Crypto Class 2 thru 4 Attachment 8. RFP Questions & Answers 20240411.xlsx
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- Attached to
- Cryptocurrency Managed Services, Class 2 - 4
- Solicitation number
- 15M50024QA4400003
About this file
This document is an attachment containing Questions and Answers related to a Request for Proposals (RFP) for Cryptocurrency Managed Services, Classes 2 through 4, Solicitation Number 15M50024QA4400003. The U.S. Marshals Service (USMS) has a requirement to manage and dispose of large quantities of popular cryptocurrency assets across Classes 2 through 4. The acquisition strategy is a single-award Indefinite Delivery/Indefinite Quantity (IDIQ) contract, set aside for 100% Small Business under NAICS code 523160. The RFP provides details on custody, disposal, security, and other requirements. Key details include: subcontracting is not mandatory for small businesses, the government will provide some training, NDAs are due at contract award, and cryptocurrency exchanges may not support all required assets. Offerors are instructed to address both exchange-supported and non-exchange-supported assets in their proposals and presentations.
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Sheet1
RFP Questions and Answers Attachment #8 20240411
Cryptocurrency Managed Services - Classes 2 thru 4
| Question # | RFP Section | RFP Page | Question | Answer | |
| 1 | RFP | 19 | As a Small Business, are we required to provide subcontracting opportunities to other small businesses? | There is no mandatory requirement for a small business to provide opportunities or subcontract with other small businesses. Offerors shall implement the best strategic approach to ensure they can meet all requirements as described in the Performance Work Statement (PWS); that strategic approach might call for potential "teaming agreements" if needed, to meet the PWS requirements. | |
| 2 | RFP | 20, 21, 22, 25, 27, 28 | Are any of the trainings required provided by the Agency or all internal? | PLEASE CLARIFY/RE-STATE QUESTION | |
| 3 | RFP | 21 | Are signed NDAs for all offeror's personnel due with proposal? | NDAs are due at time of contract award and will be submitted only by the contract awardee and its team. | |
| 4 | RFP | 21-28 | Many of the standards are covered by the crypto exchange, can we use their responses to these | ||
| requirements? | Per PWS section 1.3 Objective, this contract will assist USMS in managing and disposing of cryptocurrency assets that require the use of software and/or hardware wallets. A cryptocurrency exchange will not support all assets required under this effort. As such, your response must cover both categories: (1) assets supported by the cryptocurrency exchange and (2) assets not supported by the cryptocurrency exchange. | ||||
| 5 | RFP | 28 | DOJ information and cybersecurity for the Custody will be secured and managed by |
the Exchange's cold wallet security, do we need to present that explanation in detail in the
| oral presentation or in the proposal? | Per PWS section 1.3 Objective, this contract will assist USMS in managing and disposing of cryptocurrency assets that require the use of software and/or hardware wallets. A cryptocurrency exchange will not support all assets required under this effort. As such, your presentation must explain the security of both categories: (1) assets supported by the cryptocurrency exchange and (2) assets not supported by the cryptocurrency exchange. | |||
| 6 | RFP | 31 | This page shows 6b Appendix to the PWS – Standards and Compliance Requirements - | |
| will this document be provided | Attachment 6b Appendix to the PWS will be released to offerors upon email request to the contracting officer. | |||
| 7 | Attachment 3 | 13 | Understanding the teaming agreement regulations, is using our institutional account on an | |
| exchange to offer custody and disposal considered as a teaming agreement or subcontracting | A teaming partner might or might not be a subcontractor, it depends on how the team is set up. Please consult with your entity's |
legal advisor.
