Archives: Blockchain

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

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

Crypto and NFT Pilots Launch Across Industries; Paper Analyzes Bitcoin Use in El Salvador; Crypto Enforcement Continues in US; New Foreign Crypto Regs

By Robert A. Musiala, Joanna F. Wasick, Lauren Bass, Teresa Goody Guillén, Jordan R. Silversmith and Maria Luevano on April 29, 2022 Posted in Blockchain

In this issue: • Crypto Pilots Launch in Social Media, 401(k) Plans and Municipal Bitcoin Mining• NBER Publishes Paper Analyzing Bitcoin Usage in El Salvador• Brands Enter NFT Market Across Industries, New NFT Platforms Launch• Crypto Firm Enters AML Consent Order; Stablecoins and Wallets in Focus• Foreign Governments Publish New Crypto Legislation and Policy Papers• … Continue Reading

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

By Robert A. Musiala, Keith R. Murphy, Joanna F. Wasick, Christina Gotsis and Alex Karambelas on April 22, 2022 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

By Robert A. Musiala, Lauren Bass, Alex Karambelas, Teresa Goody Guillén and Christina Gotsis on April 15, 2022 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

New Crypto Payment Initiatives; Regulators Address Crypto in Speeches; Lawmakers Propose Legislation; OFAC Sanctions Crypto Actors; DeFi Hacked

By Robert A. Musiala, Jordan R. Silversmith, Teresa Goody Guillén, Veronica Reynolds, Keith R. Murphy and Joanna F. Wasick on April 8, 2022 Posted in Blockchain

In this issue: • Crypto Payment Initiatives Announced in Stablecoins, Lightning Network, Mining• SEC Chairman and Comptroller of the Currency Address Crypto in Speeches• SEC Addresses Crypto Accounting, Commissioner Peirce Voices Criticisms• Stablecoins Take Center Stage in Proposed Legislation, Reports and UN Donation• OFAC Sanctions Russian Dark Markets, Adds 100 Crypto Public Keys to SDN … Continue Reading

Digital Asset Platforms, Blockchain Supply Chain Initiatives Grow; Enforcement Actions Target Crypto Yield Products and Fraud; DeFi Hacked for $600M

By Robert A. Musiala, Lauren Bass, Alex Karambelas, Jordan R. Silversmith and Joanna F. Wasick on April 1, 2022 Posted in Blockchain

In this issue: • Digital Asset Platforms Expand Across Payments, Art and Sports Industries• Blockchain Supply Chain Initiatives Announced Across Industries• Crypto Exchange Faces Multistate Enforcement Action over Yield Products• DOJ and Manhattan DA Bring Enforcement Actions for NFT and Crypto Fraud• DeFi Network Hacked for over $600 Million in Cryptocurrencies Digital Asset Platforms Expand … Continue Reading

Firms Expand Crypto Services; Networks Implement DAOs and Integrations; Congressmen Address SEC on Crypto; IRS and OECD Address Crypto Tax

By Robert A. Musiala, Alex Karambelas, Veronica Reynolds and Lauren Bass on March 25, 2022 Posted in Blockchain

In this issue: Investment Bank and Cryptocurrency Exchanges Expand Crypto Services From Australia to Africa, Cryptocurrency Sees Continued International Adoption ApeCoin Drops; Juno Holders Confiscate Funds; Polygon Integrates Simba Chain Congressmen Question SEC on Crypto; OECD and IRS Address Crypto Taxation Investment Bank and Cryptocurrency Exchanges Expand Crypto Services By Robert A. Musiala Jr. This … Continue Reading

Crypto Payment Offerings Launch; Exchanges Achieve Foreign Approvals; Ukraine Legalizes Crypto; Regulators Issue Warnings; $28M in Bitcoin Seized

By Robert A. Musiala, Veronica Reynolds, Joanna F. Wasick, Kayley Sullivan, Alex Karambelas and Jordan R. Silversmith on March 18, 2022 Posted in Blockchain

In this issue: Payments Firm Unveils Crypto Services, Exchanges Achieve Foreign Approvals Blockchain Network Developments: Ethereum 2.0, Wallets, DAOs and Mining Crypto Legalized in Ukraine; New Crypto Sanctions Screening Tools Launch Regulators Issue Warnings on Crypto Retirement Plans, ATMs and Sanctions DOJ Extradites Individual Charged with Ransomware; $28M in Bitcoin Seized Payments Firm Unveils Crypto … Continue Reading

Ripple Case Presses Forward

By Teresa Goody Guillén and Joanna F. Wasick on March 17, 2022 Posted in Blockchain

The two individual defendants in the Ripple case, Bradley Garlinghouse and Christian A. Larsen, suffered a setback this week when the court denied their motions to dismiss. Judge Analisa Torres, District Court judge for the Southern District of New York, ruled that the United States Securities and Exchange Commission (SEC) had adequately pleaded that the … Continue Reading

Executive Order Launches Comprehensive US Policy and Action Plan for Digital Assets

By Robert A. Musiala, Teresa Goody Guillén, Joanna F. Wasick, Veronica Reynolds, Kevin Edgar, Jonathan A. Forman and Adam Gale on March 17, 2022 Posted in Blockchain, Cryptocurrency

On March 9, 2022, President Joe Biden signed the Executive Order on Ensuring Responsible Development of Digital Assets (EO) and the White House released a corresponding fact sheet summarizing related key policy objectives. As discussed in more detail here, this is a landmark moment for the U.S. cryptocurrency market. … Continue Reading

