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Bill proposes to give Secret Service more power to pursue crypto crime

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A bipartisan group of US Senators has introduced new legislation aimed at enhancing the Secret Service’s capabilities to combat cryptocurrency-related crimes. The proposed bill seeks to address the growing concerns over digital asset fraud and illicit activities within the rapidly evolving crypto sector.

The bill, formally known as the “Cryptocurrency Crime Prevention Act,” is designed to strengthen the Secret Service’s role in investigating and mitigating cybercrimes involving digital currencies. It includes provisions for increasing resources and support for specialized units focused on cryptocurrency crime.

“The rise of cryptocurrency has brought with it a new wave of financial crime,” said Senator Maria Lopez, one of the bill’s sponsors. “By equipping the Secret Service with the necessary tools and resources, we can better protect consumers and ensure that those who exploit these technologies for illegal activities are held accountable.”

Key components of the bill include enhanced training for Secret Service agents in digital asset forensics, expanded jurisdiction to tackle cross-border crypto crimes, and increased funding for advanced investigative technologies. The legislation also proposes improved collaboration between federal agencies and international partners to address the global nature of crypto crime.

The introduction of the bill comes in response to a noticeable increase in high-profile cases involving cryptocurrency fraud, scams, and theft. Recent incidents have underscored the need for more robust enforcement mechanisms to safeguard the integrity of the financial system and protect investors.

Industry experts have welcomed the legislative move as a step towards more effective regulation and enforcement in the crypto space. “Strengthening the Secret Service’s role in tackling crypto crime is a positive development for the industry,” noted Linda Richards, a financial crime analyst. “It reflects a growing recognition of the need for specialized law enforcement to keep pace with technological advancements.”

The bill is expected to undergo thorough scrutiny and debate in Congress, with discussions likely to focus on its implications for privacy, regulatory balance, and the impact on the broader cryptocurrency market.

As the legislative process unfolds, stakeholders in the cryptocurrency sector will be watching closely to assess how the proposed measures may influence regulatory frameworks and enforcement practices. For ongoing updates and analysis of the bill’s progress, stay tuned to industry news.

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US lawmakers advance anti-CBDC bill

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U.S. lawmakers have voted to advance a bill aimed at blocking the Federal Reserve from issuing a central bank digital currency (CBDC), marking a major step in the political pushback against the development of a digital dollar.

The bill, which passed through the House Financial Services Committee, would prohibit the Fed from directly offering accounts or issuing a CBDC to individuals, citing concerns over surveillance, privacy, and government overreach.

Supporters of the legislation argue that a digital dollar could pose significant risks to civil liberties, enabling real-time tracking of consumer transactions and expanding federal control over personal finances. They view the bill as a safeguard against what they describe as a “surveillance-style” monetary system.

Opponents of the bill, however, argue that restricting CBDC development could hinder U.S. innovation and global competitiveness in the evolving digital financial landscape.

The legislation now moves closer to a potential floor vote in Congress. Its progress underscores growing ideological divisions over the future of money in the United States, with CBDCs emerging as a new front in the broader debate over digital governance, financial freedom, and the role of government in the digital age.

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Gemini to open Miami office after judge stays SEC case

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Crypto exchange Gemini has opened a new office in Miami, reinforcing its commitment to expanding operations despite pausing its plans for an initial public offering (IPO) amid a continuing legal battle with the U.S. Securities and Exchange Commission (SEC).

The Miami office signals the company’s long-term vision for growth in key U.S. markets, even as regulatory uncertainty clouds the broader crypto landscape. The expansion comes at a time when Gemini is facing heightened scrutiny from the SEC over its Earn program, which the regulator alleges involved unregistered securities.

While the IPO remains on hold, Gemini continues to strengthen its infrastructure and team, focusing on user growth, compliance, and regional outreach. The Miami hub is expected to play a strategic role in those efforts, leveraging the city’s growing status as a U.S. crypto hotspot.

Co-founders Cameron and Tyler Winklevoss remain vocal about the need for clear regulatory frameworks and have emphasized that Gemini will continue to fight for fair treatment while building responsibly in the U.S. and abroad.

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Coinbase Institutional files for XRP futures trading with CFTC

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Coinbase Institutional has officially filed with the U.S. Commodity Futures Trading Commission (CFTC) to offer XRP futures trading, marking a significant move toward expanding institutional access to Ripple’s native token.

The filing, submitted through Coinbase Derivatives, signals the exchange’s intent to list XRP futures contracts in a regulated environment. If approved, it would allow institutional investors to gain exposure to XRP through derivative products, a key step in broadening the token’s presence in traditional financial markets.

This development comes amid a gradually improving regulatory climate for XRP, following a partial legal victory for Ripple in its ongoing case with the U.S. Securities and Exchange Commission (SEC). The outcome gave XRP a degree of legal clarity, opening the door for exchanges and financial institutions to re-engage with the asset.

Coinbase’s push to expand its derivatives offerings also aligns with its strategy to build a more robust institutional platform. Approval from the CFTC would position the exchange to capitalize on growing demand for regulated crypto investment vehicles.

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