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WASHINGTON (AP) — The Biden administration is rolling out new recordkeeping rules for U.S. investment advisers in its continued effort to clamp down on money laundering, illicit finance and fraud in the American financial system. The Treasury Department's Financial Crimes Enforcement Network — known as FinCEN — proposed a regulation on Tuesday that would require investment advisers to develop anti-money laundering programs and file reports with the government when suspicious activity is detected by clients, among other things. Treasury last week proposed a rule that would require real estate professionals to report information to the agency about non-financed sales of residential real estate to legal entities, trusts and shell companies. All-cash purchases of residential real estate are considered at high risk for money laundering. The risk assessment also identified cases of Chinese and Russian individuals using investment advisers to access sensitive information and emerging technology, Treasury said.

Persons: —, Biden, ”, Andrea Gacki, Janet Yellen Organizations: WASHINGTON, Treasury, House Locations: U.S, United States

The report comes as access to sensitive taxpayer information has sparked calls for investigations — and calls for reform on taxes for the wealthy. Littlejohn had applied to work as a contractor to get Trump’s tax returns and carefully figured out how to search and extract tax data to avoid triggering suspicions internally, prosecutors said in court documents. Werfel said that since the agency has received funding through Democrats' Inflation Reduction Act, it has been able to markedly improve the security of sensitive information, including audit trail deficiencies. “Our data security and environment is dramatically better today than it was in 2017 to 2020 when this unauthorized access occurred," Werfel said. "And it’s dramatically better today because we now have the resources to make the right investments to strengthen our data security.

Persons: Daniel Werfel —, —, ”, “, TIGTA, Charles Edward Littlejohn of, Donald Trump, Littlejohn, Jason Smith, Werfel, Lindsay Whitehurst Organizations: WASHINGTON, IRS, Treasury, Associated Press, Charles Edward Littlejohn of Washington, Charles Edward Littlejohn of Washington , D.C, New York Times, Associated Locations: Charles Edward Littlejohn of Washington ,

☆ US Imposes Sanctions for Violations of Russia Oil Price Cap
▼ + stars: | 2024-02-08 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +1 min

WASHINGTON (Reuters) - The U.S. Treasury Department said on Thursday it had put sanctions on three entities based in the United Arab Emirates (UAE) and one registered in Liberia for violating a cap placed on the price of Russian oil by a coalition of Western nations. The Treasury also said it had taken steps to bar the import of certain categories of diamonds mined in Russia, another step designed to deprive Moscow of foreign revenues following the 2022 invasion of Ukraine. In a statement, the Treasury Department said it had imposed sanctions on three UAE-based entities - Zeenit Supply and Trading DMCC, Talassa Shipping DMCC and Oil Tankers SCF Mgmt FZCO - as well as on Liberia-registered NS Leader Shipping Incorporated. The price cap imposed by the Group of Seven countries, the European Union and Australia bans the use of Western maritime services such as insurance, flagging and transportation when tankers carry Russian oil priced at or above $60 a barrel. War in Israel and Gaza View All 194 Images(Reporting by Daphne Psaledakis, Ismail Shakil and Arshad Mohammed; editing by David Ljunggren)

Persons: Daphne Psaledakis, Ismail Shakil, Arshad Mohammed, David Ljunggren Organizations: WASHINGTON, U.S . Treasury, United Arab Emirates, Treasury, Treasury Department, Talassa Shipping, Oil, Mgmt, NS, Shipping Incorporated, Group, European Union Locations: UAE, Liberia, Western, Russia, Moscow, Ukraine, Australia, Israel, Gaza

☆ US Faces Heightened Risk From Russia, North Korea, Treasury Financing Report Finds
▼ + stars: | 2024-02-07 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

WASHINGTON (Reuters) - The United States faces heightened risk from Russia, which is trying to acquire goods with military applications, the U.S. Treasury Department said in fresh National Risk Assessments on Money Laundering, Terrorist Financing, and Proliferation Financing released on Wednesday. The United States also faces heightened risk from North Korea, the Treasury Department said, as networks linked to Pyongyang increasingly exploit the digital economy, including through hacking virtual asset service providers. The report includes ways Hamas exploits the international financial system, including through solicitation of funds from witting and unwitting donors, the Treasury Department said. The United States has sought to cut off funding for the group after its deadly attack on Israel in October. The proliferation of domestic violent extremist movements also pose more threats to the United States, the department said.

