Latest news with #FinancialTechnologyProtectionAct
Yahoo
05-06-2025
- Business
- Yahoo
U.S. Seizes Darknet, Internet Domains, Crypto Funds Tied to Illegal Trading in Credit Card Data
The U.S. seized 145 darknet and internet domains as well as cryptocurrency funds linked to BidenCash, a market for buying and selling stolen credit card details and associated personal information, the Attorney's Office for the Eastern District of Virginia said on Wednesday. The marketplace accumulated revenue of $17 million from supporting over 117,000 customers and traded more than 15 million payment card numbers since it began operating in 2022, the attorney's office said. The information included home addresses and phone numbers. The U.S. has been trying to clamp down on illicit activity with crypto ties. In March, the Financial Technology Protection Act to combat illicit finance on digital asset platforms was reintroduced to the House of Representatives after failing to complete its journey through the Senate before the end of the Congressional session. Criminal activity in crypto is rising. According to a report by Chainalysis $40 billion was received on illicit addresses with crypto ties in 2024 and the number it said is set to increase this year. The U.S. Secret Service's Frankfurt Resident Office, the U.S. Secret Service's Cyber Investigative Section and the FBI Albuquerque Field Office were also involved in the case.
Yahoo
29-03-2025
- Business
- Yahoo
Crypto Bill to Combat Illicit Activity Gets New Push After Passing U.S. House in 2024
U.S. Representatives Zach Nunn (R-Iowa) and Jim Himes (D-Conn.) reintroduced a bill to help combat illicit finance and terrorist financing on digital asset platforms after the previous version passed the House of Representatives last year failed to make progress in the Senate before the end of the congressional session. The Financial Technology Protection Act (FTPA) introduced on Thursday would set up an interagency working group, also including crypto industry insiders, to scrutinize activity related to terrorism and digital assets. An earlier version of the bill was cleared in a routine vote by the House in July. "Digital assets are an increasingly integral part of the global financial system, and it's essential that the United States takes a thoughtful approach to security and innovation to maintain its leadership position," the Director of US Policy at Crypto Council for Innovation, Rashan Colbert said in a statement supporting the bill. The proposed working group would include representatives from the Department of Justice, Treasury's Financial Crimes Enforcement Network, Federal Bureau of Investigation, Department of State, the Internal Revenue Service and others. This bipartisan bill was among several crypto initiatives that won House support last year, and efforts to address illicit-finance concerns have always been among the top issues that lawmakers — especially Democrats — have sought to enact. The new administration of President Donald Trump has embraced and called for digital assets legislation, but more notably for stablecoin regulation and a comprehensive bill to set the rules for structuring the U.S. crypto markets.
