Lauren Bass

New Crypto Payment and Web3 Products Launch; UK Seeks Input on DeFi Taxation; OFAC Fines Crypto Exchange; SEC, DOJ, CFTC Continue Enforcement

By Robert A. Musiala, Keith R. Murphy and Lauren Bass on May 8, 2023 Posted in Blockchain

In this issue: • Multiple Financial Services Firms Announce New Crypto Products• Mutual Fund Integrates with Polygon, US Exchanges Launch Offshore Platforms• Web3 Initiatives Launch for NFT Ticketing, Protocol Infrastructure• UK Seeks Input on Proposed Modifications to Tax Rules Applicable to DeFi• OFAC Announces $7.6 Million Settlement with Crypto Exchange• SEC and State Securities Regulators … Continue Reading

New Crypto and DeFi Products Launch; SEC Charges Crypto Exchange; States Bring Enforcement Actions; Bitcoin Public Key Added to SDN List; Hacks Continue

By Robert A. Musiala, Lauren Bass, Christopher Lamb and Joanna F. Wasick on April 24, 2023 Posted in Uncategorized

In this issue: • European Bank Launches Stablecoin; Financial Firms Expand Crypto Products• Ethereum ‘Unstaking’ Data Published; New DeFi Products Launch• SEC Charges U.S. Crypto Exchange with Multiple Securities Law Violations• States Bring Crypto Enforcement Actions, Assess Supervisory Costs• OFAC Adds New Bitcoin Public Key to SDN List• DeFi Protocol Hacked for $7.4M; Wallet Attack … Continue Reading

CBDC Pilot Announced; Ethereum Upgrade Completed; U.S. Treasury Department Addresses DeFi Risks; Studies Analyze Crypto Taxation, Crime; Hacks Continue

By Robert A. Musiala, Joanna F. Wasick, Keith R. Murphy, Christopher Lamb and Lauren Bass on April 17, 2023 Posted in Blockchain

In this issue: • Montenegro Announces CBDC Pilot, BIS Compares CBDCs to Stablecoins• Ethereum Network Completes ‘Shanghai’ Upgrade• U.S. Treasury Publishes DeFi Risk Assessment; Banque De France Analyzes DeFi• Study Analyzes 2022 Crypto Tax Compliance Across Various Countries• EU Report Analyzes Cryptocurrency Use on Darknet Markets• Hackers Drain Millions from Crypto Exchanges and DeFi Protocol … Continue Reading

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

By Robert A. Musiala, Lauren Bass, Christopher Lamb and Christina Gotsis on April 3, 2023 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 Initiatives Launch in Staking, DeFi, DAOs; IRS Issues NFT Guidance; White House Report Criticizes Crypto; SEC and DOJ Crypto Enforcement Continues

By Robert A. Musiala, Christopher Lamb, Nicholas C. Mowbray, Joanna F. Wasick, Keith R. Murphy and Lauren Bass on March 27, 2023 Posted in Blockchain

In this issue: • Staking Market Launches, ‘Defi Cover’ Data Published, DAO Buys Golf Course• IRS Issues Guidance on Non-Fungible Tokens• Economic Report of the President Criticizes Digital Assets• SEC Charges Crypto Entrepreneur and Celebrities; DOJ Targets Crypto Fraudster• U.S. Crypto Exchange Receives SEC Wells Notice, Publishes Staking Analysis• Moscow Money Mules and Hackers: Digital … Continue Reading

Australia and BIS Address CBDCs; OCC, PCAOB and U.S. Senators Address Crypto Risks; SEC, DOJ and USSS Continue Crypto Enforcement Actions

By Robert A. Musiala, Amos Kim, Keith R. Murphy, Joanna F. Wasick and Lauren Bass on March 13, 2023 Posted in Blockchain

