A consortium of six accomplished legal experts, specializing in the realm of securities law and its interconnected domains, have formally presented an amicus brief in a show of support for cryptocurrency exchange giant, Coinbase.
This legal endeavor takes place within the context of Coinbase’s ongoing legal tussle with the United States Securities and Exchange Commission (SEC).
In the sphere of law, an amicus brief is a significant document filed in court by an entity that is not directly enmeshed in the specific litigation.
The primary purpose of such a document is to contribute auxiliary arguments to one side of the case.
Notably, it underscores the far-reaching implications of the case beyond just the immediate litigants.
This collective of legal scholars submitted their amicus brief to the U.S. District Court for the Southern District of New York on August 11th.
Coinciding with this development, Senator Cynthia Lummis also extended an amicus brief in favor of the cryptocurrency exchange.
The cadre of scholars participating in this filing includes renowned names like Stephen Bainbridge from the University of California, Los Angeles; Tamar Frankel representing Boston University School of Law; Sean Griffith hailing from Fordham University School of Law; Lawrence Hamermesh associated with Widener University’s Delaware Law School; Matthew Henderson linked with the University of Chicago Law School; and Jonathan Macey, a distinguished personality from Yale Law School.
Within their filing, these scholars assert that established federal legal precedents and the well-regarded Howey test collectively recognize that investment agreements inherently entail expectations of business-generated income, profits, or assets.
In light of this, they beseech the court to uphold the recognized legal definition of an “investment contract” when interpreting the boundary of its application.
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Elaborating on this, they elucidate that for an investment contract to be in play, investors must be assured, by virtue of their investment, an ongoing contractual claim to the enterprise’s income, profits, or assets.
In the documentation, the scholars delve into an examination of pertinent cases that bolster their stance.
Importantly, these legal scholars explicitly emphasize that their connections to various universities or law schools hold no bearing on their involvement in the amicus brief.
In summation, the collaborative effort of these accomplished legal minds underlines a poignant testament to the complexity and significance of the ongoing legal dispute between Coinbase and the SEC, while striving to elucidate the intricate legal frameworks that encompass this scenario.
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Voyager Digital, the cryptocurrency lender that recently filed for bankruptcy, has made significant token transfers raising eyebrows within the crypto sphere.
On August 11th, according to Etherscan, the company sent 1,500 Ether (ETH) valued at approximately $2.77 million and a staggering 250 billion Shiba Inu (SHIB) tokens worth about $2.7 million to Coinbase, a renowned crypto exchange.
The intention behind these sizeable transactions has ignited a wave of speculation throughout the cryptocurrency community.
One prevailing theory suggests the likelihood of a massive sell-off, stemming from the fact that these transfers have significantly depleted Voyager’s distressed wallet holdings to a mere $81.63 million in digital assets.
Notably, these transfers were executed at precise one-hour intervals, as recorded by Etherscan. This sudden movement of tokens has prompted intense discussions about the potential initiation of a liquidation process.
However, insider sources have countered these notions, asserting that Voyager is simply consolidating its tokens from various addresses into a central primary address for streamlined management.
The prevailing conjecture of an imminent sell-off gains traction from Voyager’s ongoing pattern of divestment in SHIB holdings since the commencement of 2023.
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A telling instance occurred in February when the company orchestrated a series of transfers totaling nearly $10 million worth of digital assets across several cryptocurrency exchanges in a single day.
These transfers encompassed an assortment of tokens, including 270 billion SHIB tokens valued at $3.2 million, 4.9 million Voyager Tokens (VGX) amounting to $2.1 million, 3,050 ETH equating to $3 million, and 221,000 Chainlink (LINK) tokens with a valuation of $1.5 million.
The context surrounding Voyager’s financial state is further accentuated by the backdrop of Binance.US’s legally sanctioned acquisition of the lender’s assets.
Blockchain analytics platform Lookonchain divulged that Voyager had liquidated an aggregate of over $56 million in digital holdings across three distinct cryptocurrency exchanges.