Persons: Brian Nelson, Daphne Psaledakis, Gerry Doyle Organizations: WASHINGTON, U.S . Treasury Department, United, Treasury Department, Terrorism, Financial Locations: United States, Russia, Ukraine, North Korea, Pyongyang, Israel

BANGKOK (AP) — Chinese and U.S. officials have met in Beijing for talks on tough issues dividing the two largest economies, as trade and tariffs increasingly draw attention in the runup to the U.S. presidential election. The talks sent a “positive signal,” the Global Times, a newspaper of China’s ruling Communist Party, said in an article published late Tuesday. The two sides said the talks in Beijing also touched on issues such as debt problems in developing countries, financial cooperation and economic policies. The Economic Working Group's meeting was its third since it was established in September and its first in Beijing. A Treasury delegation met with Chinese Vice Premier He Lifeng while in Beijing and conveyed a message that Yellen hoped to visit China at an “appropriate time.”

Persons: Joe Biden, Xi Jinping, Biden, Donald Trump, Yellen, ” Organizations: U.S, China’s Ministry of Finance, Global Times, Communist Party, U.S . Treasury Department, International Energy Agency, Treasury Department, Trump, Treasury Locations: BANGKOK, Beijing, U.S, China, Europe, San Francisco , California, Taiwan

WASHINGTON (AP) — The Biden administration wants to make residential real estate transactions more transparent by unmasking the owners of certain all-cash purchases. It's part of an ongoing effort to combat money laundering and the movement of dirty money through the American financial system. The Treasury Department's Financial Crimes Enforcement Network proposed a regulation on Wednesday that would require real estate professionals to report information to the agency about non-financed sales of residential real estate to legal entities, trusts and shell companies. All-cash purchases of residential real estate are considered at high risk for money laundering. One study on the impact of money laundering on home values in Canada, conducted by a group of Canadian academics, found that money laundering investment in real estate pushed up housing prices in the range of 3.7% to 7.5%.

Persons: —, Biden, ”, Andrea Gacki, Ian Gary, Janet Yellen Organizations: WASHINGTON, Treasury, Network, House, FACT Coalition, Small Business Association Locations: Canada, U.S

The Congressional Budget Office in 2022 estimated that the tens of billions of new IRS funding provided by the IRA would increase revenues by $180.4 billion from 2022 to 2031. The IRS now says that if IRA funding is restored, renewed and diversified, estimated revenues could reach as much as $851 billion from 2024 to 2034. However, House Republicans built a $1.4 billion reduction to the IRS into the debt ceiling and budget cuts package passed by Congress last summer. IRA funding "is enabling the IRS to reverse this trend,” Leiserson said. The tax gap — which is the difference between taxes owed and taxes paid — has grown to more than $600 billion annually, according to the IRS.

Persons: Joe Biden's, Lael Brainard, Brainard, Greg Leiserson, Leiserson, — Organizations: WASHINGTON, IRS, Treasury Department, Democrats, Congressional, Office, Republicans, Congress

☆ Bankrupt trucker Yellow repays $700 million Covid loan, as unsecured creditors press for billions more
▼ + stars: | 2024-02-05 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Trucks and trailers sit in a Yellow Corp. facility lot, closed after the freight trucking company ceased all operations, in Las Vegas, Nevada, on July 31, 2023. The bankrupt trucking company Yellow has fully repaid a controversial $700 million Covid loan to the U.S. Treasury Department, plus more than $151 million in interest, the company said Monday. Meanwhile, unsecured creditors in the bankruptcy case, including employee pension funds, are seeking billions of dollars in payouts from what remains of the company. By mid-2023, as it headed toward bankruptcy, Yellow had made only one payment on the loan: $230, in July 2021. In a statement Monday announcing the loan repayment, Yellow's chief restructuring officer Matthew Doheny said, "repayment demonstrates Yellow's absolute commitment to fulfilling its promise to the American taxpayers that its CARES Act loan would be repaid in full with interest."

