US Treasury’s DeFi ID Plan Sparks Privacy Concerns
The US Treasury Department’s recent proposal to integrate digital identity verification into decentralized finance (DeFi) platforms has ignited a heated debate over privacy and the future of blockchain technology. The plan aims to combat illegal financial activities such as money laundering and terrorist financing by embedding identity checks directly into DeFi smart contracts. Under the […]
Court Ends Coin Center–U.S. Treasury Appeal Over Tornado Cash
The legal battle between crypto advocacy group Coin Center and the U.S. Treasury Department over the sanctioning of Tornado Cash has officially come to an end. The Eleventh Circuit Court of Appeals issued a formal dismissal of the appeal this week, bringing a close to one of the most significant cases involving decentralized technology and […]
Tether Reports $2.5B Q3 Profit, Totaling $7.7B in 2024
Tether’s earnings were driven by demand for USDT and returns from U.S. Treasury bonds. The stablecoin issuer Tether has produced another quarter of record-breaking earnings, reporting a total of $2.5 billion in profits for the third quarter of 2024. The attestation report from October of this year estimates the company’s consolidated profit in 2024 to […]
US Treasury Strategy for Financial Inclusion
US Treasury advises against using cryptocurrencies, like Bitcoin, as a means to promote financial inclusion. The United States Department of the Treasury’s national strategy for financial inclusion solely mentions cryptocurrencies as a potential threat to consumers. There is no other type of financial inclusion strategy. The United States Treasury Department stated in a notification dated […]
US Treasury Recovers $4B in Fraud Using AI
The U.S. Treasury used AI to recover $4 billion in fraud and improper payments in the 2024 fiscal year, a significant increase from $652.7 million recovered the previous year. The department began implementing machine learning AI in late 2022 to analyze large data sets and enhance fraud detection. In the 2024 fiscal year, the United […]