Fun

News Feed - 2023-11-11 11:11:26

Derek Andersen6 hours agoEthics watchdog rats out Circle for links to Tron in letter to Sens. Warren, BrownThe Campaign for Accountability wanted to let the anti-crypto senators know that the threat of terrorist financing with crypto was worse than they thought.2043 Total views9 Total sharesListen to article 0:00NewsJoin us on social networksNonprofit ethics group Campaign for Accountability (CfA) sent a letter to U.S. Senators Elizabeth Warren and Sherrod Brown on Nov. 9 to present them with information on the alleged use of cryptocurrency in money laundering. The letter discussed the Tron blockchain and stablecoin issuer Circle in particular.


In the letter signed by CfA executive director Michelle Kuppersmith, it is alleged that USD Coin (USDC) issuer Circle has extensive ties to both Justin Sun’s Tron Foundation (TRX) and major Wall Street investors such as Goldman Sachs, Bank of New York Mellon and Blackrock.


Kuppersmith called Circle’s connections to Wall Street “surprising" in light of its supposed lack of regulation and Tron"s alleged connections with terrorism financing.


Tron is under investigation by the U.S. Securities and Exchange Commission for unregistered securities sales and has been linked to the alleged financing of the Palestinian Islamic Jihad and possibly Hamas and Hezbollah, the letter outlined. Meanwhile, it claimed that $400 million worth of USDC is in the Tron ecosystem. The letter said:“Recently published studies and reports of law enforcement operations indicate a prominent US- based cryptocurrency company backed by major Wall Street investment houses [Circle] may be directly or indirectly compromised by its integration with an Asia-based network of trading platforms and cryptocurrencies.”


That network, Tron, “has been named in multiple international law enforcement actions involving billions of dollars in transactions by alleged organized crime groups and sanctioned entities.”


These concerns go beyond the issues raised in the letter the senators, along with over 100 other legislators, sent to the National Security Advisor and Treasury Undersecretary for Terrorism and Financial Intelligence, Kuppersmith added.The letter referred to was sent by the bipartisan group of lawmakers on Oct. 17. Crypto advocacy groups took issue with several of the claims made in that letter.The CfA letter to Sens. Brown and Warren. Source: CfA


Furthermore, the letter questions Circle"s apparent lack of regulation, and its operation of an “unregulated cross chain protocol.”


"While Goldman, BNY and Blackrock are all registered with and regulated by multiple federal and state banking and securities authorities, Circle has either avoided or failed to subject itself to primary prudential regulation since its founding a decade ago, a concern Campaign for Accountability flagged to the SEC in May of 2022," the letter outlines.


Related: Binance freezes Hamas-linked accounts after Israeli request


On Nov. 10, the CfA also submitted a comment on the Department of Treasury Financial Crimes Enforcement Network’s October proposal to designate crypto mixers as money-laundering hubs.


The proposal “is worthwhile but may soon be obsolete unless the scope of the regulation is broadened to include newer methods criminal groups have adopted using virtual currencies,” the organization said.Despite being a US company, Circle has either avoided or failed to subject itself to primary or prudential regulation since its founding a decade ago, a concern Campaign for Accountability flagged to the SEC in May of 2022. https://t.co/4s8w98JL8S— Campaign for Accountability (@Accountable_Org) November 9, 2023


In the comment, the CfA discusses cross-chain protocols and Sun’s SunSwap decentralized exchange protocol, which blockchain forensics firm Elliptic has identified as “the medium where terrorist organizations obtain the necessary [digital currency].”


The organization adds that “Sun is reported to have direct ties to the Communist Party of China,” citing a report that Sun participated in a research project at China’s Central Party School.


Magazine: Justin Sun’s SUI-farming sins, PEPE’s wild run, 3AC’s oyster philosophy: Asia Express# Congress# Circle# FinCEN# United States# Terrorism# Tron# Justin Sun# RegulationAdd reactionAdd reactionRead moreCan crypto Privacy Pools help balance privacy and regulation?How to manage crypto losses on tax returns in the US, UK and CanadaFinCEN issues alert regarding crypto transactions connected to Hamas

News Feed

Bitcoin.com Wallet Launches New Portfolio Breakdown and Stablecoin Swap Features
Bitcoin.com Wallet Launches New Portfolio Breakdown and Stablecoin Swap FeaturesWith over 11 Million Bitcoin.com Wallets created, we’re building new features our users need mo
BigONE Exchange Unveils Star Program
BigONE Exchange Unveils Star ProgramBigONE, one of the world’s safest cryptocurrency trading platforms, is excited to launch its new Star Program, a referral system that comes
Analyst Predicts Dogecoin Price Surge To $4 — Here’s How
Este artículo también está disponible en español. The Dogecoin price has been under intense bearish pressure so far in 2025, falling a further 10% in the last seven days.
Savannah Fortis15 hours agoItalian regulators investigate online AI data scrapingThe Italian Data Protection Authority has launched a “fact-finding” probe into the security practices of public and private websites to
Unreported Transactions Linked to Disgraced FTX Co-Founder Revealed by Onchain Investigation
Unreported Transactions Linked to Disgraced FTX Co-Founder Revealed by Onchain Investigation According to onchain research, wallets connected to Sam Bankman-Fried, the disgraced co
Bitcoin crashes below $53K, wiping out $600M in leveraged longs
Tom Mitchelhill7 hours agoBitcoin crashes below $53K, wiping out $600M in leveraged longsA sudden crypto market nosedive has wiped out over $600 million in leveraged long positions, as Bitcoin, Ether and other cryptocurr
‘Buy Bitcoin’ Searches Skyrocket, Exchange Volumes Spike, Crypto Account Signups Swell 83% As Coronavirus Fears Heighten
"Buy Bitcoin" Searches Skyrocket, Exchange Volumes Spike, Crypto Account Signups Swell 83% As Coronavirus Fears Heighten Exchange data and statistics from Google Trends, Twitter,
Ana Paula Pereira7 hours agoENS developers urge Unstoppable Domains to drop patents or face lawsuitENS developer Nick Johnson claims a patent granted to Unstoppable Domains in January is entirely based on ENS Labs innova
Digital Asset Exchange Platform Granted ‘Crypto Financial Services Provider License’ by Israeli Regulator
Digital Asset Exchange Platform Granted "Crypto Financial Services Provider License" by Israeli Regulator An Israeli capital markets regulator, the Insurance and Savings Capital Ma
Here Are The Factors That Could Drive The Dogecoin Price To $1 This Bull Market
Este artículo también está disponible en español. Driven by bullish market sentiment following Donald Trump’s win in the concluded US Presidential election, the Dogecoi
Dow Jones Stock Spooks Investors & It Could Be a Robot’s Fault
It"s Friday the 13th – not to mention the fact that there"s a full moon tonight – and one Dow Jones stock has investors feeling very afraid. | Credit: APIt’s Fri
Maduro Orders Venezuelan Bank Closures Amid Coronavirus Scare
Maduro Orders Venezuelan Bank Closures Amid Coronavirus Scare In order to combat the coronavirus outbreak in Venezuela, President Nicolás Maduro has ordered the entire cou