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The White House Issues First Crypto Order. This Week's Top Bitcoin and Crypto News
Welcome to Nonfungible Tidbits, a weekly roundup of news in crypto, NFTs and their related realms.
Our lead story this week is the new crypto-focused executive order from the White House, which outlines opportunities and concerns in the cryptocurrency industry. We'll also cover the seizure of $28 million in stolen cryptocurrency, UK authorities outlawing crypto ATMs and the US Labor Department cautioning against including digital assets in retirement plans.
Stay tuned for more next week.
President Biden signs crypto order
On Wednesday, Biden signed the first executive order focused on cryptocurrency. The order directs federal agencies to come up with ideas for policies to address the risks and benefits of digital assets. The order also directs the federal government to look into potentially developing a US central bank digital currency, a type of cryptocurrency controlled by the government.
While Biden's executive order is a starting point that lays the foundation for future regulation, it's the first indication of a centralized government effort to determine how cryptocurrency might be handled down the road.
Read CNET's full story on Biden's crypto order
$28 million in crypto seized as ransomware suspect extradited from Canada to US
Canadian authorities have arrested a 34-year-old former Canadian government worker in connection with a 2020 ransomware attack. The suspect allegedly used a type of Windows-specific ransomware called Netwalker that locks files on a computer and prompts the user to pay a ransom in cryptocurrency to regain access. Canadian authorities seized 719 bitcoin worth more than $28 million from the suspect's home in Quebec. According to the Justice Department, the suspect was extradited to the US on Wednesday to face charges.
Read CNET's full story on the ransomware bust
Crypto ATMs are now illegal in the UK
On Friday, the Financial Conduct Authority, a UK financial regulator, said crypto ATMs that offer exchange services in the UK must register and comply 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 contacting owners of crypto ATMs in the UK and telling them to shut down or face further action. Recently, crypto ads in the UK have also come under scrutiny due to misleading claims.
Read CNET's full story on UK regulators shutting down crypto ATMs
US Labor Department warns against crypto in retirement accounts
On Thursday, the US Labor Department expressed "serious concerns" over including crypto assets in 401(k) plans. The department cited a number of reasons why this could be a bad idea, including volatility, lack of informed decision-making, evolving regulations and concerns over valuation and record-keeping. Labor Department acting assistant secretary, Ali Khawar, went on to say that plan fiduciaries -- the people who run retirement accounts -- must use "a high standard of care" when managing retirement holdings.
Thanks for reading. We'll be back with plenty more next week. In the meantime, check out Daniel Van Boom's story on the release of Pixelmon NFTs, which didn't quite go as planned.
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