The U.S. Marshals Service (USMS) has selected Coinbase Prime to hold and trade the agency’s “Class 1” (large cap) digital assets.
The agency will use Coinbase Prime for asset seizure and forfeiture, evidence management, and to support in financial investigations.
Coinbase Prime launched in 2021 and currently safeguards $330 billion worth of digital assets.
The U.S. Marshals Service (USMS) announced it has selected Coinbase to hold and trade the agency’s “Class 1” (large cap) digital assets. The USMS will use Coinbase Prime to centrally manage these Class 1 digital assets to facilitate various law enforcement activities.
The USMS, a federal law enforcement agency within the Department of Justice, holds multiple roles within the U.S. judicial system. The agency may be able to use Coinbase Prime the following instances:
Asset seizure and forfeiture: The USMS often seizes digital assets from criminals as part of legal proceedings. Coinbase will help the agency manage the assets in a way that they are preserved, can be liquidated, and that the proceeds can be used to fund law enforcement activities or be returned to victims.
Evidence management: Digital assets often serve as evidence in investigations or court cases. Coinbase will help to ensure the assets are properly managed to maintain their integrity and will ensure they are easily accessible for legal processes.
Supporting financial investigations: By handling large cap digital assets in a central location, Coinbase can help the USMS track and analyze transactions related to criminal activities to aid law enforcement in combating financial crimes such as money laundering, fraud, and cybercrime.
Launched in 2021, Coinbase Prime is a full-service prime brokerage platform with everything that institutions need to execute trades and custody assets at scale. Coinbase Prime currently has $171 billion in institutional assets under custody and safeguards $330 billion worth of digital assets.
Coinbase began supporting law enforcement agencies in 2014 when it founded its law enforcement program. The California-based company currently works with every major U.S. federal, state, and local law enforcement agency, as well as multiple international agencies.
“Growing the cryptoeconomy means promoting safe and efficient markets,” the company said in its blog post announcement, “and these partnerships are critical to our mission.”
Coinbase was founded in 2012 and is currently under fire from another U.S. governmental agency, the Securities and Exchange Commission, for allegedly operating as an unregistered securities exchange. Earlier this week, Coinbase sued the SEC and FDIC, demanding more transparency when it comes to crypto regulations.
Photo by Zach Lisko on Unsplash
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