Bank wants $50M for $20M in bitcoin transactions

A financial institution is asking a judge for a $50 million sum in an effort to get its bitcoin trading business off the ground.

The U.S. Bankers Association has filed a lawsuit against the bank, alleging that it’s a money-laundering scheme that violates the anti-money laundering statutes of the United States and has caused the loss of tens of millions of dollars.

A complaint filed in federal court in San Francisco accuses U.K.-based UBS of facilitating transactions that, if legitimate, would have generated billions of dollars in profit for U.B.S., according to a statement from the U.F.S.-based organization.

The bank is accused of providing bitcoin to clients in exchange for “inappropriate fees” and “included the transfer of funds without authorization,” the UBS statement said.UBS is one of several banks that have been accused of facilitating illegal bitcoin transactions, according to The Guardian newspaper.

A separate lawsuit filed by the U-K-based financial regulator Financial Conduct Authority also accuses the bank of providing the currency to clients.

The complaint was filed on Oct. 10, and it seeks a judgment for a forfeiture of “millions of dollars” in fees and costs, the UBA said.

The lawsuit comes amid a crackdown on bitcoin exchanges and the ongoing fight against the so-called Dark Web.

In recent months, the Treasury Department has issued a warning to bitcoin exchanges that they could face criminal charges for the virtual currency.

Trump administration unveils plans for a new $10 billion program to rebuild American infrastructure

President Donald Trump’s administration is unveiling a $10.3 billion effort to modernize America’s infrastructure, including a $1.6 billion grant to help states build “ready-to-go” bridges and tunnels to connect communities with jobs and services, according to a draft of a blueprint released Thursday.

The proposal to fund infrastructure was part of a broader effort by Trump and congressional leaders to create new federal investment to create “a more robust, resilient and efficient transportation infrastructure system” for the U.S., the draft outline said.

Trump has called infrastructure “the heart and soul of our country,” and has proposed investing $1 trillion in the country’s transportation infrastructure over the next decade.

Trump announced Thursday that he would use the federal funds to help pay for a project in the state of New York to help the state connect with other communities.

The Trump administration will provide $100 million in direct funding to New York State, the draft outlines.

Trump has said he plans to invest the funds in infrastructure projects in states across the country.

The blueprint, however, does not say how much of the money would be used to fund the project in New York.