31/05/2024 U.S. Treasury Describes NFTs as 'Highly Susceptible to Use in Fraud and Scams'

"Illicit actors can use NFTs to launder proceeds from predicate crimes, often in combination with other methods to obfuscate the illicit source of proceeds of crime," the Treasury found.

(Nikhilesh De/CoinDesk)(Nikhilesh De/CoinDesk)

The U.S. Treasury Department saidnon-fungible tokens(NFTs) are "highly susceptible to use in fraud and scams and are subject to theft," in a new risk assessment about illicit finance, its first into NFTs as a means of carrying out fraud and other crime.

"The report determines that illicit actors can use NFTs to launder proceeds from predicate crimes, often in combination with other methods to obfuscate the illicit source of proceeds of crime," the Treasury said on Wednesday.

The Treasury also determined that NFT platforms "lack appropriate controls" to combat money laundering and sanctions evasion. Therefore it recommends further application of regulations to NFTs and the platforms they are traded on.

A U.S. government study into NFTs in March concluded thatno specific legislation was required to deal with concerns around copyright and trademark infringement. The Treasury's assessment, however, addresses the financial aspect of the NFT market more directly.

Arts

https://www.coindesk.com/policy/2024/05/29/us-treasury-describes-nfts-as-highly-susceptible-to-use-in-fraud-and-scams/amp/

Interesting NFTs
The Scion
A young figure caught in a moment of distraction, aware only ephemerally of his unconscious being, as it engages in psychological and psychedelic layer spaces. His right arm casually cradles a moray eel; the figure is comfortable but not truly aware of the potentials for danger in such negligence. His shirt reads “Bello” in Pokemon style font, harkening back to a childhood straddling the millennial threshold. To his right side, out of the unconscious deep, shrouded alien heads propagate as a fractal totem, each new iteration a more sophisticated rendering of emotional masking over the cold mystery of the greys. As the scion of the Budgie-Sattva, the young man, in his distraction, is also simultaneously aware of higher levels of self discovery. To his left a psychological topology sets beneath the oracle side of an 8 ball ,hovering; its message a purest concept of acceptance. The “Scion” lettering is in 80’s HeMan style bold declaration. The lower right side of the painting is like a hybrid of melon, feathers, and seeds. The crystals in the background bring light; conducted, refracted, reflected, and dispersed, to balance the dark shadow of the figure’s physical body. The aura of the scion succeeds in layers to point, with a finger, and the crown chakra, toward a center of a mandala existing as nigh pure application of strokes, in essence painterly abstraction, but also revealing hints of the Aura of migraine, and the bi-hemispherical nature of the brain–noting concerns of the possibility of inherited mental disease. Yet the flourish of chakra as it sets against that center is robust, active, coherent, and reveling against all fear. Fundamentally, the piece speaks to the activation of one’s potential to begin to “Know Thyself”, and find greater awareness out of the enigmas of the mind–as an inculcated seed given to the rich soil of one’s own birthright.
Like a Human 1 #3/3
Creative Challenge - 0xCert Collaboration
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Discontinued Salmon!
Oh hi! I'm Discontinued Salmon!. I enjoy licking doorknobs, tripping my owner, and eating lasagna. My great-great-great-great-great-great grandkitty lived with Nelson Mandela. I hope we can be pawmates.
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Fidenza is by far my most versatile algorithm to date. Although the program stays focused on structured curves and blocks, the varieties of scale, organization, texture, and color usage it can employ create a wide array of generative possibilities.