Crypto

Decentralized Cryptocurrency Markets Threaten U.S. Security, Treasury Says

Published

2 years ago

April 6, 2023

Decentralized Cryptocurrency Markets Threaten U.S. Security, Treasury Says

WASHINGTON—The burgeoning decentralized cryptocurrency market threatens U.S. nationwide safety and desires better oversight and enforcement towards money-laundering, the U.S. Treasury Division mentioned on Thursday.

The warning, in a brand new Treasury report assessing the danger of the so-called DeFi markets, lays the inspiration for harder laws and punitive motion by federal businesses.

DeFi platforms allow crypto buyers to transact with one another by software program working on-line, with out a central middleman overseeing transactions. With out the intermediaries of conventional finance akin to banks, regulators at present have little perception into DeFi transactions.

Ransomware hackers, rogue states and different nationwide safety threats have seized upon the market’s opaqueness to maneuver cash around the globe with out detection, facilitating the financing vital to their operations, the Treasury Division report mentioned.

“Illicit actors, together with criminals, scammers, and North Korean cyber actors are utilizing DeFi providers within the strategy of laundering illicit funds,” mentioned Brian Nelson, Treasury’s undersecretary for terrorism and monetary intelligence. “Capturing the potential advantages related to DeFi providers requires addressing these dangers.”

The report sketches out how the Treasury Division plans to carry the market beneath better federal oversight, suggesting that platforms that fail to ascertain ample vetting insurance policies threat enforcement motion.

Picture illustration: Tammy Lian/WSJ

The non-public sector ought to use the division’s findings to tell their very own threat mitigation methods, the Treasury undersecretary mentioned. Corporations have to take clear steps, consistent with laws to counter cash laundering, terror financing and sanctions-evasion, to forestall illicit actors from abusing DeFi providers, Mr. Nelson mentioned.

Amongst its suggestions, the Treasury Division mentioned the federal authorities must bolster its current supervision and enforcement of the market by requiring platforms to stick to the identical anti-money-laundering guidelines that banks and different monetary establishments should observe. Federal businesses additionally have to develop their regulatory powers to cowl potential gaps in oversight of the markets, it mentioned, and work with different governments to ascertain worldwide requirements.

Write to Ian Talley at Ian.Talley@wsj.com

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Crypto

Dogecoin Up 3%, Shiba Inu Up 4%: What Is Going On?

Published

5 hours ago

November 22, 2024

Press Room

Dogecoin Up 3%, Shiba Inu Up 4%: What Is Going On?

Dogecoin DOGE/USD and Shiba Inu SHIB/USD are trading around 3% higher in a single day boosted by the optimism in the cryptocurrency market.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Dogecoin	$0.3923	$57.6 Billion	+2.8%	+5.3%
Shiba Inu	$0.00002496	$14.7 Billion	+4.2%	+3.1%

Trader Notes: Analysts see bullish potential for the top two meme coins.

Crypto chart analyst Ali Martinez predicts a potential rally for Shiba Inu, suggesting SHIB could hit $0.00049 if it mirrors DOGE’s pattern.

Trader Javon Marks highlights SHIB’s daily chart with a possible bull pattern confirmation. A breakout target of $0.000081—216% above current levels—could see SHIB surge more than 200%.

For Dogecoin, Altcoin Sherpa notes the recent correction as not bearish, seeing opportunities for buyers with another leg up expected soon.

Crypto Amsterdam observes DOGE hovering in a mid-range phase, suggesting $1 could be on the horizon.

Meanwhile, trader Kevin forecasts a DOGE breakout by Saturday.

Statistics: IntoTheBlock Data shows:

Large transaction volume increasing for DOGE (+41.1%) and SHIB (+44.9%).
Daily active addresses rising by 34.9% for DOGE and 10.7% for SHIB.
SHIB transactions above $100,000 up from 332 to 399 in one day.

Shibarium Activity: Daily transactions climbed from 4.66 million on Nov. 20 to 4.75 million on Nov. 21.

Read Next:

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

Crypto

Bitcoin nears $100,000 as investors bet on crypto-friendly Trump policies

Published

15 hours ago

November 21, 2024

Press Room

Bitcoin nears 0,000 as investors bet on crypto-friendly Trump policies

World’s popular digital currency rises as high as $99,073 on expectations Trump will ease legal and regulatory hurdles.

Bitcoin is nearing the $100,000 mark as crypto enthusiasts bet that United States President-elect Donald Trump will usher in a more welcoming regulatory environment for digital assets.

The world’s most popular digital currency rose as high as $99,073 on Thursday, extending its surge since Trump’s re-election on November 5.

The commodity has risen more than 60 percent since election day as investors anticipate Trump’s incoming administration to ease regulatory and legal hurdles to its use.

Trump, who called the asset a “scam” during his first term, accepted campaign donations in cryptocurrency, and has pledged to make the US “the crypto capital of the planet” and accumulate a national bitcoin reserve.

Trump and his three sons in September also announced the launch of their own crypto business, World Liberty Financial, which investors have taken as a promising sign of the president-elect’s belief in the sector.

In another bullish signal for the sector on Thursday, United States Securities and Exchange Commission (SEC) chair, Gary Gensler, who was widely disliked among crypto investors for his aggressive enforcement actions targeting the sector, confirmed that he would step down in January.

Trump had pledged to fire Gensler on “day one” of his administration, though the president does not have the authority to remove the SEC chair before the end of his or her term.

While viewed by supporters as a ticket to big returns and financial freedom, Bitcoin and other cryptocurrencies are known for their volatility and have faced government crackdowns in several parts of the world.

After climbing to a record high of $69,000 in late 2021, Bitcoin plunged to less than $16,000 over the following year.

The commodity burst past its previous peak in March after gaining more than 300 percent since November 2022.

Crypto

Shemaroo Entertainment and PWR Chain Announce Strategic Partnership to Revolutionize India’s Digital Entertainment through Blockchain Innovation – Press release Bitcoin News

Published

23 hours ago

November 21, 2024

Press Room

Shemaroo Entertainment and PWR Chain Announce Strategic Partnership to Revolutionize India’s Digital Entertainment through Blockchain Innovation – Press release Bitcoin News