US government agencies must step up efforts to strengthen the law in the digital asset sector and identify gaps in cryptocurrency regulation, the White House said on September 16, 2022.
The Treasury Department will also lead a group of government agencies that will study the potential for a central bank-issued digital currency, although the White House has not come out in favor of a digital dollar.
The government’s collective action, announced in a series of reports, follows an executive order signed this year by US President Joe Biden “on ensuring responsible development of digital assets”.
These reports prompt regulators such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to issue guidelines and rules regarding the risks associated with the digital asset ecosystem, including its use for laundering. money or fraud.
The White House also indicated that Joe Biden would consider asking Congress to amend the Bank Secrecy Act to apply to digital asset service providers, including cryptocurrency exchanges and trading platforms. non-fungible tokens (NFT).
The Justice Department also said it was creating a Digital Assets Coordination Group overseeing 150 federal prosecutors to prosecute cryptocurrency-related crimes.
The value of cryptocurrencies surpassed $3 trillion last year, but the sector could still pose risks for investors.
Brian Deese, Director of the National Economic Council, said cryptocurrencies could harm financial stability and national security without proper oversight.
“Cryptocurrency regulation is necessary if digital assets are to play the role we believe they can play in fostering innovation and supporting our economic and technological competitiveness,” he added. (Report, Hannah Lang, with contribution by Susan Heavey, French version, Lina Golovnya, editing by Kate Entringer).o
Successful transformation for the Ethereum blockchain, pivot of the world of crypto-currencies
The Ethereum blockchain, the most important in the world of crypto-currencies, after that used for bitcoins, has succeeded in the technical change which should make it more efficient and less energy-consuming, according to the main players in the operation on Thursday.
“And we have finalized! (…) All those who contributed to the success of the Merge (Fusion) can feel very proud today”, tweeted Vitalik Buterin, co-founder and tutelary figure of this blockchain.
The “Merge” consists of changing the mode of validation of operations on the “block chain”, a huge tamper-proof computer register.
Ether, the cryptocurrency directly linked to Ethereum, represents only around 20% of the total value of existing virtual currencies, second only to bitcoin (40%). But Ethereum has a much wider scope of applications than its competitor, as it serves as a medium for multiple uses, such as NFT exchanges.
In order to become less energy-intensive in a context of rapid growth, Ethereum has decided to move towards a less energy-consuming system. A risky operation, which has been compared by some to replacing a diesel engine with an electric motor on a moving vehicle.
After this “mutation” on September 22, 2022, Binance, the world’s largest cryptocurrency exchange platform, announced on Twitter that it was resuming trading on Ether. Binance had precautionaryly suspended these exchanges before the operation, like most other cryptocurrency exchanges.
Pig butchering: new cryptocurrency scam
Pig butchering is the new cryptocurrency scam victimized by Cy, a 52-year-old American living in San Francisco Bay. A well-crafted extortion process, during which he lost more than a million dollars. The use of these dematerialized currencies makes transactions difficult to trace and legal proceedings complicated: focus on a practice that is claiming more and more victims around the world.
What is pig butchering, this new cryptocurrency scam?
If we had to translate this term literally, we could speak of “pig carver”. To fatten the pig so that it tastes better seems to be a more adequate definition, in the figurative sense. To transpose this notion to a financial scam based on dematerialized currencies, we will rather say that the target is manipulated over the long term, a period during which it will place its trust in an interlocutor, and transfer funds, under the pretext of an investment. lucrative. Establishing a complicity between the manipulator and the manipulated is the key. The more the confidence increases, the more the sums given are also. Once the goal is reached, the manipulator disappears, leaving his prey, lying, like a pig carcass, hence the expression, pig butchering.o
We would love to say thanks to the writer of this article for this remarkable content
USA: the Administration wants to strengthen the regulation of crypto-currencies – Journal L’Economiste du Faso
Take a look at our social media accounts and also other related pageshttps://metfabtech.com/related-pages/