A mere three months later, the insolvent exchange continued its involvement in an intricate web of transactions, transferring approximately 350 billion SHIB tokens.
In summation, the recent movement of a significant volume of tokens by Voyager Digital, coupled with its prior divestment activities and the broader context of its financial status, has spurred vigorous speculation within the cryptocurrency domain.
The community keenly observes these developments for insights into the future trajectory of both Voyager Digital and the cryptocurrency market as a whole.
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United States Senator Cynthia Lummis, a well-known advocate for cryptocurrency, has lodged an amicus brief in support of Coinbase’s bid to have the U.S. Securities and Exchange Commission (SEC) lawsuit against the company dismissed.
An amicus brief is a legal document submitted to a court by a third party that isn’t directly involved in the case.
Its purpose is to provide additional arguments and perspectives in favor of one side of the legal dispute, often highlighting the wider implications of the case.
According to the filing on August 11 in the U.S. District Court for the Southern District of New York, Lummis underscored that the SEC’s action against Coinbase is far from an ordinary enforcement case.
She contended that the SEC’s lawsuit, alleging securities violations by Coinbase, seeks to establish significant control over the cryptocurrency sector, precisely when discussions about regulation and related matters are ongoing both in Congress and various governmental bodies.
Lummis emphasized that the authority to legislate in matters of such economic and political importance lies with Congress, not the SEC.
She criticized the SEC’s effort to exert extensive influence over crypto asset markets, particularly at odds with legislative proposals that propose distributing such authority to other agencies.
Lummis accused the SEC of trying to sidestep the political process and seize such power for itself.
Coinbase had filed its motion to dismiss on August 4, asserting that the SEC had acted against due process and deviated from its previous interpretations of securities laws by asserting jurisdiction over the exchange.
Lummis’s court submission further argued that the SEC has exceeded its boundaries by attempting to categorize nearly all crypto assets as securities.
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She questioned the agency’s regulatory approach, likening it to trying to make laws through enforcement actions, which she deemed beyond the SEC’s powers.
Lummis isn’t alone in supporting Coinbase through an amicus brief. Various crypto advocacy groups, such as the Blockchain Association, Crypto Council for Innovation, Chamber of Progress, and Consumer Tech Association, filed a collective brief on August 11.
These groups, in line with Lummis, stressed that the SEC’s authority is restricted to what Congress has granted it, expressing concerns over the potential misapplication of regulatory measures.
Marisa Tashman, senior counsel at the Blockchain Association, concurred with Lummis’s stance, highlighting that the SEC’s interpretation risks classifying non-security assets as such, potentially deviating from Congress’s intended scope of the SEC’s regulatory authority.
She refuted the SEC’s claim that most digital assets on the secondary market are investment contracts under securities laws, asserting that these transactions lack ongoing contractual obligations, making the SEC’s position untenable.
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On August 10th, the United States Federal Election Commission (FEC) voted unanimously to propel forward a petition aimed at potentially imposing regulations on deep fake content within AI-generated political advertisements.
The focus of this petition is to combat the spread of ads that utilize artificial intelligence to depict political candidates engaging in actions or making statements they never actually did, particularly in the lead-up to the 2024 elections.
Public Citizen, an advocacy organization spearheading this petition, is led by Robert Weissman, who considers deep fakes a substantial threat to the democratic process.
Weissman emphasizes that the FEC must wield its authority to curb the usage of deep fakes, as failure to do so could imply endorsement of an AI-propelled surge of misleading information, which could erode fundamental concepts of truth and falsehood.
Instances have arisen wherein candidates have incorporated fabricated AI-generated images as part of their campaign strategies.
For instance, Florida Governor Ron DeSantis, a contender for the Republican Party’s nomination, disseminated three fabricated images of former President Donald Trump embracing Dr. Anthony Fauci.
During the FEC session, Public Citizen sought to clarify whether existing laws encompass “fraudulent misrepresentation” in political campaigns and whether deep fakes generated by AI fall under this category.
Lisa Gilbert, Executive Vice President of Public Citizen, highlighted the urgency of regulating deep fakes and deceptive AI usage in election-related advertisements, emphasizing that each day that passes heightens the necessity for such regulation.