In this issue: • Reserve Bank of Australia and BIS Commence Efforts to Advance CBDCs• Acting Comptroller of the Currency and PCAOB Address Crypto Risks• Binance and Binance.US Face Inquiry from U.S. Senators• SEC and DOJ Continue Enforcement Actions Targeting Crypto Fraud Schemes• Bitcoin ATM Operators Arrested, Charged with Criminal Violations Reserve Bank of Australia … Continue Reading

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

By Robert A. Musiala, Christopher Lamb, Christina Gotsis, Keith R. Murphy, Veronica Reynolds and Lauren Bass on February 10, 2023 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

White House Issues Statement on Crypto; Bitcoin ETF Rejected; Public Keys Added to OFAC List; Regulators Address Digital Assets; Crypto Enforcement Continues

By Robert A. Musiala, Keith R. Murphy, Christopher Lamb, Amos Kim and Lauren Bass on February 3, 2023 Posted in Blockchain

In this issue:• White House Addresses Crypto Risks; Blockchain Firm Wins Air Force Contract• SEC Issues Order Disapproving Spot Bitcoin ETF Application• OFAC Adds Bitcoin and Ethereum Public Keys to OFAC’s SDN List• UK and Hong Kong Financial Regulators Address Digital Assets• Founder of Crypto Fraud Sentenced; South Korea Prosecutors Raid Exchange White House Addresses … Continue Reading

Crypto Market Data Published; Digital Assets RFI Issued; BIS Addresses DeFi; NY DFS Issues Crypto Guidance; SEC Brings Crypto Actions; FBI Addresses Hacks

By Amos Kim, Veronica Reynolds, Lauren Bass, Christopher Lamb, Robert A. Musiala, Teresa Goody Guillén and Joanna F. Wasick on January 27, 2023 Posted in Cryptocurrency

In this issue: Reports Address Crypto Ownership, Stablecoins and Dapp Adoption By Amos Kim Recent reports provide new data on various areas of the digital asset market. In one report, a survey published by a cryptocurrency trading platform found “a significant rise in crypto ownership among young women.” Among other things, the survey found that … Continue Reading

Crypto Products Launch; NFTs Allowed for Political Fundraising; Bank Regulators Address Crypto Risk; DOJ/SEC Target Crypto Fraud; Scams Continue

By Robert A. Musiala, Christopher Lamb, Keith R. Murphy, Joanna F. Wasick, Amos Kim and Lauren Bass on January 6, 2023 Posted in Blockchain

In this issue:• Crypto Apps Launch New Features, Custody Firm Achieves CCSS Certificate• NFTs Permitted for Political Fund Raising; Analysis Details NFT Wash Trading• US and International Regulators Address Crypto Risk Factors for Banks• Treasury Dept. and IRS Issue Transitional Digital Assets Guidance for Brokers• DOJ and SEC Actions Target Crypto Fraud and Unregistered Securities … Continue Reading

Disclosing Cryptocurrency Risks: SEC Comment Letter Puts Companies On Notice

By Jonathan R. Barr, John J. Carney, Jimmy Fokas, Teresa Goody Guillén, Robert A. Musiala, Joanna F. Wasick and Lauren Bass on December 21, 2022 Posted in Cryptocurrency

The U.S. Securities and Exchange Commission (SEC) Division of Corporation Finance (CorpFin) recently issued guidance (Guidance), including a “Dear Issuer” Sample Letter (Sample Letter) to assist companies in meeting their statutory disclosure obligations in light of the recent crypto downturn. Read the full Alert.… Continue Reading

Crypto Research Published; USPTO Seeks NFT Input; SEC and FINRA Address Digital Assets; OFAC Settles with Exchange; DOJ Enforcement Continues

By Robert A. Musiala, Lauren Bass, Sydney Park, Teresa Goody Guillén, Joanna F. Wasick, Amos Kim and Christopher Lamb on December 2, 2022 Posted in Blockchain

