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The US Marshals Service Publishes Information Request Drafts On Management Of Forfeited Crypto Assets

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The-US-Marshals-Service_Publishes-Information-Request-Drafts-On-Management-Of-Forfeited-Crypto-Assets The US Marshals Service Publishes Information Request Drafts On Management Of Forfeited Crypto AssetsThe U.S. Marshals Service (USMS), a federal law enforcement agency within the U.S. Department of Justice, seeks to set up an agent for managing impounded Cryptocurrency. The USMS has recently issued two draft documents, a Request for Information (RFI) for legal procedures of the management and disposal of forfeited crypto assets.

The USMS is a key component of the department’s Asset Forfeiture Program (AFP) operating within the U.S. Department of Justice (DoJ). It aimed to appoint an agent or contractor to manage and dispose of seized or forfeited virtual currency.  With the RFI, the USMS expected to enhance its current custodial operations by managing an absolute and accurate accounting of its virtual currency inventory. The USMS, in the first document, the Performance Work Statement (PWS), explained the different forfeited virtual currency management and disposal services, as well as general procedures and responsibilities of the contractor. As per the document, the contractors be required to make sure the accuracy and security of all virtual currency transactions, ranging from the direct exchange of virtual currencies into U.S. Dollars, to the exchange into a more liquid state of the virtual currency, and a return to the owner and other.

As per the second document, the Quality Assurance Surveillance Plan (QASP), the USMS establishes an assessment system that evaluates the performance of the contractor. The document explains the major authorities like the Contracting Officer and their representatives are accountable for performance measurement and effective evaluation of the contractor’s compliance. The U.S. federal law enforcement agency also noted that the recently published RFI is provided only hold that purposes of information and planning and doesn’t represent either a Request for Proposal (RFP) or its issuance in the future.