Archives: Blockchain

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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

Ethereum Moves to PoS; Firms Launch Crypto, NFT Initiatives; EO Crypto Energy Impact Report Published; Crypto Addressed by OFAC, DOJ, SEC, U.S. Senators

By Robert A. Musiala, Joanna F. Wasick, Jordan R. Silversmith and Keith R. Murphy on September 16, 2022 Posted in Blockchain

In this issue: • Ethereum Network Completes Transition to Proof of Stake Consensus• Crypto Exchange, Bitcoin Futures ETF Launch; Crypto Adoption Data Published• Major Coffee and Scotch Brands Launch NFT Initiatives• OFAC Adds Crypto Public Keys to SDN List, Addresses Tornado Cash Sanctions• Major U.S. Exchange Backs Lawsuit Challenging OFAC Tornado Cash Sanctions• Office of … Continue Reading

SEC Chair Stands Firm: ‘Vast Majority’ of Cryptocurrency Tokens Are Securities

By Teresa Goody Guillén, Joanna F. Wasick, Kevin Edgar, Robert A. Musiala, Michelle Tanney, Veronica Reynolds, Alex Karambelas and Jonathan A. Forman on September 9, 2022 Posted in Blockchain, White Collar

In prepared remarks delivered at the Practising Law Institute’s “SEC Speaks” program on Sept. 8, Chair Gensler emphasized and reiterated his long-standing position that the vast majority of cryptocurrency tokens are securities, and he noted that “only a small number of tokens, even though they may represent a significant portion of the crypto market’s aggregate … 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

By Robert A. Musiala, Christina Gotsis, Joanna F. Wasick and Jordan R. Silversmith on September 9, 2022 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

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

Developer Arrested Following OFAC Sanctions of the Tornado Cash Protocol

By Teresa Goody Guillén, Adam Gale, Michelle Tanney, Veronica Reynolds and Alex Karambelas on August 22, 2022 Posted in Blockchain

On Aug. 10, 2022, just days after OFAC issued sanctions against virtual currency mixer Tornado Cash, Dutch authorities arrested the protocol’s alleged developer. In a press release, the Treasury Department alleged that since 2019, Tornado Cash had been used to launder more than $7 billion in cryptocurrency, including more than $455 million stolen in the … 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

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

SEC and DOJ Bring Parallel Crypto Insider Trading Cases; SEC Alleges Nine Tokens Are Securities

By John J. Carney, Kevin Edgar, Jonathan A. Forman, Adam Gale, Teresa Goody Guillén, Robert A. Musiala, Veronica Reynolds and Michelle Tanney on July 25, 2022 Posted in Blockchain

Significant parallel actions commenced this week by the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) bring crypto fraud enforcement into the spotlight, with the SEC alleging that multiple tokens listed on Coinbase are securities. In its first insider trading case of “crypto asset securities,” the SEC charged a former Coinbase product manager, his … 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, Michael 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

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

By Christina Gotsis, Shade Quailey, Robert A. Musiala and Joanna F. Wasick on July 15, 2022 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

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

Navigating Contractual Relationships in the NFT Market

By Robert A. Musiala, Janine Anthony Bowen and Erika Vela on July 7, 2022 Posted in Blockchain

Participants in the fast-moving – but legally uncertain – non-fungible token (NFT) marketplace can maximize their business opportunities and mitigate risk by delineating their specific role early and clearly defining where their obligations begin and where their responsibilities end. Understanding and defining your role, and the role of your counterparties, is critical. Here are some … Continue Reading

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

By Carlos Ortiz, Robert A. Musiala, Teresa Goody Guillén, John J. Carney, Christina Gotsis, Veronica Reynolds and Kayley Sullivan on June 30, 2022 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

New Stablecoins, Cryptocurrency Products and NFT Initiatives Launch; Ukraine Sells Donated NFT; SEC and OSC Bring Crypto Enforcement Actions

By Robert A. Musiala, Jordan R. Silversmith, Joanna F. Wasick, Veronica Reynolds and Alex Karambelas on June 24, 2022 Posted in Bitcoin, Blockchain, Cryptocurrency, NFT, NFTs

In this issue: • New Fiat-Pegged Stablecoins Launch, BIS Publishes New Findings on CBDCs• Traditional Financial Firms and Startups Launch New Cryptocurrency Products• NFT Ecosystem Expands; Ukrainian Government Sells NFT for Over $100,000• Canadian and US Securities Regulators Continue Crypto Enforcement Actions New Fiat-Pegged Stablecoins Launch, BIS Publishes New Findings on CBDCs By Jordan R. … Continue Reading

