Today in crypto, California Democratic Party Representative Sam Liccardo is reportedly preparing to introduce the MEME Act in the US House of Representatives, which would ban the issuance of memecoins like TRUMP by public officials, Gemini co-founder Cameron Winklevoss says the US securities regulator has dropped its two-year-long probe into the exchange, and a forensic investigation into the Bybit hack has pointed to a compromised developer\u2019s credentials.<\/p>\n
House Democrats propose bill to ban presidential memecoins: Report<\/h2>\n
The US Congress is reportedly set to consider legislation<\/a> that would ban the issuance of memecoins like President Donald Trump\u2019s Official Trump (TRUMP) token.<\/p>\n House Democrats are preparing to introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act, which would prohibit public officials from profiting from digital assets, California Representative Sam Liccardo told<\/a> ABC News on Feb. 27.<\/p>\n The draft legislation would prohibit a broad range of public officials and related persons from issuing, sponsoring or endorsing any security, commodity or digital asset.<\/p>\n \u201cLet\u2019s make corruption criminal again,\u201d Liccardo said, adding that US public offices belong to the public and that officials should not be allowed to leverage their political authority for financial gain.<\/p>\n The MEME Act, which is expected to be introduced on Feb. 27, will concern the president, vice president, Congress members, senior executive branch officials and their spouses and dependent children.<\/p>\n The United States Securities and Exchange Commission has closed its investigation into crypto exchange Gemini<\/a>, adding to a growing list of firms that have escaped the regulator\u2019s scrutiny for now.\u00a0<\/p>\n In a Feb. 26 notice<\/a> shared by Gemini co-founder and president Cameron Winklevoss, the SEC said it had concluded its investigation and \u201cbased on the information we have as of this date,\u201d the regulator will not recommend an enforcement action.<\/p>\n The SEC has opted not to proceed with an enforcement action against crypto exchange Gemini. Source: <\/em>Cameron Winklevoss<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n The SEC charged crypto lending firm Genesis Global Capital<\/a> and crypto exchange<\/a> Gemini with offering unregistered securities through Gemini\u2019s \u201cEarn\u201d program on Jan. 12, 2023.<\/p>\n However, the agency added the notice isn\u2019t an exoneration and that it must not be construed as an indication that no action will be taken at a later date as a result of the SEC’s investigation.<\/p>\n A series of third-party forensic investigations into the recent Bybit exploit revealed that compromised SafeWallet credentials<\/a> led to more than $1.4 billion worth of Ether (ETH<\/a>) being stolen by North Korea\u2019s Lazarus Group.<\/p>\n On Feb. 26, Bybit confirmed that forensic reviews conducted by Sygnia and Verichains revealed that \u201cthe credentials of a Safe developer were compromised […] which allowed the attacker to gain unauthorized access to the Safe(Wallet) infrastructure and totally deceive signers into approving a malicious transaction.\u201d <\/p>\n According to Sygnia\u2019s report, the attack originated from a \u201cmalicious JavaScript code\u201d injected into SafeWallet\u2019s Amazon Web Services infrastructure.<\/p>\nSEC closed its investigation into Gemini with no action, says Winklevoss<\/h2>\n
Bybit hack forensics show SafeWallet compromise led to stolen funds<\/h2>\n