Senate Urges SEC Rule Reversal; Binance Combats Crypto Scams; Vanguard's New CEO Confirms No BTC ETF
Summary:
The U.S. Senate has approved a resolution urging the SEC to nullify a regulation affecting banks' interactions with crypto firms. Binance's cybersecurity team has created an algorithm to combat address poisoning scams, identifying millions of deceptive crypto addresses. Incoming Vanguard CEO, Salim Ramji, confirmed he will uphold the company's decision not to launch a spot Bitcoin ETF, aligning with Vanguard's investment philosophy.
The U.S. Senate has greenlit a resolution urging the Securities and Exchange Commission (SEC) to revoke a regulation that affects the way financial institutions interact with cryptocurrency firms. In an exclusive revelation to Cointelegraph, cybersecurity professionals at Binance uncovered how they devised a countermeasure against the rising occurrences of address poisoning scams. Also, the incoming CEO of Vanguard has confirmed that he has no plans to backtrack on the company’s decision to refrain from providing a direct Bitcoin exchange-traded fund (ETF).
In a recent vote, the U.S. Senate approved a joint resolution asking the SEC to nullify the Financial Accounting Advisory 121, a directive that expects banks to record their clients' crypto balances on their balance sheet. This vote indicates a strong bipartisan consensus in Congress that this regulation is objectionable, according to the Blockchain Association, a group advocating for cryptocurrency. Notwithstanding the passage of this resolution, President Joe Biden declared earlier his intent to veto this bill to "shield crypto-asset market investors and preserve the general financial system's stability".
Binance's cybersecurity experts have built an antidote to challenge the growing threat of address poisoning scams aimed at duping investors into transferring funds into a scammy account. This security solution - an algorithm - has identified millions of deceptive crypto addresses according to a report made available to Cointelegraph. The algorithm's workings involve the identification of dubious transactions such as those involving a meager value or unknown tokens and linking these with the potential victim's addresses. It also time-stamps any fraudulent transactions to pinpoint the probable moment of poisoning.
The forthcoming CEO of Vanguard, Salim Ramji, has maintained that he would uphold the company's decision not to launch a one-to-one Bitcoin ETF, a resolve that aligns with the investment philosophy of Vanguard. He believes it's crucial for companies to be consistent in their operations and the products and services they offer. Ramji, who earlier supervised the launch of BlackRock’s direct Bitcoin ETF, relayed his views to Barron's in a recent interview.
Published At
5/16/2024 9:11:40 PM
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