Financial Firms and Crypto Networks Launch Initiatives; Nonprofit Challenges Crypto Tax Provision; Crypto Enforcement Continues; UST Analysis Published

By Robert A. Musiala, Veronica Reynolds, Joanna F. Wasick, Jordan R. Silversmith, Keith R. Murphy and Kayley Sullivan on June 17, 2022 Posted in Blockchain

In this issue:• Firms Announce New Crypto Initiatives; Data Published on Crypto and NFT Use• Nonprofit Coin Center Files Lawsuit Challenging Crypto Provision of Tax Code• OpenSea and Chainlink Announce Network Transitions• SEC Investigates Stablecoins, Crypto Exchanges; DOJ Seizes Dark Market• Report Analyzes UST Collapse, Australia Reports Losses to Crypto Scams Firms Announce New Crypto … Continue Reading

Crypto Payment Initiatives Launch; Report Cites Evolving Crypto Views; G7, ECB, BIS Address Crypto Risks; DOJ, CFTC Target NFT Insider Trading, Crypto Fraud

By Robert A. Musiala, Lauren Bass, Veronica Reynolds, Keith R. Murphy and Teresa Goody Guillén on June 3, 2022 Posted in Blockchain

In this issue: • New Cryptocurrency Payments Systems, Tokens and Trade Associations Launch• Cryptocurrency Industry Report Notes Change in Consumer and Insider Views• Digital Asset and Blockchain Risks and Opportunities Addressed by G7, ECB, BIS• DOJ Brings First NFT Insider Trading Case, CFTC Action Targets Crypto Fraud New Cryptocurrency Payments Systems, Tokens and Trade Associations … Continue Reading

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

By Carlos Ortiz, Nicholas C. Mowbray, Betsy Smith, Christina Gotsis and Kayley Sullivan on May 24, 2022 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

Crypto Products and Mining Initiatives Launch; Sports and Spirits Firms Embrace Blockchain; US Agencies Seek Crypto Input, Address Risks, Target Crimes

By Robert A. Musiala, Keith R. Murphy, Lauren Bass, Kayley Sullivan, Joanna F. Wasick and Alex Karambelas on May 20, 2022 Posted in Blockchain

In this issue: • New European Crypto ETF Launches, Bitcoin Mining Sees Wider Adoption• Sports Leagues and Alcohol Brands Expand Blockchain Partnerships• Congress Addresses CBDC, Commerce Dept. Seeks Input on Digital Assets• SEC and FinCEN Officials Comment on Cryptocurrency Sector Risks• US Law Enforcement Targets Crypto Scams and Sanctions Evasion New European Crypto ETF Launches, … 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

By Robert A. Musiala, Jordan R. Silversmith, Lauren Bass, Veronica Reynolds, Christina Gotsis, Alex Karambelas and Joanna F. Wasick on May 13, 2022 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

Banks and Retailers Embrace Crypto, Bitcoin Environmental Costs Debated, New NFT Initiatives Launch, Various Agencies Address Crypto, DeFi Hacks Continue

By Robert A. Musiala, Maria Luevano, Joanna F. Wasick, Keith R. Murphy, Teresa Goody Guillén and Alex Karambelas on May 6, 2022 Posted in Blockchain

In this issue: • Banks and Retailers Venture Further into Cryptocurrencies and Blockchain• Congress Spars with Industry on Environmental Impact of Bitcoin Mining• New NFT Offerings Revealed by Entertainment, Social and Crypto Companies• FinCEN Director and NY DFS Address Cryptocurrency Risks• DOJ Targets Crypto Fraud, SEC Doubles Crypto Staff, JF Issues NFT Red Flags• Hackers … Continue Reading

SEC Signals Ramp-Up in Crypto Enforcement by Nearly Doubling Its Crypto Assets Cyber Unit Staff

By Joanna F. Wasick, Teresa Goody Guillén, Veronica Reynolds, Adam Gale, John J. Carney, Jonathan A. Forman and Robert A. Musiala on May 5, 2022 Posted in Blockchain

On May 3, the U.S. Securities and Exchange Commission (SEC) announced the expansion of its Crypto Assets and Cyber Unit (the Unit f/k/a the Cyber Unit) to 50 staff members, nearly double the Unit’s former size, including supervisors, investigative staff attorneys, trial counsel and fraud analysts. The Unit is a group within the Division of … Continue Reading