| Mobile Web

Search results for Treasury Department

Crypto

Trump\'s former crypto adviser faces Genius Act conflict-of-interest questions over investment stake

Questions have been raised over whether Bo Hines, a former cryptocurrency adviser to U.S. President Donald Trump, faced a conflict of interest while promoting passage of the stablecoin-focused Genius Act. Reports say Nxum, an investment firm Hines co-founded, received $6.3 million under a contract with stablecoin issuer Tether, with the first payment made while he was in office. Hines is also alleged to have kept in contact with Nxum partners during his White House tenure.

Crypto

U.S. move to recognise stablecoins as cash equivalents may lower barriers for corporate use

A proposed accounting overhaul by the U.S. Financial Accounting Standards Board could allow stablecoins meeting certain conditions to be classified as cash equivalents on company financial statements, potentially easing corporate adoption. Blockchain firm Tempo said the change could reduce accounting burdens tied to liquidity ratios and lending covenants. The proposal would require firms to hold direct redemption rights against issuers. FASB is taking public comments through Nov. 19 and has not set an effective date.

Crypto

U.S. Treasury withdraws reporting rule proposals for noncustodial wallets and crypto mixing

The U.S. Treasury has withdrawn two long-pending cryptocurrency monitoring proposals, including a 2020 plan targeting noncustodial wallets and a 2023 plan that would have designated foreign crypto mixing as a primary money-laundering concern. The move is being welcomed by privacy advocates and the digital asset industry, which said the proposals could have imposed broad reporting duties. FinCEN said concerns were raised about overly broad definitions and paperwork burdens.