Persons: Matthew Doheny, Doheny, Yellow's, Donald, Trump, Steven, Mnuchin Organizations: Corp, U.S . Treasury Department, Treasury Department, Trump, Defense Department, Treasury Locations: Las Vegas , Nevada, Delaware

☆ Illicit Iranian programs targeted by sanctions and criminal charges, US says
▼ + stars: | 2024-02-02 | by ( Michael Conte | Sean Lyngaas | ) edition.cnn.com time to read: +5 min

Washington CNN —The US announced a number of measures including sanctions and criminal charges targeting a range of malicious Iranian initiatives, including their cyberwarfare and drone programs, as well as Iran’s alleged illegal oil trafficking to fund foreign terrorist organizations. Earlier in the day, the Treasury Department announced sanctions against several Iran- and Hong Kong-based companies for allegedly supporting Iran’s drone program and missile production. The three alleged front companies in Hong Kong and an Iranian subsidiary allegedly obtained components, such as engines and carburetors, for Iran’s drone program. Treasury also announced sanctions targeting the head of Iran’s Islamic Revolutionary Guard Corps Cyber–Electronic Command and five other senior officials for alleged cyberattacks against critical infrastructure in the US and other countries. That’s a reference to a series of hacks that defaced computers at multiple water utilities in the US in November.

Persons: Biden, ”, General Merrick Garland, Christopher Wray, Brian Nelson, Matthew Miller, That’s, ” John Hultquist, Mandiant, CNN’s Hannah Rabinowitz Organizations: Washington CNN, US, Justice Department, Islamic Revolutionary Guard Corps, Department, DOJ, FBI, Treasury Department, Treasury, Terrorism, Financial, Command, Google, CNN, Boston Children’s Hospital Locations: Iran, Jordan, Omani, ”, Washington ,, United States, Hong Kong, Iranian, Israel, Boston, Tehran

☆ US Treasury Imposes Sanctions on Businesses Owned by Sudanese Warring Parties
▼ + stars: | 2024-01-31 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

The businesses sanctioned are Alkhaleej Bank and Al-Fakher Advanced Works, controlled by the paramilitary Rapid Support Forces, and Zadna International, controlled by the Sudanese army, according to a U.S. Treasury Department statement. The Rapid Support Forces are accused by the U.S. of participating in an ethnic cleansing campaign in West Darfur, along with war crimes and crimes against humanity. Meanwhile, Zadna International was described as a "top revenue-earner" for the Sudanese army. The U.S. Treasury Department said it continued to provide funding and was used for money-laundering. The sanctions were imposed under a U.S. executive order authorizing sanctions on individuals who are destabilizing Sudan and undermining the country's democratic transition, the Treasury Department said.

Persons: Brian E, Nelson, Daphne Psaledakis, Rami Ayyub, Peter Graff Organizations: Alkhaleej Bank, Al, Rapid Support Forces, Zadna, U.S . Treasury, U.S, Treasury, Terrorism, Financial, Alkhaleej, Sudanese Central Bank, Treasury Department, U.S . Treasury Department, U.S . Locations: WASHINGTON, CAIRO, United States, Sudan, Sudanese, U.S, West Darfur

MEXICO CITY (AP) — Mexico's economy barely eked out a 0.1% increase in the fourth quarter, bringing estimated growth for 2023 to 3.1%, according to preliminary figures published Tuesday by Mexico’s National Statistics Institute. The institute said that services advanced 0.1% in the fourth quarter, agricultural output declined by the same amount and manufacturing remained unchanged. Inflation declined to 4.66% by the end of 2023, but domestic interest rates remained high at 11.5%. High rates at home and abroad increased the cost of servicing Mexico’s debt, the Treasury Department acknowledged. Mexico’s peso remained strong Tuesday at about 17.20 to $1 and the Mexican stock exchange’s main index was trading slightly higher.

Organizations: MEXICO CITY, Mexico’s National Statistics Institute, Treasury Department, Associated Press Locations: MEXICO

WASHINGTON (AP) — The U.S. is considering additional measures against Venezuelan President Nicolás Maduro ’s government after the South American country’s highest court blocked the presidential candidacy of an opposition leader. This comes after the U.S. government on Monday pulled back part of the sanctions relief it granted Venezuela last year, following through on its threat to do so after Maduro reneged on a deal his administration made last year in Barbados with the Venezuelan opposition to hold free elections in 2024. A spokesperson for the National Security Council said the U.S. is clear about the path forward in support of democratic elections and is considering additional measures against the Maduro regime. The department had allowed transactions with the mining company in October after the Maduro government agreed to level the playing field ahead of this year’s presidential election. Matthew Miller, a U.S. State Department spokesperson, said the Barbados electoral roadmap is the most viable mechanism to resolving Venezuela’s longstanding political and economic problems.

