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U.S. Marshals Choose Coinbase for Storing Seized Cryptocurrency Assets

The U.S. Marshals Service (USMS), a division of the U.S. Department of Justice, has selected Coinbase Prime as its custody and trading services provider for “Class 1” high-value digital assets. Coinbase stood out due to its robust security track record and institutional-grade crypto services.

Coinbase Prime, which launched three years ago, has become the preferred platform for institutions and large crypto asset holders. It offers secure storage and facilitates seamless trading of digital assets.

In an official statement, Coinbase emphasized its collaboration with various federal, state, and local law enforcement agencies, as well as international institutions across different continents. The development of the cryptocurrency economy relies on fostering secure and efficient markets, and these partnerships are crucial to Coinbase’s mission.

Notably, Coinbase’s cryptocurrency custody services already protect assets worth $330 billion. The U.S. government’s choice further underscores the growing importance of crypto within regulatory frameworks.

Following former President Donald Trump’s endorsement of cryptocurrencies, the Biden administration has recently attempted to recalibrate its stance on the crypto industry. Trump, who refers to himself as the “Crypto President,” has promised to end the “crypto war” initiated by Joe Biden’s administration if elected as the 47th President of the United States next November.

Sentiment: Neutral

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