In this issue: • New Research and Surveys Address CBDCs, Institutional Crypto Investment• NFTs: Government Agencies Seek Comments on NFT IP; New Marketplaces Open• Crypto DEX and Wallet Providers Reveal User Data Collection Practices• SEC Commissioner Addresses Digital Assets and Investor Protection Concerns• SEC Institutes Proceedings Against DAO; FINRA Examines Crypto Advertising• New York State … Continue Reading

New Crypto Services Launch for Banks, Fintechs and Staking; DOJ Targets Major Cryptocurrency Money-Laundering Scheme; Japan Warns of Crypto Hacks

By Robert A. Musiala, Lauren Bass and Joanna F. Wasick on October 21, 2022 Posted in Blockchain

In this issue: • Crypto Developments Emerge in Payments, Trading, Staking and Accounting• DOJ Targets Crypto Money Laundering and Fraud; Japan Issues Crypto Warning Crypto Developments Emerge in Payments, Trading, Staking and Accounting By Lauren Bass This week, a global financial services and payment technology firm announced that it has partnered with a major U.S. … Continue Reading

New Crypto and NFT Products Launch; Treasury Publishes FSOC Digital Asset Report; SEC Brings Enforcement Actions Against Crypto Promoters, Fraudsters

By Robert A. Musiala, Jordan R. Silversmith, Lauren Bass, Shade Quailey and Sydney Park on October 7, 2022 Posted in Blockchain

In this issue: • Crypto Products Launch, Reports Detail CBDC Pilots and Bank Crypto Exposure• DAO Governing DAI Stablecoin Invests in US Treasuries and Corporate Bonds• Digital Collectibles + Physical Consumables: Brands Embrace Hybrid NFT Model• Treasury Releases Report on Digital Asset Financial Stability Risks/Regulation• SEC Brings Enforcement Actions Against Crypto Promoters and Fraudsters Crypto … Continue Reading

NFT Initiatives Launch; OFAC Adds Crypto Public Keys to SDN List; Treasury Dept. Publishes Crypto Reports; Crypto Enforcement and Hacks Continue

By Robert A. Musiala, Lauren Bass, Jordan R. Silversmith and Keith R. Murphy on September 23, 2022 Posted in Blockchain

In this issue: • Non-Fungible Marketing: Brands Continue to Launch NFTs• OFAC Adds Crypto Public Keys to SDN List Related to Russian Group• US Department of the Treasury Publishes Digital Asset Reports and RFC• Republican Senator Criticizes SEC Approach to Crypto Markets• DOJ and SEC Target Crypto Fraud and Unregistered ‘Crypto Asset Securities’• Cryptocurrency Market … Continue Reading

NFT Market Research Published; Crypto Issues Addressed by FDIC, US Representatives and Foreign Regulators; DOJ Targets Crypto Fraud Scheme

By Robert A. Musiala, Lauren Bass, Alex Karambelas and Jordan R. Silversmith on August 26, 2022 Posted in Blockchain

In this issue: • Fashion Brands Score with NFTs, but Market Trends Show Threats Abound• FDIC and Congress Members Address Crypto Representations, Sanctions, Mining• Foreign Regulators Issue Crypto Guidance, Act Against Unregistered VASPs• DOJ Targets Cryptocurrency Fraud, Report Cites Recent Crypto Crime Trends Fashion Brands Score with NFTs, but Market Trends Show Threats Abound By … Continue Reading

NFT Endorsements Scrutinized; Bank Crypto Guidance Issued; DOJ, CFTC and SEC Bring Crypto Enforcement Actions; Research Finds Crypto Insider Trading

By Robert A. Musiala, Jordan R. Silversmith, Keith R. Murphy, Kayley Sullivan and Lauren Bass on August 19, 2022 Posted in Blockchain

In this issue: NFTs Expand on Social Media, Celebrity NFT Endorsements Scrutinized Federal Reserve Addresses Crypto; Senator Inquires About Bank-Crypto Relations DOJ, CFTC and SEC Crypto Enforcement Targets Tax Evasion, Fraud and ICOs US and Foreign Law Enforcement Target Cryptocurrency Money Laundering DeFi Stablecoin Hacked; Research Finds Evidence of Crypto Insider Trading NFTs Expand on … Continue Reading

