Michelle Tanney

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Proposed Federal Crypto Legislation Supported by Digital Asset Ecosystem; Consumer Advocacy Groups Balk

On June 7, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced S. 4356, the Responsible Financial Innovation Act (Lummis-Gillibrand Bill). If enacted, the legislation would create a regulatory framework for federal oversight of digital assets. In a jointly authored blog post published in conjunction with the introduced bill, Senators Lummis and Gillibrand warned that … Continue Reading

DOJ Targets Cryptocurrency Fraud

Authorship credit: John J. Carney, Robert A. Musiala Jr., Michelle N. Tanney, and Kayley B. Sullivan On October 6, 2021, the U.S. Department of Justice (“DOJ”) announced the creation of a National Cryptocurrency Enforcement Team (“NCET” or “Team”) to tackle investigations and prosecutions of criminal misuses of cryptocurrency, including crimes committed by virtual currency exchanges, … Continue Reading

SEC Doubles Down on Crypto Enforcement

In a speech before the Aspen Security Forum on August 3, 2021, Securities and Exchange Commission (“SEC” or “Commission”) Chair Gary Gensler urged lawmakers to provide him with the power to police cryptocurrency trading, referring to it as the “Wild West.”[1] While he noted that the views he was sharing were his own and not … Continue Reading

Canada’s Largest Cryptocurrency Exchange Found to Have Operated Like a Ponzi Scheme

On June 11, 2020 the Ontario Securities Commission (OSC), one of Canada’s provincial securities regulators, issued a report finding that QuadrigaCX (Quadriga), which went into bankruptcy a few months after founder and CEO Gerald Cotten was reported to have died in India, “was an old-fashioned fraud wrapped in modern technology.”[1] The report, dated April 2020, … Continue Reading

Governments, Ad Industry Explore Use Cases; Blockchain Firms Seek Financial Licenses

In this issue: • Governments Experiment With Blockchain for Elections, Banking and Visa Applications • Advertising, Entertainment Industries Continue Investment in Blockchain • Changing Approaches to Crypto Regulatory Licensing Governments Experiment With Blockchain for Elections, Banking, and Visa Applications By: Panida A. Pollawit Governments around the world are seeking to harness blockchain to improve the … Continue Reading
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