Coinbase Patents AI Compliance System to Monitor and Flag Accounts
Popular U.S. cryptocurrency exchange Coinbase received a patent November 19, for an AI-driven compliance system which would monitor customer accounts, flagging those deemed non-compliant and recategorizing them for corrective action. Described as a “compliance determination and enforcement platform and method,” the new system would monitor a long list of KYC/AML-related details, including “level of due diligence that...
The 187,000 BTC Scam – Is Plustoken to Blame for Bitcoin’s Sell-Off?
Armchair theorists love postulating the reasons behind bitcoin’s latest price rise or sell-off. From China FUD to exchange hacks, anything and everything is fair game for blame. Plustoken is the latest bitcoin bear-maker that’s being credited with the last three months of downward price action. But is the revenue from a ponzi coin really responsible for bitcoin’s drop, or are there broader forces at play? Also read:...
Despite St. Louis Branch Warnings, New York Fed Pumps $108 Billion Into US Economy
On Wednesday, November 27, the U.S. Federal Reserve pumped $108 billion into the American economy using overnight repo tactics and 15-day repos. The central bank explained the move will stimulate more liquidity into the faltering U.S. economy, but economists from the St. Louis Federal Reserve branch say too much money-printing could lead the country into “economic ruin.” Also read: US to Strictly Enforce Crypto Rules...
US Judge Denies Customer’s Plea to Quash IRS Bitstamp Inquiry
A Washington Western District Court judge has rejected petitioner William Zietzke’s appeal to stop the U.S. Internal Revenue Service (IRS) from accessing his Bitstamp trade data. An IRS summons invoked Zietzke to file a petition to quash the tax agency’s investigation into his private accounts. Even though the presiding Judge John Coughenour believes the IRS summons is “overbroad,” he still denied...
US Government Worried Crypto Can Shift Power to Private Sector
Cryptocurrency is one of the top issues for the U.S. Treasury. Particularly, the Treasury is worried decentralized cryptocurrencies can shift some functions away from the government to the private sector and raise the issue of self-government, according to Deputy Secretary of the Treasury Justin Muzinich. Also read: US to Strictly Enforce Crypto Rules Similar to FATF Guidelines Power Shift, Self-Government Deputy Secretary of the U.S....
