By William Janes ( September 23, 2025, 2:12 PM BST) — Five people have been arrested on suspicion of carrying out a €100 million ($118 million) cryptocurrency fraud in a joint international operation by law enforcement agencies across Europe, a European Union law authority said Tuesday….
Crypto
Banks’ Ability to Conduct Cryptocurrency Transactions Comes Under Senators’ Fire
A number of senators are asking for a rescission and extra complete updates on the Workplace of the Comptroller of the Forex’s digital asset steerage, citing risky market situations and better threat for monetary establishments.
An unbiased workplace inside the Treasury Division, the OCC oversees banking exercise and ensures regulatory compliance. Appearing Comptroller Michael Hsu was requested to restrict cryptocurrency transactions inside the banking system by Sens. Elizabeth Warren, D-Mass; Dick Durbin, D-Ailing.; Bernie Sanders, I-Vt.; and Sheldon Whitehouse, D-RI.
“In gentle of latest turmoil within the crypto market, we’re involved that the OCC’s actions on crypto could have uncovered the banking system to pointless threat, and ask that you simply withdraw present interpretive letters which have permitted banks to interact in sure crypto-related actions,” the letter reads.
Lawmakers particularly focused a sequence of interpretive letters the OCC beforehand issued to banks that allowed them to interact in digital foreign money transactions––offered a financial institution can show the transactions are financially sound.
Letters 1170, 1172, 1174, and 1179 all allow banks to interact in cryptocurrency transactions in what lawmakers say is “unfettered” and “problematic” habits. They reference the latest volatility in cryptocurrency markets, specifically the fluctuating costs of digital cash, as the important thing cause warranting extra cautious oversight.
“We’re involved that the OCC has didn’t correctly handle the shortcomings of the previous interpretive letters and the dangers related to crypto-related banking actions, which have grown extra extreme in latest months.”
The senators ask for the withdrawal of the OCC’s letters concerning cryptocurrency transaction permissions adopted by coordination with the Federal Deposit Insurance coverage Company and Federal Reserve to implement a stronger shopper safety framework concerning cryptocurrencies.
The letter additionally asks for a whole listing of banks regulated by the OCC which might be foreign money offering cryptocurrency deposit and holding providers, whole greenback quantities of cryptocurrency custodies at the moment deposited in taking part banks, and different data surrounding digital foreign money transactions.
A spokesperson for the OCC instructed Nextgov that whereas the OCC doesn’t touch upon congressional correspondences, Hsu has beforehand advocated for a robust, coordinated federal strategy to stop dangers related to cryptocurrency banking.
“To the extent the OCC’s prior communications have been interpreted as tacit encouragement to interact in crypto actions, the forthcoming releases will make clear that security and soundness is paramount,” he mentioned in remarks earlier than the Federal Reserve Financial institution of Philadelphia.
The federal authorities has been more and more eager on exploring laws for the booming cryptocurrency market to stop broad destabilization within the monetary system.
Whereas regulation is usually met with pushback by business gamers, some crypto corporations welcome the oversight. Georgia Quinn, basic counsel on the first OCC-approved crypto buying and selling platform Anchorage Digital, mentioned that extra laws guarantee a safer digital foreign money business. She additionally mentioned that rescinding the OCC’s letters allowing cryptocurrency transactions would decentivize corporations like Anchorage from looking for federal charters.
“Latest requires the OCC to withdraw its crypto steerage for banks would end in fewer establishments looking for federal banking charters, and fewer shopper protections because of this,” she mentioned in a press release. “If we really need to shield shoppers, we have to pave a workable path ahead for regulated establishments to offer crypto providers, which was the very intent of the OCC’s steerage.”
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GRANT, Minn. (FOX 9) – A Washington County family was reportedly kidnapped and held hostage at gunpoint for hours by two Texas brothers who ultimately took more than $72,000 in cryptocurrency.
Raymond Christian Garcia, 23, and Isiah Angelo Garcia, 24, were each charged via warrant with three counts of kidnapping, three counts of first-degree burglary, and one count of first-degree aggravated robbery for their alleged roles.
The incident led to the Washington County Sheriff’s Office issued a shelter in place order while they searched for the suspects. The incident ultimately led to the cancellation of a high school homecoming football game in Mahtomedi.
Home invasion and cryptocurrency theft
The backstory:
According to the criminal complaint, a 911 call was received at approximately 4:45 p.m. on Sept. 19 from someone in Grant, Minnesota, stating that he and his family had been kidnapped and were being held hostage at gunpoint in their home.
The complaint details that on Sept. 19, a man was taking out the garbage at around 7:45 a.m. when the armed brothers allegedly forced him back into the garage and bound his hands with zip ties. The men then woke up the two other people in the house, also binding them.
Raymond Garcia is accused of holding the 911 caller and his mother hostage for nine hours while armed with an AR-15-style rifle. Police said the upstairs bedroom door was tied shut with wire and needed to be cut in order to free them, according to the complaint.
Meanwhile, Isiah Garcia, armed with a shotgun, allegedly forced the man to log into his cryptocurrency wallet and transfer over $36,000 to an unknown account, charges state. After learning of a separate crypto wallet kept at the family cabin in Jacobson, Minnesota, Isiah Garcia allegedly forced the man to drive three hours and transfer the additional cryptocurrency, valued at over $36,000.
According to the complaint, the victim believed some of his crypto account information had been leaked during a data breach. The charges note that the men were frequently on the phone with an “unknown third party who directed [them] to transfer the cryptocurrency.”
The victim inside the house called 911, and multiple squad cars passed Isiah Garcia as they were driving back from the cabin. Isiah Garcia then turned the truck around, parked, and fled on foot before discarding the shotgun in a nearby field, charges allege.
Raymond Garcia was seen on camera running out the back door of the home. During a search of the area, authorities recovered an AR-15 rifle in a suitcase located in the tree line behind the home, charges said.
Brothers arrested in Texas
The investigation:
According to the complaint, Isiah Garcia rented a car near Houston, Texas, on Sept. 16 and drove to Minnesota. The vehicle’s GPS data placed the car near the victim’s home and a motel in Roseville. On Sept. 21, Isiah Garcia was taken into custody while driving the same rental car in Texas.
Raymond Garcia went to authorities on Sept. 22 to report that his AR-15 had been stolen in Waller, Texas. During a search of the brother’s home in the Waller area, authorities reportedly found a firearm box with a serial number matching the AR-15 recovered in Minnesota.
At the time the criminal complaints were filed, both men were in custody in Texas.
The Source: This story uses previous FOX 9 reporting and information from a Washington County criminal complaint.
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