Cryptocurrency: HavenoDEX, Stallman Taler v Monero, Govts Seize Crypto $Billions Every Year, MiamiCoin CBDC

grarpamp grarpamp at
Thu Aug 5 04:50:15 PDT 2021  Stallman Taler v Monero

The U.S. government regularly holds auctions for its stockpile of
bitcoin, ethereum, litecoin and other cryptocurrencies it seizes and
then holds in crypto wallets. "In fiscal year 2019, we had about
$700,000 worth of crypto seizures. In 2020, it was up to $137 million.
And so far in 2021, we're at $1.2 billion," said Jarod Koopman,
director of the IRS' cybercrime unit. CNBC reports: As cybercrime
picks up -- and the haul of digital tokens along with it -- government
crypto coffers are expected to swell even further. Interviews with
current and former federal agents and prosecutors suggest the U.S. has
no plans to step back from its side hustle as a crypto broker. The
crypto seizure and sale operation is growing so fast that the
government just enlisted the help of the private sector to manage the
storage and sales of its hoard of crypto tokens.
Once a case is closed and the crypto has been exchanged for fiat
currency, the feds then divvy the spoils. The proceeds of the sale are
typically deposited into one of two funds: The Treasury Forfeiture
Fund or the Department of Justice Assets Forfeiture Fund. "The
underlying investigative agency determines which fund the money goes
to," said [Sharon Cohen Levin, who worked on the first Silk Road
prosecution and spent 20 years as chief of the money laundering and
asset forfeiture unit in the U.S. Attorney's Office for the Southern
District of New York]. Koopman said the crypto traced and seized by
his team accounts for roughly 60% to 70% of the Treasury Forfeiture
Fund, making it the largest individual contributor.

Once placed into one of these two funds, the liquidated crypto can
then be put toward a variety of line items. Congress, for example, can
rescind the money and put that cash toward funding projects. "Agencies
can put in requests to gain access to some of that money for funding
of operations," said Koopman. "We're able to put in a request and say,
"We're looking for additional licenses or additional gear,' and then
that's reviewed by the Executive Office of Treasury." Some years,
Koopman's team receives varying amounts based on the initiatives
proposed. Other years, they get nothing because Congress will choose
to rescind all the money out of the account.

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