Coinbase Will Custody Digital Assets For US Marshals Service!
Coinbase recently announced that they will be guarding digital assets for the US Marshals Service. That's why Coinbase has announced that Prime will be used by the United States Marshals Service (USMS) to seize assets. That is why they will keep certain digital assets in custody as part of the law enforcement agency's responsibilities.
Coinbase said that they recently made a big plan to provide custody and better trading services to the institutional investor arm of the USMS exchange, and that's why they opted for large-cap digital assets. We know that it is a very popular cryptocurrency exchange nowadays. Recently they have announced that it will manage the resources centrally with the support of the federal agency. They will centrally manage the assets in a way that sometimes takes custody of the crypto seized by the judiciary.
Over the past two years, the Marshals Service has faced challenges in managing and tracking cryptocurrencies. A few months ago, around March, the USMS began exploring contracts for companies to provide crypto custody services. Coinbase has a past history of primarily being used by law enforcement agencies to seize or sell crypto as part of criminal investigations.
The US Marshals Service seized assets linked to defunct cryptocurrency exchange FTX. Even then the company retained assets linked to the infamous Silk Road platform. A report by the country's government shows that Coinbase received more than $32 million for the Prime USMS contract. That's why the popular exchange Coinbase is still embroiled in a civil lawsuit filed in the middle of last year by the US Securities and Exchange Commission. After all, we know the US election is looming and the focus has been on scrutiny for financial regulator enforcement cases. The crypto exchange has also sued the SEC and the Federal Deposit Insurance Corporation. However, behind the lawsuits they allege that these government-controlled companies have failed to comply with Freedom of Information Act requests.
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