TRM Labs Launches Beacon Network to Stop Crypto Crime In Its Tracks
A first-of-its-kind coalition uniting top crypto exchanges, payment firms, researchers, and law enforcement to tackle hacks and scams
Welcome to the Wednesday edition of the Crypto In America newsletter!
What you’ll read: A new global initiative is targeting crypto crime, Wyoming launches the first state-issued stablecoin, and the industry rallies behind Trump’s CFTC Chair nominee.
Blockchain intelligence company TRM Labs this morning unveiled the Beacon Network, a first-of-its-kind coalition linking crypto exchanges, payment firms, researchers, and law enforcement to stop hacks and scams before stolen funds can be cashed out.
The initiative, in collaboration with U.S. and global law enforcement, is backed by industry giants such as Coinbase, Binance, Kraken, Robinhood, Ripple, Crypto.com, and Bitfinex. It aims to create a “kill chain” for illicit finance by cutting off every possible off-ramp for criminals. Traditional finance giants PayPal and Stripe are also participating, along with independent on-chain sleuths like ZachXBT and Tayvano.
The launch comes amid a surge in crypto crime. New TRM data shows that since 2023, at least $47 billion in cryptocurrency has been sent to fraud-related addresses. According to TRM Labs’ Global Head of Policy, Ari Redbord, that figure almost certainly undercounts the true scale, as most victims — particularly those targeted by romance scams — never come forward due to shame, lack of awareness, or unclear reporting pathways. Meanwhile, 2025 is already shaping up to be a record-setting year for hacks, with more than $2.3 billion stolen across the ecosystem.
Redbord says that Beacon is designed to respond to both extremes — from high-profile heists like the $1.5 billion Bybit hack earlier this year, to the everyday scams draining retail users. The network will serve as a 24/7 “red phone,” connecting analysts who can freeze stolen assets within minutes.
“We can’t just focus on the big hacks,” Redbord told Crypto In America. “Seniors losing their life savings, romance scams, pig butchering — these are the stories that drove us to build Beacon. Every fraudulent dollar matters.”
One notable absence from the launch: Tether. Despite its growing U.S. presence and its T3 disruption program, which it runs in collaboration with TRM Labs and Tron, the world’s largest stablecoin issuer has not yet joined Beacon.
Why the news matters: Crypto crime remains only a small fraction of total transaction volume, but its reputational and policy impact is disproportionately large. With Congress debating sweeping new market structure rules where illicit finance is expected to be a key focus, Beacon could prove critical in demonstrating that the industry can police itself.
Wyoming Makes History with State-Issued Stablecoin
At the Wyoming Blockchain Symposium in Jackson Hole, Crypto in America spoke with Anthony Apollo, Executive Director of the Wyoming Stable Token Commission, about FRNT, the first stablecoin issued by any government in the world. Apollo described FRNT as a public-good project, with incoming dollars invested back into Wyoming schools.
FRNT launched Tuesday on seven blockchains, with impending retail access via smart cards, Apple Pay, and Google Pay. It will soon be available on Solana through Wyoming-based Kraken and on Avalanche via Rain’s Visa-integrated card, allowing users to spend it anywhere Visa is accepted.
Operating outside the parameters of the federal GENIUS Act, FRNT could eventually offer yield broadly, a first for a U.S. public entity. Apollo says Wyoming is also exploring tokenizing real-world assets like gold, uranium, and livestock.
Next up: Bring it to the masses. Regulatory holdups in recent days have led to the public rollout of the token being put on pause.
Watch the full interview on all platforms here.
Crypto Industry Unites Behind Quintenz
Some of the leading crypto trade groups including the Digital Chamber, Blockchain Association, Crypto Council for Innovation and DeFi Education Fund are planning to send a joint letter to President Trump as soon as today reaffirming strong support for Brian Quintenz as Chairman of the Commodity Futures Trading Commission.
The letter, obtained by Crypto In America, highlights what the authors describe as Quintenz’s deep expertise, sound judgment, and proven leadership in both public and private sectors. It also notes his role in overseeing the first U.S.-regulated Bitcoin and Ether futures contracts.
“Mr. Quintenz understands digital assets not merely as financial innovations, but as foundational technologies with far-reaching implications for ownership, identity, and value in the digital age,” the groups wrote, emphasizing his leadership is critical to establishing clear rules and promoting U.S. competitiveness.
“Each of our organizations has had the privilege of knowing and working with Mr. Quintenz firsthand, and we can attest to his deep expertise, sound judgment, proven leadership, and integrity,” the letter says.
The missive comes as Quintenz’s confirmation remains in limbo, following the White House’s request that the Senate Agriculture Committee delay a vote to advance his nomination before the August recess. It also follows a media campaign against Quintenz by Gemini founder Tyler Winklevoss, who told several outlets that the former CFTC commissioner is “the wrong person” to chair the agency.
Before Winklevoss’s comments to the press, a White House spokesperson reaffirmed the administration’s support, stressing that Quintenz remains the president’s nominee and that the administration anticipates his swift confirmation.
In recent days, Quintenz has been speaking with a handful of industry leaders, according to several sources familiar with the matter.
Remember, new editions of the Crypto In America newsletter drop every Monday, Wednesday and Friday at 7AM EST.
If you like what you’re reading, don’t forget to subscribe!
Well-written article. Enjoyed it.