Custody

U.S. Marshals Service gathers intel on digital asset custody and disposal

March 11, 2019, 8:09AM EDT

The U.S. Marshals Service (USMS) is planning a search for a contractor to deal with custody and disposal of crypto assets that have been confiscated as part of USMS investigations. The service has issued a request for information on FedBizOpps for the industry to review the drafts of SOO and QASP, planning to post Request for Proposal next.

USMS is looking for a contractor to manage and dispose of virtual currency “with the same duty of care” the Marshals do on its behalf. With their help, USMS aims to improve the custody of digital assets, ensuring “the security and accuracy of all virtual currency transactions.”

According to the performance work statement, “the purpose of this contract is to provide the full range of virtual currency management and disposal services. This includes but is not limited to such activities as accounting, customer management, audit compliance, managing blockchain forks, wallet creation, transformation of token assets into coin assets, etc., as well as future actions associated with the virtual currency forfeiture process.”

The contractor will be responsible for custody of the assets under investigation—a secure segregated wallet is required. Considering the nature of USMS work, the contractor must be able to deal with any kind of digital assets. When it comes to disposal, the contractor will need to have procedures to exchange the assets into physical money. They’ll also be expected to be able to transfer the assets back to their original owners.

The contract will be subject to change.

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