How the Crypto Market, Tether and GameStop Lawsuits Are Interpreted by the US?

The International Development and Monetary Policy Committee, the Subcommittee on National Security, will hold a hearing on Thursday, titled "Financing Against Democracy: Domestic Terrorist Financing." While it is unclear what the subcommittee plans to focus on, information has been leaked of a transaction of about 13.5 Bitcoin (worth $ 500,000) involving right-wing figures in the January 6 Capitol Hill uprising in Washington.

Why is this important?

Is this part of a bigger trend? U.S. government officials, particularly Treasury Secretary Janet Yellen, has spoken of cryptocurrencies several times in the past two months regarding domestic terrorism. Congressmen are investigating whether DLive, a crypto-based video streaming project associated with the Tron Foundation, was used to fund the rebels in the Capitol Building on January 6. It is essential to pay attention to how government officials are discussing cryptocurrencies and what that might mean for the industry.

Recent Statements Concerning the Crypto Market:

-Secretary Yellen In addition to her concerns about the use of crypto in terrorism so far, she said that cryptocurrencies are used to launder profits of drug traffickers, adding that they are a tool to finance terrorism. -Earlier this month, Buzzfeed News, published a secret Treasury Department assessment of how cryptocurrencies are being used by terrorists overseas. According to the report, the valuations were found to contain complex and privacy enhancing tools.

-Tether

The New York Attorney General's office agreed today with Bitfinex and Tether. Long story short, Companies will pay $ 18.5 million in penalties. They will submit quarterly reports showing how much of the USDT reserve is in cash or its cash equivalent. Initial implications seem like a positive sign for these companies.

-Robinhood

Parliament's Financial Services Committee held GameStop's first hearing last week. The 5.5-hour hearing looked pretty positive for the crypto industry. Lawmakers were largely looking at Wall Street as bad guys, rather than retail traders who increased GameStop's share price. Several representatives asked if the posts on Reddit were manipulated by foreign or malicious actors and whether the Chinese government stole the data. How the Crypto Market Tether and GameStop Lawsuits Are Interpreted by the US   Source: https://www.coindesk.com/ You may also be interested in this:

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