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US Marshals to Manage Confiscated Crypto

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US Marshals to Manage Confiscated Crypto

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United States federal law enforcement agency, the US Marshals Service (USMS), is currently looking to set up infrastructure and mechanisms for managing confiscated illegal cryptocurrency.

This was revealed in two draft documents published by the USMS, stating procedures about the Request for Information (RFI) for legal proceedings and the management and disposal of forfeited crypto assets.

This is part of the department’s Asset Forfeiture Program (AFP) working under the US Department of Justice (DoJ). The USMS will be looking for an agent or contractor who will manage and dispose of the forfeited or seized virtual currency. RFI intendeds to improve USMS’s current custodial operations as it will maintain an accurate account of the USMS’ virtual currency inventory.

In the first document, titled the Performance Work Statement (PWS), USMS elaborates on the complete range of forfeited virtual currency disposal and management, which includes general procedures and responsibilities of the contractor.

As per the documents, the contractor will be required to ensure the accuracy and safety of all the cryptocurrency transactions, which includes a return to the owner, the direct exchange of virtual currencies into US dollars, and the exchange into a more liquid form of virtual currency among other things.

The PWS contract also sheds light on the major activities related to the management of virtual currencies such as audit compliance, accounting, customer management, wallet creation, etc.

The second document, titled Quality Assurance Surveillance Plan (QASP), briefs about the establishment of an evaluation system for the contractor’s performance. QASP discusses major authorities like Contracting Officer and Contracting Officer’s Representative and deems them responsible for the effective evaluation and performance measurement of contractor compliance.

The USMS also pointed out that the RFI is drafted solely for information and planning purposes and should not be taken as a Request for Proposal (RFP) or as a definite promise for any RFP in the near future.

 

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