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FIO fluctuated by 83.15% within 24 hours, current price $0.00056

【FIO's 24-hour volatility exceeds 50%!】FIO fluctuated by 83.15% within 24 hours, current price $0.00056

FIO's 24-hour volatility exceeds 50%!

On May 14, U.S. Senators Van Hollen and Cynthia Lummis spoke during the deliberation of the CLARITY Act regarding an amendment to add provisions addressing the money laundering risks and accountability associated with DeFi. Senator Van Hollen supported the amendment, stating that it is clear that criminals use tools like tumblers and mixers to launder money, evade law enforcement, and transfer funds. Records show that individuals linked to Iran have used mixing services and related technologies to transfer funds and evade sanctions. In some cases, it is evident that the developers of these DeFi tools intended from the outset to profit from illegal activities. They know that criminals will exploit these tools—in fact, for some of them, that is the entire purpose of developing these tools. Therefore, we must hold them accountable. Addressing the overall illegal financial risks of DeFi is not simple, but this amendment is direct, limited, and straightforward. It does one thing: it clearly states that if the purpose of releasing a DeFi protocol is to facilitate money laundering, evade sanctions, or fund terrorism, it is illegal. That’s it. If you deliberately facilitate drug dealers, fraudsters, North Korea, or Iran, you should face the consequences. Senator Cynthia Lummis spoke against the amendment, stating that under Title 18, Sections 1956 and 1957 of the U.S. Code and related sanctions laws, prosecutors can already bring charges against anyone who builds or uses software to launder criminal proceeds or evade sanctions, without needing to add a 'DeFi provision' to the bill. I only care about how specific actions are handled, but we cannot send the signal that 'software is unwelcome.' We want to integrate digital assets into the existing legal framework of the United States, not create a new one. Therefore, I oppose this amendment. The amendment was defeated with 11 votes in favor and 13 against. The Cryptocurrency Market Structure Act (the CLARITY Act) is currently undergoing line-by-line voting and debate on amendments.

[Senator Lummis: No Need to Add DeFi Provisions to the CLARITY Act]On May 14, U.S. Senators Van Hollen and Cynthia Lummis spoke during the deliberation of the CLARITY Act regarding an amendment to add provisions addressing the money laundering risks and accountability associated with DeFi. Senator Van Hollen supported the amendment, stating that it is clear that criminals use tools like tumblers and mixers to launder money, evade law enforcement, and transfer funds. Records show that individuals linked to Iran have used mixing services and related technologies to transfer funds and evade sanctions. In some cases, it is evident that the developers of these DeFi tools intended from the outset to profit from illegal activities. They know that criminals will exploit these tools—in fact, for some of them, that is the entire purpose of developing these tools. Therefore, we must hold them accountable. Addressing the overall illegal financial risks of DeFi is not simple, but this amendment is direct, limited, and straightforward. It does one thing: it clearly states that if the purpose of releasing a DeFi protocol is to facilitate money laundering, evade sanctions, or fund terrorism, it is illegal. That’s it. If you deliberately facilitate drug dealers, fraudsters, North Korea, or Iran, you should face the consequences. Senator Cynthia Lummis spoke against the amendment, stating that under Title 18, Sections 1956 and 1957 of the U.S. Code and related sanctions laws, prosecutors can already bring charges against anyone who builds or uses software to launder criminal proceeds or evade sanctions, without needing to add a 'DeFi provision' to the bill. I only care about how specific actions are handled, but we cannot send the signal that 'software is unwelcome.' We want to integrate digital assets into the existing legal framework of the United States, not create a new one. Therefore, I oppose this amendment. The amendment was defeated with 11 votes in favor and 13 against. The Cryptocurrency Market Structure Act (the CLARITY Act) is currently undergoing line-by-line voting and debate on amendments.

Senator Lummis: No Need to Add DeFi Provisions to the CLARITY Act

On May 14, Aave announced that its bug bounty program has been updated to better align rewards with the risk conditions in the ecosystem and to simplify the review process. The reward cap for critical vulnerability fixes in Aave V4 and Core Aave V3 has now been increased fivefold.

[Aave: Bug Bounty Program Updated, V4 and Core V3 Critical Vulnerability Reward Cap Increased Fivefold]On May 14, Aave announced that its bug bounty program has been updated to better align rewards with the risk conditions in the ecosystem and to simplify the review process. The reward cap for critical vulnerability fixes in Aave V4 and Core Aave V3 has now been increased fivefold.

Aave: Bug Bounty Program Updated, V4 and Core V3 Critical Vulnerability Reward Cap Increased Fivefold

On May 14, Democratic Senator Elizabeth Warren stated during the Senate Banking Committee's review of the CLARITY Act that the bill would expand leverage across various asset classes and regulatory frameworks, increasing systemic risk. Warren acknowledged that Amendment 115 has made some progress in protecting consumers from the dangers of the new system, but the measures are far from sufficient. She criticized the amendment for seemingly removing civil protections for cryptocurrency accounts, highlighting a fundamental paradox in the field: on one hand, more markets are being pushed into the crypto space, while on the other hand, protections for investors and recourse for victims are being eliminated. She warned that this is a misguided path that could ultimately lead to an economic collapse. The Cryptocurrency Market Structure Act (the CLARITY Act) is currently undergoing a line-by-line voting debate on the amendments.