Persons: Nicolás Maduro, Maduro, María Corina Machado, Machado, Matthew Miller, ” ___ Garcia Cano Organizations: WASHINGTON, Venezuelan, American, U.S, Monday, Venezuela’s, National Security Council, Department’s, Foreign, U.S . State Department Locations: U.S, Venezuela, Barbados, Venezuelan, Caracas

Microsoft, Alphabet (Google), Meta, Amazon and Apple are all due to report this week. A few hours after the Treasury announces, the Fed will also conclude its two-day meeting, the first of 2024, and issue a statement on interest rates. “They are determined to avoid making the same mistake twice.”The week ends with Friday’s monthly jobs number for January. Rounding out the week will be a report on consumer sentiment from the University of Michigan. The final reading for January is expected to show consumers feeling happier about the state of the economy and inflation.

Persons: ”, Richard de Chazal, William Blair, Jerome Powell, “, Powell, Bill Adams, ” Adams Organizations: Microsoft, Federal Reserve, Conference Board, Consumers, Labor Department, Treasury, Reserve, Comerica Bank, Fed, University of Michigan

WASHINGTON (AP) — An Iranian man who federal prosecutors say operates a criminal network that targets dissidents and activists abroad has been charged alongside a pair of Canadians with plotting to kill two people, including a defector from Iran, who had fled to the United States. In this case, prosecutors say, Naji Sharifi Zindashti conspired with two Canadian men between December 2020 and March 2021 to kill two Maryland residents. The intended victims of the murder-for-hire plot were not identified in an indictment, but prosecutors described them as having fled to the United States after one of them had defected from Iran. The plot was ultimately disrupted, the Justice Department said. Prosecutors say Ryan and Pearson are currently imprisoned in Canada on unrelated charges.

Persons: Sharifi Zindashti, Matthew Olsen, John Bolton, Trump, Biden, He's, Damion Patrick John Ryan, Adam Richard Pearson, Ryan, Pearson, “ Organizations: WASHINGTON, Justice Department, Department, Justice, Department's, U.S, Associated Press, Iran's Ministry of Intelligence, Security, Treasury Department, Monday Locations: Iran, United States, China, Maryland, Iranian American, Jordan, American, U.S, Canada, Minnesota

☆ In many ways, Gen Zers are better off than their parents were 30 years ago, but fewer are financially independent — here's why
▼ + stars: | 2024-01-27 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

However, Gen Z adults are also less likely to own a home, be married or have children. Pew surveyed about 1,500 adults between the ages of 18 and 34 and more than 3,000 parents of adult children. Gen Z is generally defined as those born between 1996 and 2012, including a cohort of teens and tweens. Now, 25% of young adults live in a multigenerational household, up from just 9% five decades ago. Meanwhile, as living with mom and dad has become more common for young adults — it's also more socially acceptable, according to Parker.

Persons: Gen, Pew, Zers, Kim Parker, they've, Nicole Smith, that's, Janet Yellen, — it's, Parker Organizations: Pew Research Center . Pew, Georgetown University Center, Education, Workforce, CNBC, Treasury, Pew Research Center

☆ IRS set to launch its free tax-filing pilot program for some taxpayers. Here's what to expect
▼ + stars: | 2024-01-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Known as Direct File, the agency's free filing software pilot will begin as an invitation-only service for a group of government workers before rolling out to certain taxpayers in 12 states by mid-March. Direct File comes after a feasibility report authorized by the Inflation Reduction Act. Internal Revenue ServiceDirect File is 'starting small' with 12 statesThe IRS Direct File pilot intentionally starts with a limited group of taxpayers with relatively simple filings, according to IRS officials. While Direct File won't cover state returns, Arizona, Massachusetts and New York residents can immediately continue to state filing by importing Direct File data. While only certain taxpayers can use Direct File, the bilingual software includes built-in live chat support with IRS assistors.

Persons: Daniel Werfel, Kevin Lamarque, Laurel Blatchford, Danny Werfel, Werfel Organizations: Reuters, U.S . Department, Treasury Department, IRS, CNBC, Internal Revenue, Social Locations: Arizona , California, Florida , Massachusetts, Nevada , New Hampshire , New York, South Dakota , Tennessee , Texas, Washington and Wyoming, Arizona , Massachusetts, New York, California

☆ U.S. targets Iraqi airline Fly Baghdad, its CEO and Hamas cryptocurrency financiers for sanctions
▼ + stars: | 2024-01-23 | by ( ) www.cnbc.com time to read: +3 min

The U.S. on Monday hit Iraqi airline Fly Baghdad and its CEO with sanctions, alleging assistance to Iran's military wing, and imposed a fifth round of sanctions on the militant group Hamas for abuse of cryptocurrency since the Oct. 7 attack on Israel. In the new sanctions, the Treasury Department said Fly Baghdad and CEO Basheer Abdulkadhim Alwan al-Shabbani have provided assistance to Iran's military wing and its proxy groups in Iraq, Syria and Lebanon. "The United States will continue to disrupt Iran's illicit activities aimed at undermining the stability of the region." The sanctions block access to U.S. property and bank accounts and prevent the targeted people and companies from doing business with Americans. Hamas has said it planned for a potentially long fight and was "ready to do whatever is necessary for the dignity and freedom of our people."

