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Jodie Kelley, CEO of the Electronic Transactions Association, discusses the blow to Bitcoin and explains how the Department of Justice was able to recover much of the ransom paid during the Colonial Pipeline hack.
Bitcoin was trading over 8% higher on Thursday morning.
The price was around $ 36,293 per coin, while rivals Ethereum and Dogecoin were trading at around $ 2,545 and 33 cents per coin, respectively, according to Coindesk.
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U.S. Senator Elizabeth Warren, D-Mass., Called for surveillance of the cryptocurrency market to protect consumers from scams resulting from growing interest in digital currencies.
Warren chaired a Senate Banking Subcommittee hearing on Wednesday on cryptocurrency issues and whether the U.S. Federal Reserve should issue its own digital currency.
Warren called the cryptocurrency markets “Wild West” during an interview on Bloomberg TV.
THE CRYPTO NEEDS RULES, BUT IT DOESN’T NEED NEW RULES
The senator did not suggest new regulations, but said some financial market protections are not available for cryptocurrencies.
U.S. Senator Elizabeth Warren, D-Mass., Speaks at the U.S. Capitol on July 22, 2020 (Getty Images)
Meanwhile, Chinese police have arrested more than 1,000 people on suspicion of using cryptocurrencies to launder illegal proceeds from phone and internet scams, according to Reuters.
The Public Security Ministry said the arrests took place as Chinese authorities intensified their crackdown on the cryptocurrency trade.
IRS WANTS CONVENTION TO HELP COLLECT CRYPTOCURRENCY TAX INFORMATION
Last month, three industry bodies banned crypto-related financial and payment services, and the State Council, the Chinese cabinet, pledged to crack down on bitcoin mining and trading .
The Department of Public Safety said that as of Wednesday afternoon, police dismantled more than 170 criminal groups involved in using cryptocurrencies to launder money.
Because cryptocurrencies are anonymous, convenient and global in nature, “they have increasingly become an important channel for cross-border money laundering,” the association said in a statement.
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Cryptocurrencies have already become a popular payment method in illegal gambling activities, according to Reuters.
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