Christina Gotsis

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ETH Staking Data Published; Blockchain Solutions Launch; NY AG Proposes Crypto Legislation; UK Targets Crypto ATMs; Crypto Hack Schemes Reported

Photo of Robert A. MusialaPhoto of Christopher LambPhoto of Amos KimPhoto of Keith R. MurphyPhoto of Christina GotsisBy Robert A. Musiala, Christopher Lamb, Amos Kim, Keith R. Murphy and Christina Gotsis on Posted in Blockchain
In this issue: • ETH Staking Data Published, Blockchain Solutions Launch for Financial Services• New York Attorney General Proposes New Legislation for Crypto Industry• UK Authorities Target Illegal Crypto ATMs• Reports Detail Crypto Malware, Phishing and Hacked Exchange Accounts ETH Staking Data Published, Blockchain Solutions Launch for Financial Services By Christopher Lamb According to a … Continue Reading

Get Ready For IRS Criminal Crackdown On Crypto

Photo of Carlos OrtizPhoto of Christina GotsisPhoto of Kayley SullivanBy Carlos Ortiz, Christina Gotsis and Kayley Sullivan on Posted in Cryptocurrency
Carlos Ortiz, Christina Gotsis and Kayley Sullivan co-authored the article “Get Ready For IRS Criminal Crackdown On Crypto,” in Law360. After years of warnings, the time for a significant increase in IRS criminal enforcement against those using digital assets to evade tax liabilities is here. The 2022 IRS Criminal Investigation annual report, and the agency’s … Continue Reading

Zero Knowledge EVMs Launch; U.S. Central Bank Publishes Custodia Denial Order; CFTC Charges Binance Exchange; SEC, DOJ Bring Enforcement Actions

Photo of Robert A. MusialaPhoto of Lauren BassPhoto of Christopher LambPhoto of Christina GotsisBy Robert A. Musiala, Lauren Bass, Christopher Lamb and Christina Gotsis on Posted in Blockchain
In this issue:• “Z” Doors Are Open: Rival Zero Knowledge EVMs Launched by Matter, Polygon• U.S. Central Bank Publishes Order Denying Custodia Bank Application• CFTC Charges Binance Alleging Numerous Commodity Exchange Act Violations• SEC Charges Crypto Exchange; DOJ Charges Crypto ATM; Do Kwon Arrested “Z” Doors Are Open: Rival Zero Knowledge EVMs Launch By Lauren … Continue Reading

New ERC-4337 Standard Released; US Bank Regulators, G20, IMF and OSC Address Crypto Risks; DeFi Hack Victims Regain Crypto Via Code Exploit

Photo of Robert A. MusialaPhoto of Christopher LambPhoto of Amos KimPhoto of Christina GotsisBy Robert A. Musiala, Christopher Lamb, Amos Kim and Christina Gotsis on Posted in Blockchain
In this issue:• New ERC-4337 Smart Contract Standard Released to Enhance Wallet Security• US Federal Bank Regulators Issue Joint Statement on Crypto Liquidity Risks• G20 Announces Forthcoming Reports Addressing Global Crypto Regulation• IMF Addresses Crypto Policy; OSC Issues Notice for Crypto Trading Platforms• DeFi Hack Victims Exploit Code Vulnerability to Regain Control of Hacked Crypto … Continue Reading

DeFi, Stablecoin Products Launch; FASB to Allow Fair Value for Crypto Accounting; SEC Addresses Crypto IRAs; DOJ Enforcement Continues

Photo of Robert A. MusialaPhoto of Christopher LambPhoto of Christina GotsisPhoto of Keith R. MurphyPhoto of Veronica ReynoldsPhoto of Lauren BassBy Robert A. Musiala, Christopher Lamb, Christina Gotsis, Keith R. Murphy, Veronica Reynolds and Lauren Bass on Posted in Blockchain
In this issue:• DeFi, Stablecoin Products Launch; Bitcoin Network Spikes Due to NFTs• Major Global Stablecoin Issuer Tether Obtains Assurance Opinion• FASB Proposal Would Allow Fair-Value Accounting for Many Digital Assets• SEC Addresses Crypto IRAs; Australia Initiates Token-Mapping Project• BTC Ransomware Defendant Pleads; Report Details North Korea Crypto Activities DeFi, Stablecoin Products Launch; Bitcoin Network … Continue Reading

IRS Warns: Hundreds of Crypto Criminal Tax Cases Coming Soon; Hiring of 300 Special Agents Means More to Follow