Financial Firms Continue Expanding into Cryptocurrency Markets; Crypto Donations Reach Ukraine; DOJ Crypto Enforcement Continues; SEC Probes NFTs

By Robert A. Musiala, Alex Karambelas, Keith R. Murphy and Teresa Goody Guillén on March 4, 2022 Posted in Blockchain

In this issue: Traditional Financial Firms Expand Reach into Cryptocurrency Sphere Cryptocurrency Donations Pour In to Fund Ukrainian Government and Charities DOJ Secures Guilty Pleas and Charges Alleged Ponzi Scheme; SEC Launches NFT Probe… Continue Reading

Financial Firms Develop Crypto Offerings; DAO Hacker Reportedly Identified; DOJ Names New Crypto Director; NFT Initiatives Launch as Markets Are Hacked

By Robert A. Musiala, Nicholas C. Mowbray, Lauren Bass, Teresa Goody Guillén and Alex Karambelas on February 25, 2022 Posted in Blockchain

In This Issue Financial Services Firms Make Moves Targeting Cryptocurrency Markets POC Seeks to Defend Quantum Attacks; DAO Hacker Reportedly Identified Music Company Partners with NFT Platform, Record Label Converts to NFT Label DOJ Names New Crypto Enforcement Director; Scammers Target NFT Market… Continue Reading

New Crypto Products Launch; Market Reports Published; Treasury Dept. Addresses Crypto Tax; Crypto Enforcement Actions and Threats Continue

By Robert A. Musiala, Joanna F. Wasick, Nicholas C. Mowbray, Alex Karambelas, Lauren Bass and Keith R. Murphy on February 18, 2022 Posted in Bitcoin, Blockchain, Cryptocurrency, Cybersecurity, Enforcement, FinTech, NFT, NFTs, Stablecoin

In This Issue: •Reports Address Crypto M&A and Metaverse, New Crypto Products Launch •Treasury Dept. Letter Addresses Crypto Tax; Reports Address Crypto Risks •US, UK and Canadian Law Enforcement Take Aim at Cryptographic Assets •Counterfeits, Wash Trading and Bots: Crypto Market Threats Continue •Chainalysis Previews 2022 Cryptocurrency Crime Report Findings… Continue Reading

CBDC Research Published, Crypto Products Launch, Report Addresses NFT Money Laundering Risks, UK Addresses DeFi Tax, DOJ Brings $4.5B Crypto Case

By Robert A. Musiala, Nicholas C. Mowbray and Alex Karambelas on February 11, 2022 Posted in Blockchain

In This Issue: •CBDC Research Published, Fintech Firms and Banks Launch Crypto Initiatives •US Department of Treasury Guidance Notes NFT Money Laundering Risks •A Major US Banking Agency Prioritizes Crypto; Market Integrity in Focus; UK Updates DeFi Tax Guidance •DOJ Charges Couple for Laundering $4.5B in Crypto, UN Reports Crypto Threats… Continue Reading

U.S. Bank Acquires Blockchain Infrastructure; SEC Approves Blockchain-Based Exchange; FTC Warns on Crypto Scams; NFT Threats, Crypto Hacks Reported

By Robert A. Musiala, Veronica Reynolds, Jordan R. Silversmith, Lauren Bass, Joanna F. Wasick and Keith R. Murphy on February 4, 2022 Posted in Blockchain, Cryptocurrency

In this issue: • U.S. Bank Seeks to Launch Stablecoin; New Crypto Payments Data Released • U.S. Bank Seeks to Launch Stablecoin; New Crypto Payments Data Released • FTC Warns of Crypto Scams, IRS Offers Staking Settlement; MAS Bans ATMs • Reports Address NFT Platform Exploits, Wash Trading and Money Laundering • SEC Scrutinizes Crypto … Continue Reading

Crypto Payments Firms Make Moves; NFT and Blockchain Supply Chain Projects Launch; Central Bank Addresses CBDCs; SEC and DOJ Bring Crypto Actions

By Robert A. Musiala, Veronica Reynolds, Keith R. Murphy, Joanna F. Wasick and Jordan R. Silversmith on January 28, 2022 Posted in Blockchain, Cryptocurrency, NFTs, Securities & Exchange Commission, Supply Chain

In this issue: • Crypto Payments Consortium Sells Assets; Other Crypto Firms Make Moves • New NFT Projects Launch in Art, Music, Fashion, Sports and Social Media • Firms Launch Blockchain Supply Chain Initiatives in Pharma and Liquor Products • U.S. Central Bank Addresses CBDCs; Congressman Proposes Crypto Action • SEC Scrutinizes Crypto Interest Accounts … Continue Reading

US Banks Launch New Stablecoin; NFT Markets Expand; OCC Promotes Stablecoin Regulation; Blockchain Networks Evolve; Exchange Hacked for $34M

By Robert A. Musiala, Keith R. Murphy, Lauren Bass, Veronica Reynolds, Joanna F. Wasick and Jordan R. Silversmith on January 21, 2022 Posted in Blockchain, Cryptocurrency, NFTs, Stablecoin

In this issue: • US Banks Launch New Stablecoin, Data Shows Increasing Interest in Crypto • With New Acquisitions and Partnerships, NFT Marketplaces Continue to Expand • Acting Comptroller of the Currency Promotes Stablecoin Regulation • Blockchain Networks Implement Scaling and Operational Initiatives • Major Cryptocurrency Exchange Hacked for $34M, Customers Reimbursed US Banks Launch … Continue Reading