appropriate regulatory standards create risks to investors and potentially to the financial system, including susceptibility to potentially destabilizing runs,” said the Fed report.

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Seized crypto safe with US Marshals Service? Not so much, new audit reveals

OIG’s audit disclosed the lack of documented policies and practices related to the management of seized crypto assets — especially related to the use of inventory spreadsheets. The Office of the Inspector General (OIG) for the United States Department of Justice conducted an extensive audit of the cryptocurrencies seized by the US Marshals Service (USMS) — revealing the dire need for the federal agency to revamp its existing crypto management and policy systems.OIG’s audit on the seized cryptocurrencies found the USMS implementing adequate safeguards over its storage and access.

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Coin Center takes US Treasury to court over alleged financial spying

Coin Center filed a lawsuit against the Treasury Department in federal district court — challenging the enforcement of Section 6050I’s reporting mandate. Coin Center, a Washingon, DC-based non-profit blockchain advocacy group, filed a lawsuit against the United States Department of the Treasury for allegedly provisioning an unconstitutional amendment in the controversial infrastructure bill.Coin Center lawsuit information about plaintiffs and defendants.

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Popular BTM Operator: Bitcoin of America Continues Rapid Expansion in 2022

Bitcoin of America is a popular virtual currency exchange, registered as a money services business with the United States Department of Treasury (FinCEN)(RegNum).

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New York Finance Regulator Issues Fresh Guidance on Dollar-Backed Stablecoins

The New York State Department of Financial Services became America’s first regulator to issue regulatory guidance for dollar-backed stablecoins.

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Information, AML/CFT steps are key to fighting international digital crime, DOJ report says

The Justice Department report, mandated by the president executive order on digital asset development, recommends more efforts along the lines already being pursued.

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New York state releases guidance for issuing dollar-backed stablecoins

The NY State Department of Financial Services, notorious for its strictness, claims to be the first regulator in the country to impose requirements of the type. The New York State Department of Financial Services (DFS) on Wednesday released regulatory guidance for US dollar-backed stablecoins issued by DFS-regulated entities.

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Lawsuit Claims US Labor Department’s Crypto Guidance Is Unlawful

The US Department of Labor has been sued by a 401(k) plan administrator over its cryptocurrency guidance.

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Retirement Plan Advisor Sues US Department of Labor Over ‘Arbitrary’ Crypto Guidance

A financial planning company allowing customers to include crypto in their 401(k) plans is suing the Federal government.

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Will Russia Use Crypto to Pay Its Foreign Debt?

US Treasury Department officials announced that Russia would no longer be able to pay bondholders through US banks after May 25, 2022 due to sanctions imposed by the Biden administration for its invasion of Ukraine.

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US Arrests Former Employee of Opensea NFT Marketplace in ‘First-Ever Digital Asset Insider Trading Scheme’

The US Department of Justice (DOJ) has indicted an employee of non-fungible token (NFT) marketplace Opensea in what the department called the “first-ever digital asset insider trading scheme.” DOJ Indicts Former Opensea Product Manager The DOJ announced Wednesday the unsealing of an indictment charging Nathaniel Chastain, a former product manager at Ozone Networks Inc.

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401(k) provider ForUsAll sues US Labor Dept over anti-crypto compliance release

The retirement plan fiduciary says warning about investigation of 401(k) plans that include cryptocurrency constitutes encroachment on private rights. ForUsAll, a 401(k) retirement provider, filed suit against the United States Department of Labor (DOL) and Martin Walsh as Labor secretary in US District Court in Washington, D.C.

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Labor Department Sued for Opposing Crypto in Retirement Accounts

A retirement plan provider is going after the DOL for alleged violation of the Administrative Procedure Act (APA).

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US Department of Justice Charges Former OpenSea Executive in First-Ever Insider Trading Crypto Scheme

In a groundbreaking move, the US Department of Justice (DOJ) is charging a former executive of the world’s leading non-fungible token (NFT) marketplace with insider trading.

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Crypto 401(k) Provider ForUsAll Sues US Department of Labor

ForUsAll is suing the Department of Labor after the regulator discouraged retirement planners from turning to crypto.

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Bitfinex Hack: Heather ‘Razzlekhan’ Morgan and Husband Hearing Postponed

The US Department of Justice had previously revealed recovering 119,754 Bitcoin from the couple, which hackers stole from Bitfinex six years ago.

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Philippines to explore blockchain use cases, launches training program

Enrico Paringit, an official at the Department of Science and Technology, said that the goal of the training is to build non-crypto apps. The Philippine government has started its exploration of blockchain technology use cases, launching a training program for researchers in the government’s Department of Science and Technology (DOST). Enrico Paringit, a DOST official, reportedly said that the goal of the training is to see how blockchain can play a role in areas like healthcare, financial support and emergency aid.

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India cooperates with IMF on crypto consultation paper

The document, which could define a national framework for digital assets, is almost ready. The Department of Economic Affairs of India is finalizing a consultation paper on crypto currencies, which then will be handed over to the federal government.

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