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Articles by Brian Laverdure
How to Address Crypto Risks to National Security
The Binance attack is exposing the risks inherent in the digital assets sector. Here’s how policymakers should respond. As discussed in a previous blog post, the multi-billion-dollar attack on Binance—which appears to have been carried about by North Korea—illustrates the national security imperative of enacting stricter regulatory standards on the risky digital assets sector. Now, let’s look at precisely what that means, and why the crypto sector’s claimed security backstops are a mirage.
The Binance Hack Is a National Security Alarm
On the evening of Oct. 29, an attacker drained Binance hot wallets across 11 blockchains, most of them within about 30 minutes. Elliptic puts the haul at $6.43 billion—more than four times the Bybit heist and almost certainly the largest theft of any kind in history, more than six times the $1 billion Saddam Hussein took from Iraq’s central bank on the eve of the 2003 war.
Lack of consumer support and trust in crypto reinforces ICBA calls for policy pause
As policymakers debate several actions on digital assets policy with significant implications for the future of the U.S. financial system, Washington is arriving at an inflection point. The question facing Congress, the administration, and financial services regulators is whether the nation should continue supporting its system of Main Street community banking or expose more Americans to the weaknesses and risks posed by segments of the digital assets ecosystem.
Amid Flurry of Policy Developments on Stablecoins, Master Accounts, and National Trust Charters, ICBA Urges a Pause
ICBA has been a leading voice in crypto policy for years, and our dedicated advocacy efforts have produced significant accomplishments, including the prohibition on stablecoin issuers paying yield, interest, or rewards under the GENIUS Act.
‘Pig butchering’ links to crypto demand policy response
“Pig butchering” scams — in which victims invest increasing sums in supposedly legitimate virtual currency enterprises before being conned out of their money — depend on cryptocurrencies to function. But the connections between crypto and this skyrocketing scam run much deeper than the fake investments that ensnare consumers. Cryptocurrency also serves as the favored payment method for scammers, and the wider crypto ecosystem enables an underground banking system to help launder their proceeds.
‘Pig butchering’ crypto scams a growing concern
The scheme earned its crude name because the scams “resemble the practice of fattening a hog before slaughter.” Scammers create fictitious personas—possibly employing deepfake images—to establish contact with potential victims (“pigs”), typically by text messages, social media, or dating apps. Over time, scammers foster seemingly authentic relationships with victims through frequent and friendly exchanges (“fattening the pigs”).
‘Pig butchering’ links to crypto demand policy response
“Pig butchering” scams — in which victims invest increasing sums in supposedly legitimate virtual currency enterprises before being conned out of their money — depend on cryptocurrencies to function. But the connections between crypto and this skyrocketing scam run much deeper than the fake investments that ensnare consumers. Cryptocurrency also serves as the favored payment method for scammers, and the wider crypto ecosystem enables an underground banking system to help launder their proceeds.
‘Pig butchering’ crypto scams a growing concern
A new form of investment scam has skyrocketed in recent years as criminal syndicates target consumers through online channels. Called “pig butchering,” this new scam is increasingly relevant, including among the consumers and communities that community banks serve.
The Howey Test, Crypto, and Community Banks: How the Debate between the SEC and CFTC Impacts Community Banks
What is the true nature of cryptoassets? Are they securities or commodities? This question, perhaps more than any other, has propelled policy debates over the past few years. At the center of this dispute are two federal agencies: the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
Domestic Regulatory Environment for Digital Assets Continues to Evolve Original
The significant upheaval in the crypto markets—and its impact on consumers and national security—has accelerated Washington’s attention to digital assets policy. Prudential banking regulators, the White House, and the Treasury Department have pursued a range of intertwining policy initiatives, all with direct consequences for the nation’s community banks.
Crypto Collapses and Security Concerns Renew Debate Over Digital Assets Policy
There has been significant upheaval in the digital assets market over the past year, and Washington continues its efforts to regulate this sector. As we approach the start of fall—and a renewed debate about crypto’s role in banking—community bankers are understandably wondering what will come next.
Crypto Collapses and Security Concerns Renew Debate Over Digital Assets Policy
There has been significant upheaval in the digital assets market over the past year, and Washington continues its efforts to regulate this sector. As we approach the start of fall—and a renewed debate about crypto’s role in banking—community bankers are understandably wondering what will come next.
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