Day: November 1, 2021

This report, just released, is from the President’s Working Group on Financial Markets, the FDIC and the Office of the Comptroller of the Currency.  It starts by explaining what stable coins are and their role(s).  Stablecoins are digital assets that are designed to maintain a stable value relative to a national currency or other reference assets.  It says that stablecoins and stablecoin-related activities present a variety of risks. They are also said to pose illicit finance concerns and risks to financial integrity, including concerns related to compliance with rules governing AML/CFT and proliferation.  It recommends that the US Congress acts promptly to enact legislation to ensure that payment stablecoins and payment stablecoin arrangements are subject to a federal prudential framework on a consistent and comprehensive basis, and proposes interim measures.

https://home.treasury.gov/news/press-releases/jy0454

https://home.treasury.gov/system/files/136/StableCoinReport_Nov1_508.pdf

A factsheet is available at –

https://home.treasury.gov/news/press-releases/jy0456

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On 1 November, the Guardian reported that, after jumping more than 310,000% in value, Squid lost all its value after Twitter flagged the cryptocurrency’s account and temporarily restricted it due to “suspicious activity”.  The token’s value had spiked to $2,856.  The token was made available for purchase on 20 October with the idea that the cryptocurrency would be a pay-to-play token to play an online game, inspired by Squid Games, and the game was set to launch in November.

https://www.theguardian.com/technology/2021/nov/01/squid-game-cryptocurrency-scam-fears-investors

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On 28 October, a news release from Immigration & Customs Enforcement advised that a Chicago technology executive had pleaded guilty to a federal criminal charge and admitted illegally exporting computer equipment from the US to a nuclear research agency of the Pakistani government.  Obaidullah Syed, 66, pleaded guilty to conspiracy to export goods from the US without a licence from the Department of Commerce and to submitting false export information.  He and the other conspirators falsely represented to computer manufacturers that the illegal shipments were intended for Pakistan-based universities or Syed’s businesses, and not their true destination.

https://www.ice.gov/news/releases/ice-hsi-investigation-leads-guilty-plea-chicago-tech-executive-illegally-exporting

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On 1 November, OFSI released a post saying that, in response to Afghanistan’s Taliban takeover in August, OFSI in the UK has updated its Charity Sector Guidance.  It says that OFSI is working closely with its cross-government counterparts in sanctions notably the Foreign Commonwealth and Development Office to work closely with stakeholders to address challenges arising in relation to Afghanistan.

https://ofsi.blog.gov.uk/2021/11/01/ofsi-updates-charity-sector-guidance/

https://www.gov.uk/government/publications/financial-sanctions-faqs

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