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Category Archives: Cryptocurrency

CFPB Publishes New Bulletin Analyzing Rise in Crypto-Asset Complaints

“Today, the Consumer Financial Protection Bureau (CFPB) released a new complaint bulletin that highlights complaints the CFPB received related to crypto-assets. Consumers most commonly reported being victimized by frauds, theft, account hacks, and scams. Consumers also had issues with executing transactions and transferring assets between exchanges. Many consumers had issues with accessing funds in their account due to outright platform failures, identity verification issues, security holds, or because of technical issues with platforms. Poor customer service is a common theme across crypto-related complaints. “Our analysis of consumer complaints suggests that bad actors are leveraging crypto-assets to perpetrate fraud on the public,” said CFPB Director Rohit Chopra. “Americans are also reporting transaction problems, frozen accounts, and lost savings when it comes to crypto-assets. People should be wary of anyone seeking upfront payment in crypto-assets, since this may be a scam. We will continue our work to keep the payments system safe from fraudsters targeting Americans.

Crypto-assets are a private sector digital asset that depend primarily on cryptography and a distributed ledger (such as a blockchain) or similar technology. These assets are also commonly referred to as “virtual currencies,” “cryptocurrencies,” “crypto tokens,” “crypto coins,” or simply “crypto”.

DOJ and SEC Investigating FTX Collapse as Entire Crypto Market Plunges

Gizmodo: “The Department of Justice and Securities and Exchange Commission are investigating FTX, a crypto platform that halted withdrawals on Tuesday, according to a new report from the Wall Street Journal. And while the SEC’s investigation has reportedly been going “for months,” the agency’s scrutiny has only expanded this week following the liquidity crisis at… Continue Reading

A new definition of crypto comes from the IRS

Coin Telegraph: “…No matter how much attention the United States Securities and Exchange Commission (SEC) or Commodity Futures Trading Commission gets in the crypto industry, for individual traders and investors, it often comes down to the Internal Revenue Service’s (IRS) position — and how much tax one owes. Last week, the IRS last week released… Continue Reading

Pete Recommends – Weekly highlights on cybersecurity issues – October 15, 2022

Via LLRX – Pete Recommends – Weekly highlights on cybersecurity issues – October 15, 2022 – Privacy and cybersecurity issues impact every aspect of our lives – home, work, travel, education, health and medical records – to name but a few. On a weekly basis Pete Weiss highlights articles and information that focus on the increasingly… Continue Reading

Hackers have stolen record $3 billion in cryptocurrency this year

CBSNews: “Hackers have stolen more than $3 billion in cryptocurrency so far this year, shattering the previous record of $2.1 billion set in 2021, according to blockchain analytics firm Chainalysis. A big chunk of that $3 billion, around $718 million, was taken this month in 11 different hacks, Chainalysis said in a series of tweets… Continue Reading

Financial Stability Oversight Council Releases Report on Digital Asset Financial Stability Risks and Regulation

“The Financial Stability Oversight Council (Council) today released its Report on Digital Asset Financial Stability Risks and Regulation. The Council voted to approve the report in response to Section 6 of President Biden’s Executive Order 14067, “Ensuring Responsible Development of Digital Assets.As called for by the Executive Order, the report reviews financial stability risks and… Continue Reading

Existing and Potential Use Cases for Blockchain in Public Procurement

Telles, Pedro, Existing and Potential Use Cases for Blockchain in Public Procurement (July 20, 2022). Available at SSRN: https://ssrn.com/abstract=4168144 or http://dx.doi.org/10.2139/ssrn.4168144 “The purpose of this paper is to assess the possibility of using blockchain technology in the realm of public procurement within the EU, particularly in connection with the award of public contracts. In this… Continue Reading

What is proof-of-stake? A computer scientist explains a new way to make cryptocurrencies, NFTs and metaverse transactions

Via LLRX – What is proof-of-stake? A computer scientist explains a new way to make cryptocurrencies, NFTs and metaverse transactions – Prof. Scott Ruoti, briefs us on yet another new component in Digital Ledger Technology. Proof-of-stake is a mechanism for achieving consensus on a blockchain. Blockchain is a technology that records transactions that can’t be deleted or… Continue Reading

Pete Recommends – Weekly highlights on cyber security issues, September 24, 2022

Via LLRX – Pete Recommends – Weekly highlights on cyber security issues, September 24, 2022 – Privacy and cybersecurity issues impact every aspect of our lives – home, work, travel, education, health and medical records – to name but a few. On a weekly basis Pete Weiss highlights articles and information that focus on the increasingly… Continue Reading

The Financial Stability Implications of Digital Assets

Federal Reserve Board, August 2022. The Financial Stability Implications of Digital Assets Pablo D. Azar, Garth Baughman, Francesca Carapella, Jacob Gerszten, Arazi Lubis, JP Perez-Sangimino, David E. Rappoport, Chiara Scotti, Nathan Swem, Alexandros Vardoulakis, Aurite Werman – “The value of assets in the digital ecosystem has grown rapidly, amid periods of high volatility. Does the… Continue Reading

Government reports on digital assets responsive to Biden’s Executive Order on crypto

Follow-up to September 16, 2022 White House Framework on Regulating Cryptocurrency, please see the following documents related to the directive re Ensuring Responsible Development of Digital Assets: September 16, 2022 – “The White House Office of Science and Technology Policy (OSTP) is publishing its report, Technical Evaluation for a U.S. Central Bank Digital Currency System,… Continue Reading