Persons: Basheer Abdulkadhim Alwan, Brian E, Nelson, Fly, Asad Organizations: Ministry, Treasury Department, Foreign, Control, Hezbollah, Popular Mobilization Forces, State, U.S Locations: Baghdad, Israel, Gaza, Iraq, Syria, Lebanon, Iran, United States, U.S, Fly Baghdad, cryptocurrency, Jihad, Australia

BANGKOK (AP) — US and Chinese officials have completed the third meeting of a working group established to cooperate on financial issues, in a step that continues the trend set by the two powers last November to ease tensions. Officials from the U.S. Department of the Treasury met with counterparts in the People's Bank of China to discuss issues ranging from financial stability to countering money laundering. The delegation also met with Vice Premier He Lifeng while they were in China, according to a statement from the Treasury Department Friday. In November, Yellen met with He in San Francisco. Their two-day meeting was seen as paving the way for the later meeting between U.S. President Joe Biden and China's President Xi Jinping.

Persons: Janet Yellen, Yellen, Joe Biden, Xi Jinping, Donald Trump Organizations: U.S . Department of, People's Bank of China, Treasury Department, U.S Locations: BANGKOK, People's, China, San Francisco

☆ Electric Vehicle Charging Tax Credits Will Be Available in Much of Country
▼ + stars: | 2024-01-19 | by ( Madeleine Ngo | More About Madeleine Ngo | ) www.nytimes.com time to read: +1 min

The Biden administration on Friday issued guidance that makes much of the country eligible for tax credits intended to offset the cost of installing electric vehicle chargers. The initiative aims to make it more affordable for Americans to deploy electric vehicle chargers, which will need to be widely available for the United States to meet the Biden administration’s goal of having electric vehicles make up half of new car sales by 2030. Before Friday’s guidance, it had been unclear which areas could qualify for the tax credit. The Treasury Department opted to make a broad set of locations eligible, covering much of the country outside of major cities. Qualified areas cover roughly two-thirds of the U.S. population, Ashley Schapitl, a Treasury Department spokeswoman, said in a statement.

Persons: Biden, Ashley Schapitl Organizations: Biden, Treasury, Treasury Department Locations: United States

☆ Sheryl Sandberg to leave Meta board
▼ + stars: | 2024-01-17 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —Former longtime Meta chief operating officer Sheryl Sandberg will not remain on the company’s board of directors after her term ends in May, she said in a Facebook post Wednesday. “With a heart filled with gratitude and a mind filled with memories, I let the Meta board know that I will not stand for reelection this May,” Sandberg said in the post. Meta did not immediately respond to a request for comment about Sandberg’s decision to leave the board. In partnership with Zuckerberg, Sandberg helped grow Facebook’s revenue from roughly $150 million in 2007 to more than $3.7 billion in 2011, the year before it went public. In 2022, the year Sandberg stepped down as COO, Meta posted total annual revenue of $116.6 billion.

Persons: Sheryl Sandberg, ” Sandberg, Sandberg, Mark Zuckerberg “, Sheryl, ” Zuckerberg, ”, Meta, Bill Clinton, Zuckerberg, “ Sheryl architected, Riley Gutiérrez McDermid, Brian Fung, Rishi Iyengar Organizations: New, New York CNN, Meta, Facebook, Lean, Google, World Bank, Treasury Department Locations: New York, reorient

☆ Davos: A mountain of debt and a wave of elections. World leaders are hamstrung
▼ + stars: | 2024-01-14 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —World leaders are flocking to Davos this week to pontificate on the planet’s most pressing problems. Even in the absence of a new crisis, soaring debt servicing costs will constrain efforts to tackle climate change and care for aging populations. Mortgage rates and other borrowing costs soared as investors demanded much higher premiums for owning UK debt. Mounting debt and political brinksmanship have already taken their toll on America’s credit rating, which typically affects borrowing costs for the government, businesses and households. And that would increase the government’s borrowing costs.

