U.S. Targets Brazil’s Pix; Chile Busts $88M Crypto Ring

The Office of the U.S. Trade Representative determined that Brazil’s instant payment system Pix burdens U.S. commerce and is actionable under Section 301 of the Trade Act. Separately, Chilean police and prosecutors arrested 18 people in a two-year probe of a crypto laundering network tied to the sanctioned Venezuelan group Tren de Aragua.

In a notice titled “Notice of Determination and Request for Comments Concerning Action Pursuant to Section 301,” the USTR wrote that Brazil’s preferential treatment of Pix imposes costs on U.S. service providers and forces them to promote a Brazilian competitor without compensation. The notice listed Pix alongside concerns about preferential tariffs, anti-corruption enforcement, intellectual property protections, ethanol market access and illegal deforestation as practices that may burden or restrict U.S. commerce.

Pix is Brazil’s flagship instant payment system and is widely used across retail and financial services. The USTR said the policies behind Pix’s establishment create competitive disadvantages for U.S. firms in Brazil’s payments and financial services markets. The office invited public comments as it considers whether and how to pursue trade remedies under Section 301, a statute that allows the U.S. to impose measures if foreign acts are found unreasonable or discriminatory toward U.S. commerce.

Chile’s investigation, led by the Southern Prosecutor’s Office and national police, resulted in arrests on Tuesday across three regions. Authorities reported the scheme used a network of bank accounts, irregular companies and cryptocurrency remittances to move proceeds tied to Tren de Aragua. Investigators estimate the operation processed about $88 million.

Officials identified Juan Carlos Pérez Asencio, a Venezuelan national who worked as a recovery executive at Banco Santander since 2019, as a key figure who provided tools that enabled the laundering operations. Prosecutors said the arrests aim to dismantle the financial infrastructure used by Tren de Aragua in Chile and to trace funds through both traditional banks and virtual asset channels.

Separately, Adecoagro, an agricultural company operating in Latin America, announced plans to test a Bitcoin mining data center in Mato Grosso do Sul powered by energy from sugarcane. Project manager Matheus Lechuga described the initiative as a test of the company’s data center structure and new technological developments, adding the current plan focuses on Bitcoin mining using clean energy from sugarcane. The project has reported backing from Tether.

Section 301 gives the USTR authority to investigate foreign policies and, if warranted, impose trade measures such as tariffs. Tren de Aragua is a Venezuelan criminal organization subject to international sanctions and law enforcement actions for activities including trafficking, extortion and money laundering; the recent Chilean operation is part of regional efforts to disrupt the group’s financial networks.