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The FEC’s decision to progress the petition initiates a 60-day period for public comments. Gilbert views this as an encouraging indicator that regulatory bodies are taking the threat of AI-generated misinformation seriously.
This move is commended by Craig Holman, a government affairs lobbyist associated with Public Citizen, who regards the public comment phase as a crucial platform for policy experts, advocates, and citizens to voice their apprehensions regarding the potential inundation of deep fake advertisements in the upcoming election cycle.
This development builds upon Public Citizen’s initial submission of the petition in July.
The document underscores similar concerns, stressing that the impact of deep fakes could extend to even swaying election outcomes.
In response to the first petition, support letters were received from members of both the U.S. Congress chambers.
Cointelegraph reached out to Public Citizen for additional commentary on their endeavors.
The FEC’s unanimous decision signals a proactive step toward addressing the intricate challenges posed by AI-generated deep fakes within the realm of political advertising.
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The potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States has been shrouded in suspense due to the Securities and Exchange Commission’s (SEC) ongoing delay in reaching a decision.
This delay is now raising speculations that the verdict might encompass influential players in the financial sector, including giants like BlackRock and Fidelity.
Dave Weisberger, co-founder of CoinRoutes and an experienced figure in the markets, emphasized the mounting pressure on the SEC to grant approval for several ETFs.
The performance of approved futures-backed products has fallen significantly behind the actual spot performance, adversely affecting investors.
He believes that the culmination of this decision will likely encompass all pending applications.
The SEC is currently evaluating eight applications for a spot Bitcoin ETF, reflecting a series of past rejections and postponements for such cryptocurrency-related products.
The contenders awaiting a decision comprise prominent entities like ARK Invest, Bitwise, BlackRock, VanEck, WisdomTree, Invesco, Galaxy Digital, Fidelity, and Valkyrie. Together, these firms oversee a staggering $15 trillion in global assets.
Recently, the SEC initiated a 21-day commentary period for the ARK 21Shares Bitcoin ETF.
The regulator’s inquiries revolve around the proposal’s potential to counter fraudulent and manipulative actions and its assessment of the susceptibility of the Bitcoin market to manipulation.
A particular focus was directed towards Coinbase’s surveillance-sharing agreement, with the SEC requesting input on whether this involvement could effectively identify, investigate, and discourage manipulation and fraud in Bitcoin’s valuation.
Ruslan Lienkha, Chief of Markets at YouHodler, offered insight into the SEC’s concerns about market manipulation by major entities.
He elaborated that if the SEC were to greenlight multiple ETFs, the risk of manipulation would substantially diminish, as these firms could engage in frequent trading against each other.
Despite the SEC’s extended contemplation, Bitcoin’s valuation experienced a modest impact, hovering around $30,000.
Market players, including Mauricio Di Bartolomeo, co-founder of Ledn, a crypto lending platform, seemed prepared for the SEC’s prolonged deliberation, asserting that today’s decision bears minimal influence on market expectations.
Notably, the SEC has a couple of deadlines to meet before reaching a final conclusion. The next deadline for the ARK 21Shares application is scheduled for January 2024.
Valkyrie’s application, the most recent addition to the lineup, faces deadlines in January and March of the following year.
The outcome of the BTC ETF ruling has the potential to reshape the landscape of cryptocurrency investments.
If approved, this could infuse the Bitcoin market with a substantial $70 billion in liquidity.
Lienkha highlighted the enhanced confidence regular investors would gain through ETFs, as professional guidance would alleviate the need for them to delve into intricate technicalities and risk assessments independently.
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Lawyers specializing in cryptocurrency matters are expressing strong confidence in Ripple Labs’ legal position as the United States Securities and Exchange Commission (SEC) pursues an interlocutory appeal in their ongoing case.
This has prompted discussions within the crypto community regarding the significance of the appeal, with some speculating whether it aims to challenge the classification of XRP as a non-security token.
However, legal experts in the field are assuring observers that this appeal doesn’t specifically address that matter.