| 8 | Attachment 3 | 13 | Not-to-exceed Travel states $10K - is that supposed to auto-populate in Attachment #7 | ||
| Pricing schedule | Revised Attachment 7.Pricing Schedule is being provided via current amendment 002. Line for NTE travel available on revised attachment. | ||||
| 9 | Attachment 7 | OY 4 | Column G shows a monthly price and also 0 months in Column H, is this accurate or should | ||
| offerors disregard inputting a rate in Column F | Revised Attachment 7.Pricing Schedule is being provided via current amendment 002. Line for NTE travel available on revised attachment. | ||||
| 10 | Attachment 3 | 1 | For the resumes, are our crypto exchange key members resumes acceptable for this requirement? | Per PWS section 1.3 Objective, this contract will assist USMS in managing and disposing of cryptocurrency assets that require the use of software and/or hardware wallets. A cryptocurrency exchange may not support all assets required under this effort. As such, the key personnel must be in support of all assets, regardless of their custodial location. | |
| 11 | Attachment 3 | 2, 5-7 | Our offer is in conjunction with using an institutional account on the Company X | ||
| Crypto Exchange. Our team will perform transfers to custody wallets and execute liquidation sales on their platform through market sales, OTC and acutions. Can we have 1-3 of their reps for custody/liquidation and security to attend the oral presentation to answer pertinent questions that apply to those areas. | Per PWS section 1.3 Objective, this contract will assist USMS in managing and disposing of cryptocurrency assets that require the use of software and/or hardware wallets. An institutional account with Company X may not support all assets required under this effort. As such, your company must detail the custody, liquidation, and security of both categories: (1) assets supported by a cryptocurrency exchance and (2) assets not supported by a cryptocurrency exchange. | ||||
| 12 | Pricing Schedule | "Summary" tab | In the "Summary" sheet, Cell A2, it indicates "Class 1 - Cryptocurrency IDIQ." Can the Government confirm this spreadsheet is for use in the Class 2-4 opportunity? | Revised Attachment 7.Pricing Schedule is being provided via current amendment 002. Line for NTE travel available on revised attachment. | |
| 13 | Attachment #3, Request For Proposal | Page 5 of 13 | Will the Government consider the inclusion of a brief pricing narrative to accompany the Attachment 7 Pricing Schedule? We think it would be beneficial to illustrate our pricing approach and how we came up with our price buildup. | Yes, the Government will consider the inclusion of a brief pricing narrative to accompany Attachment 7 Pricing Schedule. The narrative |
shall be one page in size.
| 14 | PWS for Cryptocurrency Managed Services, Class 2-4 | Page 12 of 26 | Based on our experience managing assets for institutional investors, we know that our insurance carrier partners need as much detail as possible when properly underwriting risk. To that effort, is there more detail that can provided on the portfolio of assets so that we can best mitigate risk? | All details available are in the PWS. PLEASE CLARIFY/RE-STATE WHAT YOU ARE INQUIRING ABOUT. |
| 15 | Is there a list of exchanges/marketplaces/custodians that the Government deems not appropriate? | Please see PWS section 2.4 Disposal. | ||
| 16 | Solicitation/Contract/Order for Commercial Products and Commercial Services #15M50024QA4400003 | Page 11 of 35 | On Page 11 of 15M50024QA4400003 it mentions providing a liquidation proposal for a large amount of cryptocurrencies. From our perspective as asset managers & institutional investors with experience in the space - that recommendation can vary depending on the needs of the client or in this case USMS. Can you elaborate on the weighted value of time vs monetary value of the assets being liquidated? | Please see PWS section 2.4 Disposal. |
| 17 | Attachment #3, Request For Proposal | Page 11 of 13 | For the web-based Asset Management System, are there specific UI/UX that is familiar or desired for this customized view that otherwise isn’t detailed in the contract beyond needed specs? Does this web based system accept API feeds that we could populate for data transmission? Alternatively, would the USMS consider read-only or "watcher wallet" access to all custodial accounts for monitoring purposes? | The use of APIs would require an Authorization to Operate instead of an Authorization to Use. At this time, an API is not needed. If using multiple custodial options, the USMS would need access to a single web-based Asset Management Solution to review the portfolio in it's entirety. |
| 18 | PWS for Cryptocurrency Managed Services, Class 2-4 | Page 4 of 26 | There is a potential portfolio of assets that shows a nominal amount of different classes of assets with their lot number. Is that number tied to the number of types of unique positions (i.e. coins) represented in each class or does it represent a single type of coin and the amount of tokens? | The Asset Count is inclusive of the number of individual assets within that custody (e.g. one asset could 20 BTG, another 140 TRON, etc.). |
| 19 | PWS for Cryptocurrency Managed Services, Class 2-4 | Page 4 of 26 | The portfolio of assets depicts a notional value of ~ $75,000,000 broken down between Class 2-4. Can you confirm on what date the various assets were marked to market for notional purposes and the methodology utilized? | The value of the portfolio was derived by the market price of the assets in March 2024 multipled by the unit of the specific cryptocurrency in custody of the U.S. government. |
| 20 | PWS for Cryptocurrency Managed Services, Class 2-4 | Page 4 of 26 | Are there any specific parameters, other than contractor performance, that the Government considers when determining whether to extend the contract to option year 2 and beyond ? | The Contracting officer may make the determination of exercising an option when 1. the requirement covered by the option fulfills an existing Government need and 2. The exercise of the option is the most advantageous method of fulfilling the Government’s need, price and other factors considered; |
| 21 | Attachment 3 - Instructions to Offerors | 1 | If no small business offeror is qualified to fullfill the requirements of this RFP, would a large business be considered for this contract? | Market research performed prior to the issuance of the solicitation indicated that enough small businesses exist that are capable to |
perform this effort. In the unlikely event that upon evaluating the proposals there are no capable small businesses, the solicitation will be withdrawn and resolicited as a full and open competition.