[Senator Warren: The CLARITY Act Lacks Civil Protections for Crypto Accounts, Increased Leverage Will Heighten Systemic Risk]On May 14, Democratic Senator Elizabeth Warren stated during the Senate Banking Committee's review of the CLARITY Act that the bill would expand leverage across various asset classes and regulatory frameworks, increasing systemic risk. Warren acknowledged that Amendment 115 has made some progress in protecting consumers from the dangers of the new system, but the measures are far from sufficient. She criticized the amendment for seemingly removing civil protections for cryptocurrency accounts, highlighting a fundamental paradox in the field: on one hand, more markets are being pushed into the crypto space, while on the other hand, protections for investors and recourse for victims are being eliminated. She warned that this is a misguided path that could ultimately lead to an economic collapse. The Cryptocurrency Market Structure Act (the CLARITY Act) is currently undergoing a line-by-line voting debate on the amendments.

Senator Warren: The CLARITY Act Lacks Civil Protections for Crypto Accounts, Increased Leverage Will Heighten Systemic Risk

bill Surges 14.57% in 24H, Currently at 0.198383 USDT

【bill currently trades at 0.198383 USDT, up 14.57% in 24h, according to HTX market data.】bill Surges 14.57% in 24H, Currently at 0.198383 USDT

bill currently trades at 0.198383 USDT, up 14.57% in 24h, according to HTX market data.

bill Hits New High of 0.198383 USDT, Up 14.57% in 24H

【bill soared to 0.20156 USDT, a new high with a 24-hour increase of 14.57%. It currently trades at 0.198383 USDT on HTX.】bill Hits New High of 0.198383 USDT, Up 14.57% in 24H

bill soared to 0.20156 USDT, a new high with a 24-hour increase of 14.57%. It currently trades at 0.198383 USDT on HTX.

twt Hits New High of 0.514 USDT, Up -0.14% in 24H

【twt soared to 0.5242 USDT, a new high with a 24-hour increase of -0.14%. It currently trades at 0.514 USDT on HTX.】twt Hits New High of 0.514 USDT, Up -0.14% in 24H

twt soared to 0.5242 USDT, a new high with a 24-hour increase of -0.14%. It currently trades at 0.514 USDT on HTX.

cc Hits New High of 0.1625 USDT, Up 6.56% in 24H

【cc soared to 0.1815 USDT, a new high with a 24-hour increase of 6.56%. It currently trades at 0.1625 USDT on HTX.】cc Hits New High of 0.1625 USDT, Up 6.56% in 24H

cc soared to 0.1815 USDT, a new high with a 24-hour increase of 6.56%. It currently trades at 0.1625 USDT on HTX.

HTX data monitoring shows that ETH has broken through 2300 USDT, currently reported at 2300.64 USDT, with a 24H increase of 2.50%.

【ETH breaks through 2300 USDT】HTX data monitoring shows that ETH has broken through 2300 USDT, currently reported at 2300.64 USDT, with a 24H increase of 2.50%.

ETH breaks through 2300 USDT

According to The Block, the Financial Action Task Force (FATF) is gearing up to publish a report on how member nations are implementing its travel rule and emerging views on decentralized finance (DeFi). The body released its finalized crypto guidance in October of 2021, which included standards for virtual assets and virtual asset service providers (VASPs). The so-called travel rule would require businesses to collect and transmit originator and beneficiary information on both parties in a transaction. Since the passage of the standard last year, countries have been working to implement the standard and crypto firms have raced to present solutions. The FATF meets three times each year, during which it assesses risks, discusses potential guidance and tracks the progress of member nations' implementation of existing guidance. At this most recent set of meetings, the FATF discussed a "targeted update" on the implementation of VASP standards, preparing a report that focuses on travel rule implementation. It expects to publish the report at the end of June. In its summary, the FATF said that the report will highlight the progress made, but also point out that not all member-countries have rolled out regulations for travel rule compliance.

Detail

【FATF to publish travel rule implementation report this month】According to The Block, the Financial Action Task Force (FATF) is gearing up to publish a report on how member nations are implementing its travel rule and emerging views on decentralized finance (DeFi). The body released its finalized crypto guidance in October of 2021, which included standards for virtual assets and virtual asset service providers (VASPs). The so-called travel rule would require businesses to collect and transmit originator and beneficiary information on both parties in a transaction. Since the passage of the standard last year, countries have been working to implement the standard and crypto firms have raced to present solutions. The FATF meets three times each year, during which it assesses risks, discusses potential guidance and tracks the progress of member nations' implementation of existing guidance. At this most recent set of meetings, the FATF discussed a "targeted update" on the implementation of VASP standards, preparing a report that focuses on travel rule implementation. It expects to publish the report at the end of June. In its summary, the FATF said that the report will highlight the progress made, but also point out that not all member-countries have rolled out regulations for travel rule compliance.

FATF to publish travel rule implementation report this month

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FATF to publish travel rule implementation report this month

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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