Photo of Christina GotsisPhoto of Carlos OrtizPhoto of Veronica ReynoldsPhoto of Betsy SmithPhoto of Kayley SullivanBy Scott Danielson, Christina Gotsis, Carlos Ortiz, Veronica Reynolds, Betsy Smith and Kayley Sullivan on Posted in Alert
The 2022 annual report from the IRS Criminal Investigations (CI) division (the Report) demonstrates an impressive year for enforcement, particularly with regard to cryptocurrency. Following the publication, CI Chief Jim Lee made clear that the division will continue to closely scrutinize crypto transactions. He warned: “Expect more outward-facing tax crypto cases here in the near … Continue Reading

Treasury Plans Significant Actions to Curb Illicit Digital Asset Financing

Photo of Jonathan A. FormanPhoto of Robert A. MusialaPhoto of Christina GotsisBy Jonathan A. Forman, Robert A. Musiala and Christina Gotsis on Posted in Alert
As part of a coordinated effort with the U.S. Secretary of State, Attorney General, Secretary of Commerce, Secretary of Homeland Security, Director of the Office of Management and Budget, Director of National Intelligence, and heads of other relevant agencies, Treasury developed the Action Plan to detail the evolving threats and risks facing the digital asset … Continue Reading

The Tax Man Isn’t Leaving: The IRS Continues to Issue John Doe Summonses Relating to Virtual Currency Transactions

Photo of Carlos OrtizPhoto of Betsy SmithPhoto of Nicholas C. MowbrayPhoto of Christina GotsisPhoto of Kayley SullivanBy Carlos Ortiz, Betsy Smith, Nicholas C. Mowbray, Christina Gotsis and Kayley Sullivan on Posted in Tax
On Sept. 23, 2022, a U.S. District Court judge approved an IRS John Doe summons served on a New York-based bank seeking account records, including account opening documents and records of deposits, withdrawals, transfers and wires, of clients who used sFOX for cryptocurrency services. The summons was issued in connection with partnered services the bank … Continue Reading

NFT Initiatives Launch Across Markets; US Banking Regulators Address Crypto; DOJ and Congress Target Crypto Fraud; FBI Cites Risks as DeFi Hacks Continue

Photo of Robert A. MusialaPhoto of Christina GotsisPhoto of Joanna F. WasickPhoto of Jordan R. SilversmithBy Robert A. Musiala, Christina Gotsis, Joanna F. Wasick and Jordan R. Silversmith on Posted in Blockchain, Cryptocurrency, Government, NFT, NFTs
In this issue: • NFT Initiatives Launch in Ticket Sales, Social Media and College Football• US Banking Regulators Publish DeFi Analysis, Address Crypto in Speeches• DOJ Targets Crypto Fraud, House Subcommittee Addresses Consumer Risks• FBI Cites DeFi Hacking Threats as Hacks Continue; Reports Identify ISIS NFT NFT Initiatives Launch in Ticket Sales, Social Media and … Continue Reading

Combatting Fraud and Corruption in the NFT Market

Photo of George StamboulidisPhoto of Christina GotsisPhoto of Jordan R. SilversmithPhoto of Robert A. MusialaBy George Stamboulidis, Christina Gotsis, Jordan R. Silversmith and Robert A. Musiala on Posted in NFT
On Oct. 6, 2021, the U.S. Department of Justice (DOJ) announced the creation of a National Cryptocurrency Enforcement Team to tackle investigations and prosecutions of criminal misuses of cryptocurrency. As the non-fungible token (NFT) market continues to expand, DOJ’s heightened focus on cryptocurrency has begun to encompass NFTs. Just as with any other market, a … Continue Reading

Top 5 Digital Asset Litigation and Investigation Trends of 2022

Photo of George StamboulidisPhoto of Christina GotsisBy George Stamboulidis and Christina Gotsis on Posted in Cryptocurrency
Digital assets have pushed courts to adapt traditional litigation procedures to provide relief to defrauded plaintiffs.  Government agencies have also ramped up enforcement efforts while increasing agency coordination, broadening investigative scopes and using special tools to root out digital asset fraud.  Cryptocurrency and digital assets have kept the courts and regulators busy as digital assets … Continue Reading

The Tax Man Is Back: IRS Issues First John Doe Summons in 2022 to Major Crypto Platform, Seeking Treasure Trove of Information on Tax Noncompliance

Photo of Carlos OrtizPhoto of Nicholas C. MowbrayPhoto of Christina GotsisPhoto of Kayley SullivanBy Carlos Ortiz, Nicholas C. Mowbray, Christina Gotsis and Kayley Sullivan on Posted in Cryptocurrency, Tax
After going for more than a year without using one of its most powerful weapons, a John Doe summons, the Internal Revenue Service (IRS) has reverted to the use of this tool in its much-publicized efforts to investigate, find, and prosecute those who fail to report virtual currency transactions and those who facilitate not reporting. … Continue Reading