Persons: worryingly, Michael Saunders, ”, Saunders, that’s, Liz Truss, Dave Ramsden, Fitch, Moody’s, Raghuram Rajan, “ It’s, ” Rajan, Anna Cooban Organizations: London CNN —, Bank, CNN, Oxford Economics, Bank of England, AAA, States ’, Reserve Bank of India, Labour Party, Treasury Department, Federal, University of Chicago Booth School of Business Locations: Davos, Kingdom, Argentina, States, United States, Switzerland

“It’s an ongoing effort,” said White House chief of staff Jeff Zients. “Under his leadership, we’ve attacked inflation from every angle.”The question is whether voters are feeling the improvement and will reward Biden. Or will they penalize him because inflation became a problem on his watch as the U.S. emerged from pandemic shutdowns? Past and current Biden administration officials say the decline in inflation since then was a result of a set of choices. Much of the public saw inflation through the lens of their grocery stores, strip malls and gas stations, but the White House considered it a worldwide issue.

Persons: Joe Biden, he's, Biden, ”, Jeff Zients, we’ve, Jason Smith of Missouri, Donald Trump, ” Trump, “ We're, Bharat Ramamurti, shutdowns, “, Jared Bernstein, White, Ben Harris Organizations: WASHINGTON, White, Bureau of Labor Statistics, Biden, Federal Reserve, House, National Economic Council, Congressional, Medicare, Factories, Shipping, White House Council, Economic Advisers, White House, U.S, Republican, Treasury Department, Associated Press, NORC, for Public Affairs Locations: “, U.S, Los Angeles, Long Beach , California, Russia, Ukraine, Israel, Red

☆ U.S. deficit tops half a trillion dollars in the first quarter of fiscal year
▼ + stars: | 2024-01-11 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

The U.S. government ran up another half a trillion dollars in red ink in the first quarter of its fiscal year, the Treasury Department reported Thursday. Compared to last year, which saw a final deficit of $1.7 trillion, 2024 is running even hotter. In the first quarter of fiscal 2023, for example, the difference between spending and receipts totaled $421.4 billion. On an unadjusted basis, that's an increase of $89 billion between fiscal 2024 and last year. If the current pace continues, 2024 would end with a deficit of just more than $2 trillion.

Persons: Joe Biden, Janet Yellen Organizations: White, Treasury Department, Social Locations: Washington ,, U.S

☆ Heroes to zeroes in 12 months: How the two biggest crypto billionaire CEOs proved the critics right
▼ + stars: | 2023-12-30 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +12 min

Combination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance. Meanwhile, Solana is nearly 10x higher in the last 12 months, and bitcoin miner Marathon Digital has also skyrocketed. That same year, Bankman-Fried earned street cred in crypto circles for his bitcoin arbitrage trading strategy, dubbed the Kimchi swap. The relationship between Zhao and Bankman-Fried began to sour a few months after they met. In Nov. 2022, a fight between Bankman-Fried and CZ on Twitter, now known as X, pulled the mask off the scheme.

Persons: Sam Bankman, Zhao Changpeng, Bitcoin, Solana, Binance's, Zhao, FTX's Sam Bankman, Fried, JPMorgan Chase, Jamie Dimon, bitcoin, Bill Gates, Warren Buffett, Elizabeth Warren, execs, Renato Mariotti, Michael Lewis, Sam, gunning, Lewis, SBF, Binance, FTX, Goldman Sachs, General Merrick Garland, Garland, Amr Alfiky Organizations: Marathon, JPMorgan, Microsoft, Capitol, Department of Justice, U.S . Justice Department's Securities, Commodities, CZ, Alameda Research, Formula, Democratic, Twitter, Emergency Economic, U.S ., Futures Trading Commission, Treasury Department, Securities, Exchange Commission, Justice Department, DOJ, Reuters Locations: Hong Kong, Singapore, Bankman, FTX, Miami, Washington, Alameda, U.S, New York City

☆ Fmr. CISA Director Chris Krebs explains the potential AI risks on financial systems
▼ + stars: | 2023-12-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. CISA Director Chris Krebs explains the potential AI risks on financial systemsChris Krebs, PinnacleOne president and former Cybersecurity and Infrastructure Security Agency director, joins 'Squawk Box' to discuss the the potential risks of AI on financial systems, after the Treasury Department's Financial Stability Oversight Council flagged the use of AI in financial services as a system vulnerability, what it means for financial organizations going forward, and more.

Persons: Chris Krebs, PinnacleOne Organizations: Infrastructure Security Agency, Treasury

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