Government

Treasury backs down: Crypto monitoring rule will wait until new administration

In response to a deluge of comments, the Treasury’s anti-money laundering office is slowing its roll on a rushed proposal to monitor a whole new range of cryptocurrency transactions. On Jan. 14, the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced that they were extending the window on comments in response to a rule originally announced …

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US Navy awards $1.5M jet fighter contract to blockchain project

SIMBA Chain, a cloud-based smart contract platform, has been tasked with revamping the supply chain of the United States military after it received a $1.5 million grant from the U.S. Office of Navy Research. The project will be responsible for developing a blockchain-based solution to enable demand sensing for critical military weaponry parts. Demand sensing …

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Hedera Hashgraph presents e-Apostille PoC to Texas Secretary of State

Enterprise blockchain platform Hedera Hashgraph has presented a proof-of-concept, or PoC, to the Texas Secretary of State, showing the potential of blockchain technology to issue, secure and verify documents. The PoC was a collaboration with content services provider, Hyland, and was spearheaded by trade association, the Texas Blockchain Council, who announced the venture on Jan. …

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In a parting gift, EPA finalizes rules to limit its use of science

Enlarge / BARATARIA BAY, Lousiana – JULY 14: A young seagull rests on a boom used to contain the oil spill July 14, 2010. In the future, should this bird be killed by the oil, nobody could be held responsible. Mario Tama / Getty Images With the days counting down to the inauguration of President-elect …

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OCC greenlights national banks to run nodes and stablecoin networks

Monday evening, the Treasury’s Office of the Comptroller of the Currency told national banks that they are allowed to run independent nodes for distributed ledger networks. Referring to of independent node verification networks, the OCC’s interpretive letter says that banks “may use new technologies, including INVNs and related stablecoins, to perform bank-permissible functions, such as …

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Alphabet’s Wing argues new US drone rules will hurt privacy

Wing Alphabet’s Wing is less than thrilled with the FAA’s new rules for drone ‘license plates,’ and it’s pushing for significant changes. Reuters and The Verge report that the drone delivery company has attacked the rules for remote IDs, warning that they might have “unintended consequences” for privacy. Wing argued that the requirement to use …

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Congresspeople chastise the Treasury for rushing new crypto monitoring proposal

Nine congresspeople have signed on to a letter to Treasury Secretary Steven Mnuchin, telling him to hold his horses.  The Thursday letter is in response to the Treasury’s recent proposal to make registered crypto businesses hold on to more customer information, especially when transacting with self-hosted wallets. The proposal has been met with widespread outrage from the …

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Heavy hitters of crypto call for users to comment on proposed FinCEN wallet rule

A number of players are encouraging individuals to speak out against FinCEN’s new crypto rules before comments close next week. Crypto exchange Coinbase and the foundation behind Monero are the latest firms to join in calling for crypto users to share their thoughts on the U.S. Treasury’s Financial Crimes Enforcement Network’s new rules. In a …

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Did CBDCs affect the crypto space in 2020, and what’s next in 2021? Experts answer

It is hard to imagine that just two years ago, the general discourse around central bank digital currencies, or CBDCs, was mainly focused on the potential and possibility of issuing them. Even in 2019, the question was about whether we need state-owned cryptocurrencies, with only 70% of central banks worldwide studying the potential of issuing …

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A storm is brewing between state regulators and the OCC over fintech licensing

A leading association of state banking regulators is trying to put the U.S. national banking regulator in its place on the issue of fintech registration. Per a Dec. 22 filing, the Conference of State Bank Supervisors, or CSBS, says the impending approval of Figure Technology’s bank charter a bridge too far. Figure operates blockchain-backed lending and investment …

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