US Treasury Seeks Comment on Crypto’s Illicit Finance Risks

The US Treasury Department is seeking public comment on the possible illicit finance and national security risks posed by the use of digital assets, as part of the agency’s mandate under President Biden’s March executive order to study the development of cryptocurrency.

The request for comment, issued Monday, also asks the public for suggestions to mitigate these risks by the deadline of Nov. 3.

The Treasury, in a version of the request-for-comment document on the Federal Register website, said crypto has been used in sophisticated cybercrime-related financial networks and activity, including through ransomware. The growing use of digital assets has increased the risk of crimes such as money laundering, terrorist financing, fraud, thefts and corruption, according to the document.

Brian Nelson, the Treasury under secretary for terrorism and financial

What Is Yearn Finance? – The Defiant

Yearn Finance played a leading role in the decentralized finance (DeFi) boom in the summer of 2020. Running on Ethereum blockchain, Yearn Finance deployed smart contracts to maximize yields on deposits and generate high interest rates.

This process is called yield farming and Yearn Finance was a pioneer of the business. Let’s start with the protocol’s origin.

Yearn Finance Origin and Purpose

Yearn Finance owes its existence to Andre Cronje, a South African coder who created and contributed to more than 25 DeFi projects. Many in the community call him the “Godfather of DeFi.”

In early 2020, Cronje pioneered two DeFi projects — yEarn Finance and iEarn. The latter was the first decentralized application (dApp) to harness smart contracts for yield aggregation. The concept was simple:

  • Users deposit crypto funds into a smart contract vault.
  • The smart contract algorithm automatically allocates those funds into other smart contracts (DeFi platforms) with

Russian finance ministry seeks to hike oil and gas taxes

  • This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine

MOSCOW, Sept 22 (Reuters) – A new Russian draft budget will aim to draw in more funds from oil and gas producers while commodity prices are high, Finance Minister Anton Siluanov said on Thursday, as part of efforts by the government to tackle its budget deficit.

The Kommersant daily said on Tuesday, citing sources familiar with the discussions, that Russia was considering increasing taxes on the oil and gas sector by 3 trillion rubles ($50 billion) in 2023-2025. read more

The government said on Thursday it had approved a bill covering budgets for 2023 and for the period 2024-2025, without citing any parameters. The bill goes to parliament for debate and then needs to be signed off by the president.

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Siluanov told a televised

Lawmakers point to financial returns of mental health care investment

Rep. Bonnie Watson Coleman (DN.J.) and Sen. Bill Cassidy (R-La.) expressed support on Wednesday for more mental health care investments, pointing to the tens of thousands of lives potentially saved and the billions of dollars invested in a more comprehensive federal program that would benefit the US

Both lawmakers spoke at the “Cost of Mental Health Inequities” event moderated by The Hill contributing editor Steve Scully.

Coleman said federal and state governments along with local partners need to put more resources into underserved communities and pay better attention to their needs, calling the lack of mental health support in the US a “whole-of-society issue.”

“We need to be setting up networks where we catch issues, we catch the problem and address the problem head on when we see it,” she said. “Not when it blows up to become a collective problem but when it’s that individual problem.”

Watson, who helped

Consistent and replicable estimation of bilateral climate finance

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