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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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Binance tightens South African compliance rules for crypto transfers

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Binance is tightening compliance measures for crypto transactions in South Africa, announcing it will fully implement the country’s Travel Rule requirements beginning January 2025. The move aligns with regulations set by South Africa’s Financial Intelligence Centre (FIC) and reflects the exchange’s broader efforts to meet global anti-money laundering standards.

Under the new rules, Binance will require South African users to include verified personal information—such as names, addresses, and account details—when sending or receiving crypto between platforms. These changes are designed to increase transparency and traceability of digital asset transfers, making it harder for illicit actors to exploit decentralized networks.

Binance emphasized that users must complete know-your-customer (KYC) verification before transferring crypto to or from external wallets. Transfers to non-compliant platforms may be restricted or flagged, while internal transfers within Binance or to Travel Rule-compliant entities will remain unaffected.

The announcement follows South Africa’s decision in 2023 to designate crypto as a financial product, placing digital asset providers under the supervision of the FIC. The country has since taken steps to integrate crypto into its formal regulatory structure, including licensing requirements and mandatory reporting obligations.

With enforcement beginning in 2025, Binance urged users to familiarize themselves with the new procedures to avoid disruptions. The exchange also plans to provide additional guidance and tools to help users remain compliant as the deadline approaches.

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Ethereum bounces back as market dominance recovers from all-time low

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Ethereum has staged a notable recovery after recently experiencing its lowest market dominance since its early days. The turnaround comes as ETH surged nearly 4% in the past 24 hours, climbing back above the $3,100 mark and narrowing its underperformance gap relative to Bitcoin.

For much of 2024, Ethereum has trailed behind Bitcoin and a growing wave of altcoins, with its market share dropping below 15% — levels not seen since 2015. The slump was driven by investor focus on Bitcoin ETF momentum, lackluster institutional interest in ETH, and rising competition from layer-1 and layer-2 networks offering faster and cheaper alternatives.

Despite these challenges, Ethereum’s fundamentals remain strong. Data shows a healthy uptick in active addresses, transaction volumes, and total value locked in DeFi protocols built on Ethereum. Additionally, hopes remain high for the approval of a spot Ethereum ETF in the U.S., with analysts suggesting a potential turnaround in institutional flows if approved.

Traders are now watching whether this rebound signals a sustained trend reversal or just a temporary relief rally. With key upgrades and ecosystem developments still in the pipeline, Ethereum’s ability to regain dominance may hinge on reigniting both investor confidence and broader developer activity.

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SEC says it won’t re-file fraud case against Hex’s Richard Heart

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The U.S. Securities and Exchange Commission (SEC) has confirmed it will not pursue a retrial in its fraud case against HEX founder Richard Heart, effectively bringing an end to one of the agency’s high-profile crypto enforcement actions.

The decision follows a recent court ruling that dismissed several key allegations against Heart, including claims that he misled investors and violated securities laws through the promotion and sale of HEX, PulseChain, and PulseX tokens. While the SEC initially signaled it would consider further legal options, it has now opted to forgo additional litigation.

Heart, a controversial figure in the crypto world, had long denied the SEC’s accusations, framing the lawsuit as an overreach by regulators. The agency had alleged that Heart raised over $1 billion from investors while misrepresenting how funds would be used and failing to register the offerings.

With the SEC stepping back, the dismissal marks a rare instance in which the regulator has chosen not to continue a crypto-related fraud case, potentially signaling a reassessment of its approach amid growing legal pushback and mounting scrutiny over its enforcement tactics.

Although the case is now closed, legal analysts suggest the outcome could influence future regulatory efforts and may embolden other crypto founders facing similar challenges. Heart, meanwhile, has positioned the development as a vindication, reaffirming his stance that HEX and related projects were never in violation of U.S. securities laws.

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