Crypto ‚Rife With Fraud‘: SEC Cautions Accounting Firms

• Amazon Managed Blockchain (AMB) announced an upgrade to its Access and Query functions to provide serverless and scalable access to blockchains, starting with the Bitcoin network.
• SEC cautions accounting firms against accommodating non-compliant crypto clients
• Prosecutors withdraw campaign finance charges against Sam Bankman-Fried

Amazon Managed Blockchain Introduces New Bitcoin Querying Services

Amazon Managed Blockchain (AMB) announced an upgrade to its Access and Query functions, ushering the tech giant deeper into Web3. The announcement was made during the two-day AWS Web3/Blockchain Summit in New York City on July 26, representing a significant step in advancing Amazon’s blockchain services. The Amazon Managed Blockchain, a Blockchain-as-a-Service (BaaS) platform, is designed to help businesses, startups, and individual developers more easily create and maintain scalable blockchain networks. The move to bolster AMB’s Access and Query functionalities provides users with increased access to their network activity data and transaction history.

What is Access & Query?

The Amazon Managed Blockchain Access and Query provide friction-free access to blockchain networks and their data so developers can easily interact with multiple nodes on a blockchain network without worrying about scalability or availability issues. It also allows users to quickly query blocks of transactions from within the same blockchain network for auditing purposes or for extracting insights from large datasets stored on chain.

SEC Cautions Accounting Firms Against Accommodating Non-Compliant Crypto Clients

The US Securities and Exchange Commission (SEC) has cautioned accounting firms against accommodating non-compliant crypto clients as part of its crackdown on digital asset frauds across the country. In an advisory issued earlier this week, SEC enforcement officials urged accountants not only to look out for red flags but also be aware of common tactics employed by fraudulent actors in order to avoid being complicit in any illegal activities related to cryptocurrencies.

Prosecutors Withdraw Campaign Finance Charges Against Sam Bankman Fried

Prosecutors have withdrawn all campaign finance charges against billionaire cryptocurrency mogul Sam Bankman Fried after he agreed to pay a $1 million fine over allegations that he illegally funneled money into political campaigns through foreign companies controlled by him. Fried had previously denied all charges but opted for an out of court settlement instead due his age—he is currently one of the youngest billionaires alive—and lack of experience in legal matters related criminal prosecution proceedings.

Crypto Still Rife With Fraud Despite Good Faith Actors: Gensler Despite good faith actors emerging within the cryptocurrency industry, former CFTC chairman Gary Gensler believes it remains “rife with fraud; rife with hucksters” who are looking make quick profits off unsuspecting investors. Gensler’s remarks come just days after he was appointed as President Biden’s special advisor on financial reform where he will be primarily tasked with overseeing consumer protection efforts related digital assets such as cryptocurrencies