On August 9th, the SEC formally notified Judge Analisa Torres of its intention to appeal the court’s ruling, seeking a fresh evaluation from an appellate court.
In response, community members have been pondering whether this move is tied to the SEC’s quest to challenge the “non-security” status of XRP.
Notably, Jeremy Hogan, a prominent crypto lawyer, delineates the distinction between the SEC’s appeal on sales-related matters and the broader classification of XRP as a security.
Hogan emphasizes that a win for the SEC in this appeal could restrict Ripple’s ability to conduct sales via exchanges.
However, he posits that exchanges might still list XRP as long as these sales aren’t facilitated by Ripple.
Oscar Franklin Tan, a crypto lawyer and Chief Legal Officer at Enjin, a non-fungible token (NFT) platform, provides further insight into the complexities of the SEC’s appeal strategy.
Tan explains that appeals typically occur once a case concludes, but the SEC is pursuing an interlocutory appeal, which means it aims to appeal even though the case remains ongoing.
Regarding the potential impact of this appeal on the main case, Tan underscores the concept of momentum.
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He clarifies that if the interlocutory appeal is permitted, the prevailing party in that appeal would gain momentum in the primary case.
While Hogan is of the view that the appeal won’t significantly impact XRP’s security classification, Tan suggests that the SEC’s underlying objective remains focused on overturning the earlier July decision by Judge Torres, which affirmed that XRP is not a security under certain circumstances.
Tan reveals that the SEC is drawing from the Terraform Labs case to bolster its argument against Judge Torres in the XRP case.
The SEC contends that a higher court should resolve discrepancies between different rulings.
Nonetheless, Tan asserts that the SEC should have provided clearer regulatory guidance prior to resorting to legal action.
He advocates for the normal progression of the court process to gain clarity on these matters.
Meanwhile, Ripple’s Chief Legal Officer, Stuart Alderoty, has encouraged anticipation, stating that Ripple will file its response with the court in the upcoming week.
This development underscores the ongoing dynamism in the legal landscape surrounding cryptocurrency classification and regulation.
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Ethereum founder Vitalik Buterin received 50 percent of the total supply of Shiba Inu (SHIB) tokens upon the coin’s launch, but it’s unclear how much SHIB he currently owns.
Who is Vitalik Buterin?
Vitalik Buterin was born in Russia in 1994 and later moved to Canada with his family. He discovered Bitcoin in 2011, and his fascination with the decentralized digital currency led him to co-found Bitcoin Magazine. Buterin’s vision extended beyond Bitcoin, and in 2013 he conceptualized Ethereum, a blockchain platform that enables the creation of decentralized applications (DApps) through smart contracts.
Ethereum’s 2015 launch marked a paradigm shift in the blockchain space, with its powerful and versatile programming capabilities that allow developers to build a wide variety of decentralized solutions. Buterin’s role in creating and promoting Ethereum has made him a central figure in the blockchain community, advocating for decentralization, transparency, and a more inclusive financial world.
Shiba Inu as the ‘Dogecoin Killer’
Shiba Inu (SHIB) was created in August 2020 as a decentralized meme token that dubbed itself the “Dogecoin killer.” It was inspired by the Shiba Inu dog breed, the same inspiration behind the popular Dogecoin.
What sets Shiba Inu apart from other meme tokens is its intentional community-building efforts and its decentralized ecosystem, ShibaSwap. Unlike many meme coins, Shiba Inu also set out with a specific roadmap and strategic plans to create various decentralized finance (DeFi) products.
How Much Shiba Inu Does Vitalik Buterin Own
The connection between Vitalik Buterin and Shiba Inu may seem tenuous at first, but it came to the fore in a dramatic fashion. When Shiba Inu was created, 50% of the total supply (1 trillion SHIB tokens) was sent to Buterin’s public Ethereum address.
This act was a calculated move by Shiba Inu’s creators, aiming to burn the tokens and create a sense of scarcity and value. However, the creators had no control over the tokens, and Buterin retained complete ownership.
