Regulation
US SEC Twitter Hack Suspect Set To Receive Plea Deal
Federal prosecutors are planning to offer a plea deal to Eric Council Jr., an Alabama man accused of involvement in a high-profile hack of the U.S. Securities and Exchange Commission’s official X account, formerly known as Twitter.
This incident was a form of social engineering where a fake message was posted concerning the approval of Bitcoin ETFs and temporarily influenced the cryptocurrency market. Council, who was also charged but entered a not guilty plea, has other charges including conspiracy to commit aggravated identity theft and access device fraud.
US SEC Twitter Hack Suspect Set To Receive Plea Deal
During a hearing in Washington federal court, Assistant U.S. Attorney Kevin Rosenberg announced that prosecutors plan on continuing the offer of a plea deal to Council.
”We will extend a plea,” Rosenberg told U.S. District Judge Amy Berman Jackson saying, “I have no idea if it will be accepted or not.” Should the Council agree to the plea deal, Council’s assistance might help federal authorities to identify and prosecute other persons allegedly engaged in the hacking conspiracy.
The prosecution has also stated that Council was not operating on his own and that he was instructed by other people who had a considerable part in organizing and carrying out the attack. These co-conspirators, it is alleged, targeted the victim, an employee of the US SEC, and worked with Council to use a technique known as SIM swapping to penetrate the security measures put in place to protect the SEC’s social media account.
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Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The US Department of Justice (DOJ) has allegedly launched an investigation into the USDT stablecoin issuer for potential anti-money laundering violations. This comes just days after the Tether CEO Paolo Ardoino called for stable crypto regulations in the country.
US DOJ Allegedly Launches Probe Into Tether
According to report by the Wall Street Journal (WSJ), the US government is allegedly investigating Tether of possible violations of sanctions and anti-money laundering rules. Specifically, the crypto firm may face penalties for doing business with groups on the US sanctions list. The criminal investigation is also looking at whether the USDT has been used by third parties to fund illegal activities such as the drug trade, terrorism and hacking—or launder the proceeds generated by them.
Commenting on this development, Tether CEO Paolo Ardoino mentioned in an X post that they had told the Wall Street Journal that there is no indication that the crypto firm is under investigation. He added,
WSJ is regurgitating old noise. Full stop.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Tether CEO Paolo Ardoino has revealed that there are no IPO plans for his company at the moment. He further explained why he doesn’t believe his company need to go public anytime soon. Interestingly, his explanation echoed Ripple CEO Brad Garlinghouse sentiment as Garlinghouse also recently revealed that his firm has no plans to go public, at least for now.
Paolo Ardoino Reveals Tether Isn’t Going Public For Now
FOX Journalist Eleanor Terrett revealed in an X post that the Tether CEO has confirmed that there are no IPO plans from the Stablecoin issuer at the moment. Paolo Ardoino explained that he believes going public would impair his company’s ability to move fast and keep “disrupting the status quo.”
He added that he thinks a company should only go public when they need to access capital and liquidity, something which Tether isn’t lacking at the moment, considering that they have made $12 billion in profits over the last two years.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- Netherlands has invited public comments on a new draft bill on crypto tax reporting expected to align local rules with European Union regulations.
- The public can share opinions and comments up to Nov. 21, 2024.
- Adoption will see crypto service providers share user details starting January 1, 2026.
The Dutch government has asked for public input on a new draft regulation for crypto tax monitoring and reporting, with a focus on aligning local tax laws with broader crypto regulation within the European Union.
The Netherlands’ Ministry of Finance announced the public feedback program in a press release published on Oct. 24. The draft bill, if adopted into law, would mandate cryptocurrency exchanges and other digital asset service providers to submit customer data to the Dutch Tax Administration.
Per the announcement, the new law aims to create a more transparent environment in terms of crypto ownership to reign in potential tax avoidance or evasion.
As such, the public have Nov. 21 to submit their opinion, advice and comment. Thereafter, the government will look to bring the bill to the Dutch House of Representatives at the start of Q2, 2025. If adopted, the new law will take effect on January 1, 2026.
Aligning with EU regulations
The Netherlands’ proposed bill is part of the country’s effort to bring local crypto regulation in line with broader laws in the European Union. This effort is being implemented across the EU member states. In October 2023, the EU released the DAC8 directive, which provides that crypto exchanges adopt tax reporting measures in the countries they hold regulatory licenses.
Accordingly, the DAC8 eases the administrative burden on exchanges as reporting is only mandated in that one country and applies across the EU.
The Netherlands’ move sees it join Denmark, which this week outlined crypto tax standards for unrealized gains. The proposal also aligns with the DAC8 and is part of the broader effort to support EU’s Markets in Crypto-Assets (MiCA) regulation.
MiCA is a comprehensive regulatory framework that the European Parliament passed into law in June last year. The regulation provisions on stablecoins came into effect on June 30, 2024, while the full law takes effect as of December 30, 2024.
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