2024

United

Bitcoin

Coinbase and Circle executives have called on the U.S. authorities to intensify actions against Tether and offshore crypto firms that fail to comply with regulations.
During a <a href="https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=409142" target="_blank" rel="noopener noreferrer nofollow">session</a> with the House Financial Services Committee, Grant Rabenn, the head of Financial Crimes Legal at Coinbase, discussed the issue of criminals exploiting foreign platforms to bypass the strict anti-money laundering (AML) standards applied to regulated exchanges within the United States.
Rabenn <a href="https://twitter.com/Pledditor/status/1758227296576553369" target="_blank" rel="noopener noreferrer nofollow">mentioned</a> that the Office of Foreign Assets Control (OFAC) has only sanctioned 560 crypto addresses. However, <a href="https://crypto.news/coinbase-donates-brink-bitcoin-development/" rel="noopener noreferrer nofollow">Coinbase</a> investigation found more than eight million addresses linked to bad actors. Rabenn blamed offshore exchanges for crypto-related criminal activities and money laundering in the U.S. and urged the government to go after these platforms.
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 Wow, <a href="https://twitter.com/circle?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Circle</a>'s Caroline Hill is really begging to congress for the treasury department to go after <a href="https://twitter.com/Tether_to?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Tether_to</a> and their banking partner, Cantor Fitzgerald <a href="https://t.co/SmnAqeuEyB" target="_blank" rel="noopener noreferrer nofollow">https://t.co/SmnAqeuEyB</a> <a href="https://t.co/oia8YxLvAI" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/oia8YxLvAI</a>— Pledditor (@Pledditor) <a href="https://twitter.com/Pledditor/status/1758243599446089799?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">February 15, 2024</a>
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 “Offshore entities often play jurisdictional whack-a-mole, attempting to avoid tough AML laws and expecting that regulators won’t care.” <cite>– Grant Rabenn, the head of Financial Crimes Legal at Coinbase</cite>
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Rabenn stressed the importance of the U.S. leveraging its full range of regulatory tools to pursue these non-compliant entities, expressing his support for recent enforcement actions in the crypto sector that emphasize the need for accountability.
<a href="https://twitter.com/Pledditor/status/1758243599446089799" target="_blank" rel="noopener noreferrer nofollow">Caroline Hill</a>, Circle’s Chief of Global Policy and Regulatory Strategy, advocated for strict oversight of entities linked to the U.S. dollar, particularly stressing the importance of embedding democratic principles within USD-backed stablecoins. Hill specifically mentioned Tether’s major custodian, Cantor Fitzgerald, urging the government to exercise its existing powers to address any involvement in facilitating financial crimes.
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 “I would think that the Treasury Department has the authority to take actions against Tether, given this U.S. touchpoint, and I hope that they’re looking at this seriously.” <cite>– <a href="https://twitter.com/Pledditor/status/1758243599446089799" target="_blank" rel="noopener noreferrer nofollow">Caroline Hill</a>, Chief of Global Policy and Regulatory Strategy at Circle</cite>
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She further expressed concerns over the practices of <a href="https://crypto.news/jerome-powell-stablecoin-regulatory-framework/" rel="noopener noreferrer nofollow">stablecoin</a> issuers, particularly those not implementing proactive measures like smart contract technology to prevent misuse of their tokens.&nbsp;

Coinbase, Circle push for US action against Tether, non-compliant firms

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