| 22 | Attachment 6 - Performance Work Statement | 3-4 | Can a complete list of current class 2, 3 and 4 assets be provided to ensure ability to offer | ||
| coverage/services? | Per PWS section 2.1 Custody, the Contractor shall remain capable of taking custody, and managing, all types and quantities of cryptocurrency, described as Class 2-4 without limitation, throughout the performance of this contract. | ||||
| 23 | Attachment 7 - Pricing Schedule | 1 | The "Summary" tab names Class 1 Cryptocurrency services as well as an incorrect solicitation number. Can a corrected version of this file (applicable to Class 2-4, solicitation number 15M50024QA4400003) be made available? | Revised Attachment 7.Pricing Schedule is being provided via current amendment 002. Line for NTE travel available on revised attachment. | |
| 24 | Attachment 3 - Instructions to Offerors | 3 | 1.5 business days to review the entire proposal and present questions doesn't seem reasonable. Can you provide another opportunity for questions after this round? | See revised timeline in Attachment #3 Instructions to Offerors Revised 20240411. | |
| 25 | Attachment 3 - Instructions to Offerors | 3 | Can an offerer be in the process of registering in SAM.gov and be considered for award? | An Offeror is required to be registered in SAM when submitting an offer or quotation, and shall continue to be registered until time of award, during performance, and through final payment of any contract. | |
| 26 | Attachment 3 - Instructions to Offerors | 6 | Do all key personnel have to be part of the prime contractor, or can 1 or more be a part of a subcontractor, as long as all other PWS requirements are met? | Per PWS section 1.3 Objective, this contract will assist USMS in managing and disposing of cryptocurrency assets that require the use of software and/or hardware wallets. A cryptocurrency exchange will not support all assets required under this effort. As such, the key personnel must be in support of all assets, regardless of their custodial location. | |
| 27 | Attachment 4 | 3 | Do controls need to be in place at time of award for SOC II or can they be in place at time of award+6 months? | See PWS section 5.2.3 Independent Third-Party Audits. | |
| 28 | Attachment 4 | 3 | PLACE-HOLDER | ||
| 29 | PWS 5.6 | 19 | Can the key personnel be provided by the contractor that is performing that appropriate work? | Per PWS section 1.3 Objective, this contract will assist USMS in managing and disposing of cryptocurrency assets that require the use of software and/or hardware wallets. A cryptocurrency exchange will not support all assets required under this effort. As such, the key personnel must be in support of all assets, regardless of their custodial location. | |
| 30 | NA | NA | Will additional guidance be provided on proper accounting and recording practices once awarded? | During the Post Award Conference, the USMS will provide guidance (e.g., invoicing processes, details, accounting requirements) | |
| 31 | NA | NA | Can USMS provide a current list of assets that need to be supported? | Please see PWS section 1.4 Scope of Work - USMS Cryptocurrency Classification List | |
| 32 | Attachment 6 | 3+4 | USMS requires assets to be in cold custody, while acknowledging cold custody wallets may not be available for certain asset types. What are the requirements for assets that cannot be held in cold storage? | Please see PWS section 2.2 Storage. | |
| 33 | NA | NA | The NAICS code is specific to NFT Marketplaces and Exchanges. Will other NAICS codes be eligible? | Yes. The government may award a contract to a small business even if the awardee does not list the solicitation’s NAICS |
code in its SAM profile.
| 34 | Attachment 4 | 3 | Does the SOC type II requirement apply to all sub contractors, or just the primary contractor? | The SOC 2 Type 2 compliance is applicable to all entities performing under this requirement. | |
| 35 | NA | NA | How is the USMS defining “regulated cryptocurrency exchange? | USMS is defining regulated cryptocurrency exhanges as those with licenses or certifcations that demonstrate adherance to regulatory bodies and laws such as FinCEN, OFAC, BSA, etc. | |
| 36 | PWS 5.6 | 19 | Key Personnel - Is this their full time job, or can they be repurposed and assigned as the key | ||
| personnel. | PLEASE CLARIFY/RE-STATE QUESTION | ||||
| 37 | Offeror Instruction | 6 | In the PWS, only SOC 2 Type 2 is mentioned, however, the Offeror Instruction mentions both SOC 1 Type 2 and SOC 2 Type 2. Are both required or is only SOC 2 required, as mentioned in the PWS? | Only SOC 2 Type 2 audit compliance is required. See Attachment #3 Instructions to Offerors Revised 20240411. | |
| 38 | As a PRIME offeror are we permitted to seek out OTC partners and if so, what stipulations | ||||
| would be surrounding those counterparties? | Per PWS section 2.4 Disposal, if the directed method chosen by the USMS is determined to not be feasible, the Contractor shall provide a written explanation of the mitigating factors and provide an alternative method and explanation of the choice, and the resulting change in pricing, if any. |
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