Decentralized Finance (DeFi) has been making waves in the financial world as a revolutionary technology. That allows peer-to-peer value transfer on blockchains without intermediaries. However, concerns have raised about the risks associated with DeFi, including money laundering and terrorism financing. According to recent reports, the US Treasury Department released a
According to a recent assessment from the United States Treasury Department, crypto, consumers, and national security are all at risk due to inadequate cybersecurity measures within the decentralized finance (DeFi) sector. This groundbreaking report is the first to propose that the decentralized and distributed structure of DeFi necessitates further regulatory
Draft for regulating stablecoins is seemingly to ban algorithmic stablecoins. Strict regulation to follow for both banking and non-banking issued stablecoins. U.S House of Representative draft for stablecoins regulation is seemingly to ban algorithmic stablecoins for two years, as per the draft received by Bloomberg. The voting is expected to
The U.S. Treasury announced on Thursday, that it had presented “a framework” to US president Joe Biden for collaboration with their overseas counterparts and an interagency strategy to address the advantages and disadvantages of cryptocurrency. Under the White House executive order, which was released in March. The U.S. Treasury had
The 6050I clause is not intended to gather information about third parties. Toward that goal, Coin Center issued an open letter to the crypto community. There is a lawsuit against the Treasury Department by a non-profit blockchain advocacy organization Coin Center for allegedly including an unconstitutional addition in their infrastructure
Brokers must gather extensive information on their clients and their trades. The Department aims to submit draught regulations outlining its definition of a broker. According to the U.S. Treasury Department’s letter sent to a group of senators, cryptocurrency miners and stakers will not be subject to the exact reporting requirements
Buyers and sellers set the price of a product, not the market. Lack of expertise in consumer identification and verification in this arena. U.S. Treasury Department’s latest research has shown that non-fungible tokens (NFTs) might be used to facilitate money laundering. According to a study, digital art may launder money
US Department of Treasury fears over NFTs. Many illegal money launderings and even terrorsim financings are ought to take upon NFTs. MsCryptoMom fully confident in the positive abilities of both DeFi and NFT. As the world grows, amidst technological developments entering new era’s with the passing of every year and
