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

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

US District Court Finds LBRY Tokens Are Securities

In 2016, crypto startup LBRY launched the LBRY network and the LBRY protocol, described by LBRY as a decentralized content sharing and publishing protocol that supports the creation of community-run digital marketplaces. The same year, LBRY offered and sold native LBC tokens to the public for the purported purpose of allowing LBRY users to compensate … Continue Reading

Major U.S. Crypto Exchange Consents to $29 Million Penalty for Historic BSA and OFAC Violations Body

On October 11, 2022, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) announced a $29 million civil monetary penalty against Bittrex, a major U.S. cryptocurrency exchange, as part of a global settlement with FinCEN and OFAC related to Bittrex’s alleged historic violations of the Bank … Continue Reading

Treasury Plans Significant Actions to Curb Illicit Digital Asset Financing

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 U.S. Department of the Treasury Provides a Glimpse into the Future of Money and Payments

The Report responds to Section 4(b) of the EO and evaluates the U.S. system of money and payments, developments in stablecoins and instant payment systems, and a potential CBDC, using the following policy objectives as a guide: (1) provide benefits and mitigate risks for consumers, investors, and businesses; (2) promote economic growth and financial stability … Continue Reading
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