Bitcoin News and Finance: What You Need to Know

The U.S. Department of Justice (DOJ) has seized $9 million in tether ( USDT ) allegedly linked to “pig butchering” crypto scams. The Justice Department explained that U.S. Secret Service agents and analysts tracked the laundering of victims’ crypto deposits through numerous cryptocurrency addresses, where they were exchanged for various cryptocurrencies. DOJ Seizes $9M in USDT The U.S. Department of Justice (DOJ) announced Tuesday “the seizure of nearly $9 million worth of tether, a cryptocurrency pegged to the U.S. dollar.” The Justice Department detailed: These seized funds were traced to cryptocurrency addresses allegedly associated with an organization that exploited over 70 victims through romance scams and cryptocurrency confidence scams, which are widely known as ‘pig butchering.’ Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department’s Criminal Division explained that these scammers target regular investors through deceptive websites, falsely cl...

A U.S. lawmaker has urged Congress to pass his bill that would fire U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler. This call followed the securities regulator filing a second lawsuit against crypto exchange Kraken this year after the exchange paid $30 million to settle the initial lawsuit. Lawmaker Seeks to Fire Gary Gensler Congressman Warren Davidson (R-OH) has called on Congress to pass his bill that would fire Gary Gensler as the chairman of the U.S. Securities and Exchange Commission (SEC) after the securities regulator sued crypto exchange Kraken twice in 10 months. Rep. Davidson wrote on social media platform X on Tuesday: Now would be a great time to pass my SEC Stabilization Act and fire Gary Gensler. On Monday, the SEC filed its second lawsuit this year against Kraken for operating a crypto trading platform “as an unregistered securities exchange, broker, dealer, and clearing agency.” The initial charge in February pertained to the crypto exchang...

A U.S. lawmaker has called on Congress to focus its efforts on bringing more crypto activity and opportunities to the United States in order to “bolster U.S. national security.” Citing the Department of Justice’s action against crypto exchange Binance, the lawmaker stressed that Congress does not need to rewrite laws that work in the crypto space. Rep. Emmer Calls for Focus on Domestic Crypto Growth House Majority Whip Tom Emmer (R-MN) shared his perspective on Congress’ role in shaping cryptocurrency laws following the Department of Justice’s settlement with Binance, the world’s largest cryptocurrency exchange, and its CEO Changpeng Zhao (CZ). “Congress does not need to rewrite laws that work in the crypto space. Yesterday’s successful prosecution shows that when enforced, current laws are suitable to help weed out bad actors,” the lawmaker explained on social media platform X on Wednesday. He emphasized: Congressional resources should instead be spent working to bring more cry...

KPMG in Canada and Chainalysis have entered into a strategic partnership aimed at strengthening efforts against crypto asset fraud. This alliance, marking KPMG’s entry into the Chainalysis Solution Provider program, is focused on providing enhanced monitoring and risk management tools for cryptocurrency exchanges, financial institutions, and government agencies. The announcement on Wednesday details that the initiative is a response to the increasing sophistication of crypto-related criminal activities. Strategic Alliance Formed Between ‘Big Four’ Member KPMG and Chainalysis KPMG, a multinational professional services network and one of the ‘Big Four’ accounting organizations revealed on Wednesday that it has partnered with the blockchain surveillance firm Chainalysis. KPMG details that the collaboration enables the certification of KPMG professionals as Chainalysis Certified Investigators, aiming to improve their ability to detect and prevent illicit activities in the crypto sector...