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’s credentials.
House Democrats propose bill to ban presidential memecoins: Report
The US Congress is reportedly set to consider legislation that would ban the issuance of memecoins like President Donald Trump’s Official Trump (TRUMP) token.
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 ABC News on Feb. 27.
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.
“Let’s make corruption criminal again,” 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.
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.
SEC closed its investigation into Gemini with no action, says Winklevoss
The United States Securities and Exchange Commission has closed its investigation into crypto exchange Gemini, adding to a growing list of firms that have escaped the regulator’s scrutiny for now.
In a Feb. 26 notice shared by Gemini co-founder and president Cameron Winklevoss, the SEC said it had concluded its investigation and “based on the information we have as of this date,” the regulator will not recommend an enforcement action.
The SEC has opted not to proceed with an enforcement action against crypto exchange Gemini. Source: Cameron Winklevoss
The SEC charged crypto lending firm Genesis Global Capital and crypto exchange Gemini with offering unregistered securities through Gemini’s “Earn” program on Jan. 12, 2023.
However, the agency added the notice isn’t 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.
Bybit hack forensics show SafeWallet compromise led to stolen funds
A series of third-party forensic investigations into the recent Bybit exploit revealed that compromised SafeWallet credentials led to more than $1.4 billion worth of Ether (ETH) being stolen by North Korea’s Lazarus Group.
On Feb. 26, Bybit confirmed that forensic reviews conducted by Sygnia and Verichains revealed that “the 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.”
According to Sygnia’s report, the attack originated from a “malicious JavaScript code” injected into SafeWallet’s Amazon Web Services infrastructure.
The findings were also confirmed by the SafeWallet developer, which said it had “added security measures to eliminate the attack vector.”
“The Safe(Wallet) team has fully rebuilt, reconfigured all infrastructure, and rotated all credentials, ensuring the attack vector is fully eliminated,” the announcement said.
The forensic experts and Safe confirmed that Bybit’s infrastructure was not compromised in the hack.
The SafeWallet team issues a full statement on social media. Source: Safe
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