Tagged: us department of treasury

Senate Banking Committee Meets to Disscus Bank Failures, Regulatory Shortcomings

Today, the US Senate Banking Committee will meet to discuss the recent calamitous events in the banking sector. Multiple banks have experienced bank runs, and several have been taken over as these firms fell prey to poor management in regard to interest rate risk, and… Read More

Yellen Comments on US Banking System: The Situation is Stabilizing

US Secretary of the Treasury, Janet Yellen, addressed the American Bankers Association today, tackling the topic on everyone’s mind. The precarious financial services industry and the possibility for contagion. The collapse of multiple banks in the US has now spread to Europe. This past week,… Read More

UK FCA, US Department of Treasury & Federal Reserve, Issue Statements on UBS Takeover of Credit Suisse

Several government entities have commented on UBS’s recently announced takeover of Credit Suisse. The acquisition was supported by the Swiss government. Credit Suisse faced a crisis of confidence this past week, which could have spilled over into this coming week. Swiss government officials worked to… Read More

Treasury, FDIC, Federal Reserve Announce Action to Protect All Deposits at Silicon Valley Bank, Signature Bank in New York

The US Department of Treasury, FDIC and Federal Reserve have joined to protect all account holders at the Silicon Valley Bank (NASDAQ:SIVB), which was taken over by the federal government on Friday. The exceptional action means that accounts holding over $250,000 will have access to… Read More

Treasury Undersecretary Discusses Digital Assets, Other Current Topics in Speech

Jay Shambaugh, the Under Secretary for International Affairs at the US Department of Treasury, delivered a speech today in front of the Institute of International Bankers’ conference. In the presentation, Shambaugh addressed a litany of hot topics that covered Fintech, including digital assets, as well… Read More

Senator Sherrod Brown, Chair of Banking Committee, Sends Letter to Treasury Secretary Yellen Addressing FTX Debacle

Senator Sherrod Brown, Chairman of the Senate Banking Committee, has sent a letter to the US Department of Treasury Secretary Janet Yellen expressing his concerns following the bankruptcy filing of FTX. The crypto exchange, once one of the largest crypto exchanges in the world, filed… Read More

Kraken Settles with US Department of Treasury, Pays $362K Penalty

Crypto exchange Kraken has settled with the US Department of Treasury, which had alleged sanction violations. Falling under the Office of Foreign Assets Control (OFAC), Kraken has agreed to pay $362,158.70 to settle a possible civil liability for claimed violations of the Iranian Transactions and… Read More

US Department of Treasury Says Fintechs Need More Oversight

Last week, the US Department of Treasury published a report entitled Assessing the Impact of New Entrant Non-bank Firms on Competition in Consumer Finance Markets. The report was delivered to the White House Competition Council. The 128-page document informed the White House that Fintech firms… Read More

Last Week, Bittrex Was Penalized by the US Department of Treasury. Will More Crypto Trading Platforms Receive Similar Treatment?

Last week, it was reported that Bittrex was the target of an enforcement action emanating from the US Department of Treasury. Two divisions at Treasury, the Office of Foreign Assets Control (OFAC) and The Financial Crimes Enforcement Network (FinCEN) announced enforcement actions. The crypto trading… Read More

US Department of Treasury Targets Bittrex, Crypto Exchange Hit with Two Enforcement Actions, Penalty Totals $53 Million

The US Department of Treasury has revealed two enforcement actions against the crypto exchange Bittrex. According to a statement issued by Treasury, Bittrex has settled for $24 million with the Office of Foreign Assets Control (OFAC) and for $29 million with Financial Crimes Enforcement Network… Read More

US Department of Treasury, Office of Foreign Assets Control, Posts FAQ on Tornado Cash and Sanctions

This is interesting. At some point today, the Office of Foreign Assets Control (OFAC), part of the US Department of Treasury, posted an FAQ on Tornado Cash, a crypto mixer that was recently the target of an action by OFAC. Last month, Tornado Cash was… Read More

Coinbase to Fund Lawsuit Challenging Tornado Cash Sanctions by US Department of Treasury

Last month, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) applied sanctions to Tornado Cash, a crypto mixing platform. The second sanctions hitting a mixer, the enforcement action is still the first of its kind as the code running Tornado.cash was open… Read More

Congressman Tom Emmer Criticizes Tornado.Cash Sanctions, Sends Letter to Treasury Secretary Yellen

  The sanctioning of open source crypto mixer Tornado.cash has generated much scrutiny and questions about the legality of a governmental entity punishing code. On August 8th, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against the crypto mixer, citing occurrences… Read More

Columbia Business School Professor on Tornado.Cash Sanctions: US Government has Criminalized Financial Privacy

As has been widely reported, the US Department of Treasury, Office of Foreign Assets Control (OFAC), has sanctioned crypto mixer Tornado.cash for enabling illicit activities in regards to crypto thefts, ransomware and money laundering. Many crypto proponents are up in arms as this is the… Read More

Freedom of Speech: Tornado.Cash Enigma Explained

The sanctioning of Tornado.cash, a crypto mixing service, has riled many in the crypto-world. This past week, the US Department of Treasury, Office of Foreign Assets Control (OFAC), targeted the mixer as it is said to launder the proceeds of cybercrime – not just benign… Read More

Coin Center Defends Tornado Cash: A Smart Contract is a Robot Not a Person

As was earlier covered, the US Department of Treasury, via the Office of Foreign Assets Control (OFAC) has sanctioned crypto mixer Tornado Cash.  Mixers are used to boost the privacy of crypto transacts but may also be used to obfuscate nefarious activity. Coin Center, a… Read More

US Department of Treasury Targets Another Crypto Mixer as Tornado.Cash Gets Sanctioned

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has targeted another crypto mixer by sanctioning Tornado Cash. Most recently, in May, OFAC sanctioned Blender.io, a mixer that is said to be utilized by North Korea  for its “malicious cyber activities and… Read More

US Department of Treasury Issues Request for Comments on Digital Assets

The US Department of Treasury has issued a request for comments pertaining to the risks and opportunities affiliated with digital assets or crypto. Under Secretary of the Treasury for Domestic Finance, Nellie Liang issued the following statement on the request: “For consumers, digital assets may present… Read More

President’s Working Group Convenes to Discuss Stablecoins

The President’s Working Group (PWG) on Financial Markets met today to discuss the topic of stablecoins. In 2021, the PWG published a report on stablecoins requesting legislation stating: “…in the absence of Congressional action, which is urgently needed to address the prudential risks inherent in… Read More

Coin Center Sues the US Department of Treasury Regarding Infrastructure Bill and New Crypto Regulation

Coin Center, the not-for-profit digital asset advocacy group, has sued the US Department of Treasury. According to a blog post from several days ago, Coin Center has taken umbrage to a portion of the Infrastructure Investment and Jobs Act, signed into law in 2021, that… Read More

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