In May 2021, Buterin donated 50 trillion SHIB tokens (worth around $1 billion at the time) to a COVID-19 relief fund in India. This donation was not only one of the largest philanthropic acts in the cryptocurrency space but also led to a significant price drop in SHIB, as investors and traders reacted to the unexpected move.
Later, Buterin burned 90% of his remaining SHIB tokens and sent the rest to a charitable organization. He also requested that future tokens not be sent to his address without his consent.
Implications and Legacy
The relationship between Vitalik Buterin and Shiba Inu illustrates several aspects of the modern cryptocurrency landscape:
- Decentralization: The decision to send tokens to Buterin without his consent was a bold move that emphasized the power of decentralization, where actions cannot be undone or controlled by a central authority.
- Philanthropy: Buterin’s decision to donate the SHIB tokens to charity showcased the positive potential of cryptocurrency, turning a speculative asset into a force for real-world good.
- Market Dynamics: The incident also revealed the fragile nature of some cryptocurrencies, demonstrating how a single event can lead to significant market fluctuations.
- Transparency: The entire episode was conducted openly on the public blockchain, emphasizing the transparent and immutable nature of decentralized technology.
Conclusion
Vitalik Buterin and Shiba Inu’s unique connection has become an iconic moment in cryptocurrency history, symbolizing the unexpected turns, tremendous opportunities, and risks that characterize this evolving landscape.
Buterin’s work with Ethereum continues to be at the forefront of blockchain innovation, and Shiba Inu’s ongoing development as a meme coin with genuine utility offers lessons in community engagement, transparency, and market dynamics.
As the cryptocurrency world continues to grow and mature, the story of Vitalik Buterin and Shiba Inu serves as a reminder that innovation, generosity, and unexpected connections can come together to shape the future of finance in ways we may not foresee.
PayPal’s recent launch of the Ethereum-based stablecoin, PYUSD, has generated mixed reactions within the crypto community.
While some see it as a positive step towards mainstream adoption for Ethereum, others are concerned about its potential impact on decentralization and personal asset control.
The stablecoin, also known as PayPal USD, was introduced on August 7 and is issued by Paxos Trust Co., the same firm behind Binance USD (BUSD).
Built on the Ethereum blockchain, it aims to facilitate digital payments and Web3 functionalities and will soon be available to customers in the United States.
Ethereum proponents, such as Anthony Sassano and Ryan Sean Adams, view the introduction of this ERC-20 stablecoin as a significant boost to Ethereum adoption, bringing it closer to becoming the money layer of the internet.
With around 300,000 to 400,000 daily active users on Ethereum, the potential for PayPal’s vast user base of 430 million accounts to be onboarded onto Ethereum through PYUSD is seen as noteworthy progress.
However, some experts have expressed reservations about PayPal’s stablecoin.
Certain smart contract auditors have pointed out that PYUSD’s smart contract includes functions like “freezefunds” and “wipefrozenfunds,” which are considered centralization attack vectors.
This has raised concerns about the potential misuse of these functions by PayPal.
The stablecoin’s characteristics have been likened to a censorship-enabled central bank digital currency by digital asset lawyer Sarah Hodder.
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Another smart contract auditor has observed that PayPal retains the ability to modify PYUSD’s smart contract at any time, which could raise questions about true decentralization.
The crypto community recalls PayPal’s controversial policy in the past, which could have resulted in user fines for spreading “misinformation.”
Although the company later retracted the policy, such incidents have left some skeptical about PayPal’s intentions with PYUSD.
Blockchain engineer Patrick Collins remains neutral, acknowledging that while PYUSD has potential, some engineering choices could have been more optimal.
For example, he suggests that using an outdated version of Solidity to program the contract and making it upgradeable might have drawbacks.
Despite these concerns, PayPal’s PYUSD is expected to be rolled out in the coming weeks.
Ethereum’s price has shown minor fluctuations since the announcement, maintaining a similar value of around $1,825.
In conclusion, PayPal’s introduction of PYUSD has sparked both enthusiasm and caution within the crypto community.
