THIS NEWSLETTER IS SPONSORED BY |  |  | FATF wants governments to hold the people behind DeFi protocols accountable |  | After two years of back and forth with the industry, the global anti-money laundering watchdog has finalized its crypto guidance.
And while the final iteration includes welcome clarifications to certain controversial definitions, people close to the industry warn that the devil is in the implementation.
The Financial Action Task Force (FATF) first released its draft guidance for virtual assets in 2019, and since then has conducted comprehensive reviews and revisions. The main thrust of the project has been to develop guidelines to help member jurisdictions curb anonymity in crypto transactions — and to apply certain standards to the crypto industry that are already accepted in traditional finance.
Chief among these proposed standards: the so-called travel rule, which would require crypto exchanges and money transmitters, which FATF terms "virtual asset service providers" or VASPs, to share identifying information about the parties on each end of the transaction.
Throughout the two-year process, industry players complained that portions of the guidance were unclear, with two concerns topping the list. First, who exactly would count as a VASP? The original definition seemed like it could include software protocols, and it remained unclear how the standards could apply to smart contracts transmitting funds. And second, how will VASPs effectively and securely transmit the necessary information? | | |  | Twitter forms new crypto team to incorporate decentralized tech into the platform | The social media firm Twitter is building out a new crypto team to add crypto, blockchain and decentralized technology into the popular social media platform. The Financial Times reported Wednesday that Twitter has hired Tess Rinearson to be its crypto engineering lead. | SEC halts token registrations of Wyoming-based DAO | The securities regulator announced today it had instituted proceedings against American CryptoFed DAO LLC, which touts itself as the first DAO out of Wyoming, resulting in a freeze on the registration of its tokens. The state passed a heavily debated law earlier this year allowing DAOs to seek state charter and official recognition as limited liability companies. | Tether launches USDT stablecoin on the Avalanche blockchain | Tether has launched its USDT stablecoin on the Avalanche blockchain after first announcing its support in May. The launch comes as Avalanche's ecosystem is growing at a rapid pace. The total value locked (TVL) in Avalanche-based DeFi protocols has increased dramatically over the past three months — from around $300 million in August to over $10 billion currently — according to tracker DeFi Llama. | | | THIS NEWSLETTER IS BROUGHT TO YOU BY | Get Up to $3,000 in Bonuses
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| | | The price of bitcoin surged Wednesday morning after the U.S. Department of Labor released data showing a sharp rise in the price of consumer goods—stoking investor fears about mounting inflation. | | | Shark Tank star Kevin O'Leary elevates his investing strategy with Circle Yield
By Circle "This is the new asset class. Circle Yield was the right choice, and it works because the team is very focused on compliance. Circle Yield is one of the best catalysts to the success of O'Leary Ventures in the digital asset world." — Kevin O'Leary | | | You are receiving this e-mail because you are subscribed to The Block's free newsletter. If someone shared this newsletter with you, you can easily subscribe to receive it in your inbox here. If you're looking for even more content, we have a separate newsletter for The Block Research, which you can sign-up for here. | | | | |
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