FinCEN director warns banks about cryptocurrency risk exposure

The U.S. Financial Crimes Enforcement Network (FinCEN) director Kenneth Blanco has warned banks to think seriously about their cryptocurrency risk exposure. During the virtual 2020 ACAMS anti-money laundering Conference in Las Vegas this week, Blanco discussed the obligations of banks in implementing effective anti-money laundering (AML) policies. Current FinCEN regulations (FIN-2019-A003) state that it is …

Congress weighs crypto payments and fintech lending in hearing today

In a hearing on Tuesday, the Congressional Fintech Task Force heard arguments on new rules that would potentially expand banking regulations to accommodate more technology firms providing financial services. A subunit of the Financial Services Committee, the Fintech Task Force leads the committee’s examinations of emerging technologies. As Task Force Chair Stephen Lynch (D-MA) noted, …

Hacker steals $15m after degens pile into unreleased Yearn Finance project

The decentralized finance (DeFi) community’s insatiable appetite for unaudited code has once again ended in tears and the loss of millions. Eminence, an unfinished “economy for a gaming multiverse” being built by Yearn Finance’s Andre ‘I test in production’ Cronje, was discovered by DeFi sleuths after the developer posted art teasers for the project to …

ICO from 2017 expects October mainnet launch

After securing millions of dollars via an initial coin offering in 2017, decentralized data housing platform Filecoin now aims to launch its mainnet. Filecoin will move over to its own blockchain in stages, rather than all at once, according to a Sept. 27 blog post. “Launching a blockchain is an involved and lengthy process,” the …

5 things shaping Bitcoin price action this week

Bitcoin (BTC) starts the week pushing for $11,000 as ranging behavior continues, but futures gap danger remains. Cointelegraph takes a look at five factors that could shape Bitcoin price action in the coming week. Trump tax files see $11,000 BTC price bounce Sunday provided an unexpected boost to Bitcoin after a week of lackluster price …

Americans don’t want to give up their paper money, but they should

The recent health scare surrounding the COVID-19 outbreak seems to have accelerated the move toward a cashless society, with cashless payment spiking in concert with viral cases. Yet, our findings in a Genesis Mining study called “Perceptions and Understanding of Money 2020” indicate that a significant majority of Americans are not psyched about parting with …

Banks must establish infrastructure for digital assets before it’s too late

The adoption of digital assets in traditional legacy systems is moving fast. In the middle of the year, the digital asset custody industry saw welcome developments when the Office of the Comptroller of the Currency officially announced that all nationally chartered banks in the United States can provide custody services for cryptocurrencies. The move, while …

Ethereum still not ready for DeFi, say some critics

As DeFi projects flock to Ethereum, experts warn the network is not yet ready to support the frenzy. Martin Froehler, a mathematician, former hedge fund manager, and founder of Austrian crypto trading platform Morpher, told Cointelegraph that although Ethereum is the “best thing [the blockchain industry] has” for DeFi, the current capabilities of the network …