Bitcoin Mining Difficulty Decreases; Crypto Addressed by CFTC Chair; Congress Addresses Crypto Tax, Accounting; Crypto Enforcement and Crimes Continue

Photo of Robert A. MusialaPhoto of Jordan R. SilversmithPhoto of Keith R. MurphyPhoto of Christina GotsisPhoto of Lauren BassBy Robert A. Musiala, Jordan R. Silversmith, Keith R. Murphy, Christina Gotsis and Lauren Bass on Posted in Blockchain
In this issue: Bitcoin Network Mining Difficulty Continues Downward Trend Amid Heat Wave CFTC Chair Addresses Crypto; Proposed Bill Would Simplify Crypto Tax Rules Congress Members Criticize SEC Bulletin on Crypto Accounting Treatment DOJ, SEC and OFAC Continue Cryptocurrency Enforcement Actions Reports Show Hackers Turning to Cryptojacking and DeFi to Siphon Crypto Bitcoin Network Mining … Continue Reading

USPTO to Address NFTs; Treasury Dept. Publishes Digital Asset Fact Sheet; Financial Regulators Address Digital Assets; Crypto Enforcement Continues

Photo of Christina GotsisPhoto of Shade QuaileyPhoto of Robert A. MusialaPhoto of Joanna F. WasickBy Christina Gotsis, Shade Quailey, Robert A. Musiala and Joanna F. Wasick on Posted in Blockchain, Cryptocurrency
In this issue: • CryptoPunk Sold for $2.6M, USPTO to Address NFTs, Court Approves NFT Service• Treasury Dept. Publishes Digital Asset Policy Fact Sheet, Seeks Public Comment• Multiple Financial Regulatory Bodies Publish Reports on Digital Assets• Crypto Enforcement Targets Interest Products, Unlicensed Money Transmission… Continue Reading

Financial and Crypto Firms Explore Integration; NFT Market Expands; FATF/Basel Publish Crypto Guidance; DOJ/CFTC Bring Crypto Actions; DeFi Hacks Continue

Photo of Robert A. MusialaPhoto of Keith R. MurphyPhoto of Lauren BassPhoto of Joanna F. WasickPhoto of Christina GotsisPhoto of Alex KarambelasBy Robert A. Musiala, Keith R. Murphy, Lauren Bass, Joanna F. Wasick, Christina Gotsis and Alex Karambelas on Posted in Blockchain, Cryptocurrency, NFT
In this issue: Financial Firm Launches Crypto Group, MakerDAO Votes to Integrate with Bank NFT Market Continues to Expand with Brand Activations and Infringement Suit FATF and Basel Committee Publish New Guidance on Cryptocurrencies DOJ, CFTC Bring Multiple Enforcement Actions Against Crypto Fraud Schemes North Korean Lazarus Group Suspected in Recent DeFi Hack Financial Firm … Continue Reading

DOJ Calls on International Partners to Improve Investigative Efficiency in Response to President Biden’s Executive Order on Risks Involving Digital Assets

Photo of Carlos OrtizPhoto of Robert A. MusialaPhoto of Teresa Goody GuillénPhoto of John J. CarneyPhoto of Christina GotsisPhoto of Veronica ReynoldsPhoto of Kayley SullivanBy Carlos Ortiz, Robert A. Musiala, Teresa Goody Guillén, John J. Carney, Christina Gotsis, Veronica Reynolds and Kayley Sullivan on Posted in Blockchain
In June 2022, the Department of Justice (DOJ) issued a report (Report) recommending increased cooperation among international law enforcement agencies to combat threats and crime related to the use and proliferation of digital assets and to address obstacles unique to the asset class. Specific actions recommended by the Report include expanding U.S. relationships with international … Continue Reading

Cryptocurrency Tax Enforcement May Soon Reward Tipsters Through Whistleblower Program and False Claims Act

Photo of Carlos OrtizPhoto of Nicholas C. MowbrayPhoto of Betsy SmithPhoto of Christina GotsisPhoto of Kayley SullivanBy Carlos Ortiz, Nicholas C. Mowbray, Betsy Smith, Christina Gotsis and Kayley Sullivan on Posted in Blockchain
International and state authorities could soon bolster enforcement efforts by rewarding individuals who provide information about underreporting income on virtual currency transactions. As a result, digital asset investors and their tax advisors could find themselves subject to liability under yet another regulation creeping into cryptocurrency governance. Taxpayers who skirt tax payments on virtual investments could … Continue Reading

