US Senate Wants to Take Strict Action Against “Petro”

The US Senator calls for a crackdown on Petro coin
26 February 2018   648

Robert Menendez, the US Senator wants Washington to take serious actions against Venezuela’s national newly launched oil-backed cryptocurrency, Petro. In the past, Menendez was also against petro coin.

The president of Venezuela, Nicolas Maduro launched the oil-backed cryptocurrency, Petro on last week. It had a successful first day opening with $735 million. The crypto was launched in order to bypass the US sanctions and fight the hyperinflation rampant in Venezuela.

As a result, petro made senators really nervous. Last month, Senators Marco Rubio and Bob Menendez wrote a letter to Treasury department asking to monitor the progress of petro. They stated how this crypto can breach the US sanctions.

We are concerned that a cryptocurrency could provide Maduro a mechanism by which to make payments to foreign lenders and bondholders in the United States, actions that would clearly thwart the intent of US imposed sanctions.

Later, during the hearing of Senate Committee,  where chairman of CFTC Giancarlo and SEC chairman jay Clayton talked about cryptocurrency, senator Menendez raised this topic again in order to urge the officials to take actions against petro.

In response, CFTC Chairman Christopher Giancarlos stated that his agency would keep a careful watch on the petro currency.

US persons that deal with the prospective Venezuelan digital currency may be exposed to US sanctions risk.

U.S. Department of the Treasury

According to a spokesperson of Menendez, the Senate will continue to look for ways to prevent the Maduro regime from brazenly evading US sanctions and plan to follow up with the Department of Treasury following their issuing of these guidelines.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   82

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.