Welcome to Nonfungible Tidbits, a weekly roundup of news in crypto, NFTs and their related realms.Our lead story this week is the brand-new crypto-focused executive order from the White House, which describes chances and issues in the cryptocurrency industry. Well likewise cover the seizure of $28 million in taken cryptocurrency, UK authorities forbiding crypto ATMs and the US Labor Department warning versus including digital assets in retirement plans. Stay tuned for more next week.President Biden indications crypto order
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On Wednesday, Biden signed the very first executive order focused on cryptocurrency. While Bidens executive order is a beginning point that lays the structure for future guideline, its the very first indicator of a central federal government effort to figure out how cryptocurrency might be handled down the roadway.
A direct deposit of news and suggestions to help you make the most intelligent choices with your money.
Stay tuned for more next week.President Biden indications crypto order
On Friday, the Financial Conduct Authority, a UK financial regulator, said crypto ATMs that use exchange services in the UK must comply and register with UK Money Laundering Regulations. None of the crypto ATMs open in the UK have done this, according to the Financial Conduct Authority. Now the FCA is getting in touch with owners of crypto ATMs in the UK and telling them to shut down or deal with further action. Read CNETs full story on UK regulators shutting down crypto ATMsUS Labor Department cautions against crypto in retirement accounts.
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Read CNETs full story on Bidens crypto order$ 28 million in crypto seized as ransomware suspect extradited from Canada to United States
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The suspect presumably used a type of Windows-specific ransomware called Netwalker that locks files on a computer and triggers the user to pay a ransom in cryptocurrency to regain access. According to the Justice Department, the suspect was extradited to the United States on Wednesday to deal with charges.Read CNETs complete story on the ransomware bustCrypto ATMs are now prohibited in the UK.
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On Friday, the Financial Conduct Authority, a UK monetary regulator, said crypto ATMs that use exchange services in the UK need to sign up and comply with UK Money Laundering Regulations. Read CNETs full story on UK regulators shutting down crypto ATMsUS Labor Department warns against crypto in retirement accounts.
Robert Rodriguez/CNET.
On Thursday, the US Labor Department revealed “severe issues” over consisting of crypto assets in 401( k) plans. The department pointed out a number of reasons this could be a bad idea, including volatility, absence of notified decision-making, progressing regulations and concerns over evaluation and record-keeping. Labor Department acting assistant secretary, Ali Khawar, went on to state that strategy fiduciaries– individuals who run pension– should utilize “a high standard of care” when managing retirement holdings. Thanks for reading. Well be back with plenty more next week. In the meantime, check out Daniel Van Booms story on the release of Pixelmon NFTs, which didnt rather go as planned..