New CBDC and NFT Data Released; OFAC Adds Mixer and Public Keys to SDN List; Multiple Crypto Enforcement Actions; Stablecoin Risks on Display

Photo of Robert A. MusialaPhoto of Jordan R. SilversmithPhoto of Lauren BassPhoto of Veronica ReynoldsPhoto of Christina GotsisPhoto of Alex KarambelasPhoto of Joanna F. WasickBy Robert A. Musiala, Jordan R. Silversmith, Lauren Bass, Veronica Reynolds, Christina Gotsis, Alex Karambelas and Joanna F. Wasick on Posted in Blockchain
In this issue: • BIS Releases Survey on CBDC Initiatives; New Crypto Products Launch• 2022 NFT Market Data Released; Brands Continue NFT Initiatives• OFAC Sanctions Cryptocurrency Mixer, Adds New Public Keys to SDN List• Multiple Crypto Enforcement Actions Announced by CFTC, DOJ and SEC• Multistate Enforcement Action Targets Metaverse Casino’s NFT Offering• Algorithmic Stablecoins Collapse; … Continue Reading

Global Tax Enforcement Group Provides NFT Red Flag Guidance

Photo of Teresa Goody GuillénPhoto of Christina GotsisPhoto of Nicholas C. MowbrayPhoto of Betsy SmithPhoto of Carlos OrtizBy Teresa Goody Guillén, Christina Gotsis, Nicholas C. Mowbray, Betsy Smith and Carlos Ortiz on Posted in NFT
Answering the call for guidance regarding potential issues concerning the popular cryptocurrency assets NFTs, on April 28, the J5 issued a first-of-its-kind intelligence bulletin warning the public of the dangers of dealing with NFTs. Titled the “J5 NFT Marketplace Red Flag Indicators,” the bulletin provides real-world guidance to banks, law enforcement partners and private investigators … Continue Reading

Banks Expand Digital Asset Offerings; Crypto Market Actors Critique SEC Proposal; New OFAC Crypto Sanctions; Agencies Issue Warnings; DeFi Hacked

Photo of Robert A. MusialaPhoto of Keith R. MurphyPhoto of Joanna F. WasickPhoto of Christina GotsisPhoto of Alex KarambelasBy Robert A. Musiala, Keith R. Murphy, Joanna F. Wasick, Christina Gotsis and Alex Karambelas on Posted in Blockchain
In this issue: • Banks Expand Digital Asset Offerings, BIS Report Addresses CBDCs• Cryptocurrency Market Actors Publish Critiques of Recent SEC Proposal• OFAC Sanctions North Korean Crypto Hackers and Russian Crypto Miner• Law Enforcement in US, Australia Issue Warnings as DeFi Hacks Continue Banks Expand Digital Asset Offerings, BIS Report Addresses CBDCs By Keith R. … Continue Reading

NFT Initiatives Continue; EU Issues Blockchain Healthcare Report; Crypto Addressed by Various US Regulators; State Actions Target Bitcoin ATMs, NFTs

Photo of Robert A. MusialaPhoto of Lauren BassPhoto of Alex KarambelasPhoto of Teresa Goody GuillénPhoto of Christina GotsisBy Robert A. Musiala, Lauren Bass, Alex Karambelas, Teresa Goody Guillén and Christina Gotsis on Posted in Blockchain
In this issue: • Sports Teams and Messaging Apps Go All-In on NFTs, Potential Hack Foiled• Report on Blockchain in the European Healthcare Sector Published• US Treasury Secretary, FDIC, Acting Comptroller and EU Address Crypto• State Enforcement Actions Target Bitcoin ATM Operator and NFT Sellers Sports Teams and Messaging Apps Go All-In on NFTs, Potential … Continue Reading

NFT Scandals Coincide with Increased Push for Crypto Regulation

Photo of George StamboulidisPhoto of Robert A. MusialaPhoto of Christina GotsisBy George Stamboulidis, Robert A. Musiala and Christina Gotsis on Posted in Cryptocurrency, Enforcement, NFTs, Securities & Exchange Commission, Uncategorized
Authorship credit: George A. Stamboulidis, Robert A. Musiala Jr., and Christina O. Gotsis Problems caused by the lack of regulation in NFT markets were clearly exposed just last month with the revelation of not one, but two NFT scandals involving the use of insider information to snag exclusive pieces and game the market. In early … Continue Reading
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