US Marshals Service Issues Information Request on Management of Forfeited Crypto Assets


0

United States federal law enforcement agency, the U.S. Marshals Service (USMS), is looking to set up an agent for managing confiscated cryptocurrency, according to public documents released on March 5.

The USMS has recently published two draft documents including a Request for Information (RFI) for legal procedures of the management and disposal of forfeited crypto assets.

As a key component of the department’s Asset Forfeiture Program (AFP) operating within the U.S. Department of Justice (DoJ), the USMS intends to assign an agent or contractor that will manage and dispose of seized or forfeited virtual currency. By initiating the RFI, the USMS expects to improve its current custodial operations by maintaining a complete and accurate accounting of the USMS’ virtual currency inventory.

In the first document, the Performance Work Statement (PWS), the USMS describes the full range of forfeited virtual currency management and disposal services, including general procedures and responsibilities of the contractor.

According to the document, the contractor must ensure the accuracy and security of all virtual currency transactions, including the direct exchange of virtual currencies into U.S. dollars, the exchange into a more liquid form of virtual currency, a return to the owner and others.

The PWS contract includes major activities associated with the management of virtual currencies, including accounting, customer management, audit compliance, managing blockchain forks, wallet creation, transformation of token assets into coin assets and others.

In the second document, the Quality Assurance Surveillance Plan (QASP), the USMS establishes an evaluation system for the performance of the contractor. The QASP describes major authorities such as Contracting Officer and Contracting Officer’s Representative that are responsible for performance measurement and effective evaluation of the contractor’s compliance.

The USMS noted that the recently issued RFI is provided solely for information and planning purposes and does not represent either a Request for Proposal (RFP) or a promise to issue an RFP in the future.

Last year, the USMS announced a bid auction for approximately 660 confiscated Bitcoins (BTC), with the auction participants required to deposit $200,000 in order to take part.

Source : COINTELEGRAPH


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
COINTELEGRAPH

Comments

comments

Powered by Facebook Comments

Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Countdown
The Classic Internet Countdowns
Poll
Voting to make decisions or determine opinions
Ranked List
Upvote or downvote to decide the best list item
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format