Trump Treasury Pick Bessent Opposes Idea of U.S. Central Bank Digital Currency
Scott Bessent, who is immersed in the Senate confirmation process as President-elect Donald Trump’s Treasury secretary nominee, only addressed crypto briefly.
Treasury Department
Tornado Cash Sanctions Overturned by U.S. Appeals Court; TORN Soars Over 500%
A U.S. federal appeals court has delivered a major legal victory to the crypto sector by throwing out the U.S. Treasury Department’s earlier effort to directly sanction crypto mixing service Tornado Cash.
The court found that the government didn’t have the proper tools to include the actual technology underpinning the service as a sanctioned entity.
Tornado Cash’s native token, TORN, rocketed up by over 500% in the hours following the ruling.
Crypto Gains Let Poor People Buy Houses, U.S. Research Finds, But Risks May Lurk
The U.S. Treasury Department’s researchers were watching out for crypto risks, but they found digital assets enthusiasts with otherwise low incomes were buying homes in recent years at a high rate.
The high-crypto, poor areas have apparently used crypto gains to obtain mortgages and car loans, the Office of Financial Research found, but the delinquency rates on the debt have been low.
This cohort of the population is still worth watching for emerging risks if the markets take a turn, the paper noted.
Plan a Crypto Mine Near a U.S. Military Base? Expect a Bigger Hassle Now.
Foreign real estate deals near sensitive U.S. military bases will get more government scrutiny under a new rule from the U.S. Department of the Treasury that has emerged after President Joe Biden ordered a China-tied crypto mining operation beside a Wyoming nuclear missile base shut down earlier this year.
U.S. Treasury Advisory Panel Says Tokenization Could Be Big, But May Need Central Control
The U.S. Treasury Department’s panel of Wall Street advisers see the tokenization of U.S. debt and other assets providing some significant potential advances, the group contended in a new report – while also envisioning an inevitable need for the kind of heavy central hand that may rankle the crypto sector.
Crypto Ghosted in U.S. Treasury Department’s New Strategy on Financial Inclusion
The U.S. Treasury Department has a new strategy for financial inclusion to help people get access to the financial system, but the 35-page report references cryptocurrency only once – to tout Treasury’s work on flagging the industry’s hazards.
U.S. Senators Question Justice Department’s Pursuit of Crypto Mixers
A bipartisan pair of U.S. senators is questioning Attorney General Merrick Garland about the “unprecedented interpretation” of law the Department of Justice (DOJ) is using to pursue cryptocurrency software services as unlicensed money-transmitting businesses.
US Treasury urges congressional action against crypto-linked illicit finance
With the cryptocurrency industry evolving and seeping into the mainstream, it has increasingly become one of the innovative ways for … Continue reading
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U.S. SEC Asking for More Millions, Dozens of Lawyers to Beef Up Crypto Oversight
Gary Gensler wants 33 more people in the enforcement division of the U.S. Securities and Exchange Commission (SEC) to deal with “new and emerging issues,” according to the regulator’s annual budget pitch. Much of that office’s recent, emerging workload has come from the agency’s pursuit of cryptocurrency businesses, such as Coinbase Inc., Kraken and Binance.
U.S. Treasury Debunks Narrative That Hamas Relied on Crypto to Fund Terrorism
Just after Hamas’ terrorist attacks in Israel last year, crypto took blame for helping fund such brutal killing. While the prominent media reports were later bashed by cryptocurrency experts, the U.S. Department of the Treasury’s top official on terrorism financing confirmed to lawmakers on Wednesday the situation was blown out of proportion.