Crypto Products Launch, Gain Approvals; OFAC Sanctions Crypto Mixer; SEC Publishes ICO Consent Order; Report Cites Criminal Use of Cross-Chain Bridges

By Robert A. Musiala, Kayley Sullivan, Keith R. Murphy, Alex Karambelas and Lauren Bass on August 12, 2022 Posted in Blockchain

In this issue: NY DFS Approves Crypto Platform, Prepaid Crypto Card to Launch in Argentina U.S. Department of the Treasury Sanctions Major Virtual Currency Mixer SEC Publishes ICO Consent Order, Crypto Exchange Discloses SEC Investigation Report Cites Money Laundering Risks of Cryptocurrency Cross-Chain Bridges NY DFS Approves Crypto Platform, Prepaid Crypto Card to Launch in … Continue Reading

New NFT Initiatives Launch Across Industries; Banking Agencies Publish Crypto Guidance; Enforcement Agencies Bring Crypto Actions; Crypto Hacks Reported

By Robert A. Musiala, Lauren Bass, Joanna F. Wasick and Jordan R. Silversmith on August 5, 2022 Posted in Blockchain

In this issue: • New NFT Initiatives Announced in Jewelry, Automobile and Liquor Industries• US Banking Agencies Publish Notices on Crypto Firms and Deposit Insurance• Multiple Agencies Target Cryptocurrency Fraud and Regulatory Violations• Nomad Bridge Hacked, Stolen Crypto Valued at Approximately $200 Million• Multiple Hacks Reported Across Various Sectors of the Cryptocurrency Market New NFT … Continue Reading

Applying the Bank Secrecy Act, FinCEN Regulations, and Sanctions to the Nascent NFT Market

By Joanna F. Wasick, Jonathan A. Forman, Robert A. Musiala and Lauren Bass on August 4, 2022 Posted in NFT

Non-fungible tokens (NFTs) often involve two areas with known money laundering and terrorist financing risks: cryptocurrencies and high-value assets, like art. As detailed below, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has provided guidance on the applicability of statutes related to anti-money laundering and terrorist financing (AML) to cryptocurrencies. Recent actions and statements … Continue Reading

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

By Robert A. Musiala, Jordan R. Silversmith, Keith R. Murphy, Christina Gotsis and Lauren Bass on July 29, 2022 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

Crypto Platforms Achieve Foreign Approvals; DOJ Seizes Crypto Ransomware Funds; CFTC Adds Crypto Firms to RED List; Crypto Fraud and Threats Continue

By Robert A. Musiala, Keith R. Murphy, Maya Rivera and Lauren Bass on July 22, 2022 Posted in Blockchain

In this issue: • Foreign Regulators Approve Crypto Platforms; Ethereum Approaching PoS• DOJ Seizes $500K in Ransomware Crypto; CFTC Adds Crypto Firms to RED List• Fraud, Mixers, Ransomware and the Darkweb: Cryptocurrency Threats Continue Foreign Regulators Approve Crypto Platforms; Ethereum Approaching PoS By Keith R. Murphy According to recent reports, several major cryptocurrency platforms have … Continue Reading

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

By Robert A. Musiala, Keith R. Murphy, Lauren Bass, Joanna F. Wasick, Christina Gotsis and Alex Karambelas on July 8, 2022 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

A Legal Practitioner’s Guide to NFTs, Digital Advertising and Media

By Robert A. Musiala, Amy Ralph Mudge, Lauren Bass and Linda A. Goldstein on June 23, 2022 Posted in NFT, NFTs

In 2021, non-fungible tokens (NFTs) generated overall sales of close to $25 billion and became one of the year’s most defining cultural phenomena. This trend has continued with NFT sales topping $2 billion in the first quarter of 2022. In an effort to engage audiences and produce secondary revenue streams, brands—in sectors ranging from fashion … Continue Reading