While it may promote Ethereum adoption, concerns about centralization and the control of assets warrant close scrutiny as the stablecoin is implemented.
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Bitcoin (BTC) managed to bounce back above the $29,000 mark on August 8, as one trader detected signs of a potential breakout in progress.
Following a slight rebound from local lows of $28,670, Bitcoin remained within a narrow range and seemed to mirror movements in the United States equities during the August 7 Wall Street trading session.
Although there was no significant momentum in either direction, market participants were eager to identify signals indicating a possible return of a trend.
Trader Jelle spotted a potential falling wedge breakout on daily timeframes, noting that this formation could lead Bitcoin’s price to a target of $32,000.
This wedge pattern had emerged at the beginning of July, marking the second such formation in two months, the first one appearing from April to the end of June.
Michaël van de Poppe, the founder and CEO of trading firm Eight, characterized the previous day’s dip as a standard correction.
He observed that the market quickly bounced back, resulting in a decent daily candle. However, market participants were also keeping a close eye on the July print of the U.S. Consumer Price Index (CPI), which has historically been a catalyst for crypto market volatility.
On intraday timeframes, the situation was more complex as market makers and takers engaged in a dynamic interplay on exchanges.
Skew, a popular trader, highlighted that failure to break down the price forced spot takers to bid, particularly since they had led the sell-off around the $29,000 level.
In a more optimistic analysis, Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, argued that the dip below $28,000 held more significance as a local bottom than many realized.
According to Glassnode’s Risk Signal metric, Bitcoin was at its highest-risk trading level in several months.
Coupled with a neutral signal on altcoins and overall volatility near its lowest-ever values, the market was poised for potential bullish activity.
As the market approached being oversold, there were indications that bulls might step in, particularly if Bitcoin tapped the liquidity pool at around $28,500.
This was viewed as a potential reversal point that market participants had been hoping for.
However, given the volatile nature of the cryptocurrency market, caution was advised as fluctuations could quickly alter the landscape.
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The UK’s National Crime Agency (NCA) is taking significant steps to combat digital crimes involving cryptocurrencies by expanding its digital assets investigation team.
To bolster their efforts, the agency plans to hire four senior investigators for its Complex Financial Crime Team, dedicated to tackling crypto-related crimes.
The primary focus of these investigators will be on probing high-end crypto fraud, money laundering, and other blockchain-based criminal activities orchestrated by organized crime groups.
Collaborating closely with a surveillance team and the London police, they will gather crucial evidence and data from various sources to develop intricate cases.
For aspiring candidates, the position necessitates possessing a current or active Professionalising Investigation Programme Level 2 accreditation or an equivalent government-issued qualification in investigative crime.
Successful candidates can expect a salary ranging from 34,672 pounds to 38,314 pounds ($44,145 to $48,782.92) along with other civil service benefits.
The United Kingdom has been persistent in its endeavors to establish a specialized investigative team focusing on illicit crypto activities.
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On January 4, the NCA launched its digital assets team, emphasizing an increased emphasis on crypto assets.
The creation of this unit was prompted by the alarming increase in losses due to crypto fraud in the UK during 2022.
According to the UK’s reporting system for cybercrime and fraud, crypto scammers managed to steal at least $287 million in the said year.
To further strengthen their efforts, the NCA has been actively seeking additional manpower for its crypto team.
In particular, on July 26, the agency also announced its search for financial investigations managers.
These managers will be responsible for overseeing crypto and digital assets crime investigations with a focus on the Proceeds of Crime Act.
The Act pertains to the process of confiscating and redirecting crime-derived funds for the betterment of the community.
By expanding their digital assets investigation team and investing in specialized personnel, the NCA aims to stay ahead of the ever-evolving landscape of crypto-related crimes.
With a dedicated focus on disrupting organized crime groups involved in high-end crypto fraud and money laundering, the agency hopes to curb the impact of cybercriminals in the financial sector.
As the UK continues to grapple with the challenges posed by cryptocurrency crimes, the NCA remains committed to safeguarding the interests of its citizens and the integrity of the nation’s financial system.
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