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US Crypto Exchange Consents to $100M DFS Settlement for AML Compliance Failures

Photo of Jonathan A. FormanPhoto of Teresa Goody GuillénPhoto of Christopher LambPhoto of Keith R. MurphyPhoto of Robert A. MusialaPhoto of Veronica ReynoldsPhoto of Joanna F. WasickBy Jonathan A. Forman, Teresa Goody Guillén, Christopher Lamb, Keith R. Murphy, Robert A. Musiala, Veronica Reynolds and Joanna F. Wasick on Posted in Blockchain, Cryptocurrency
On January 4, 2023, the New York State Department of Financial Services (“DFS”) announced that Coinbase, Inc., a major U.S. cryptocurrency exchange, will pay a $50 million penalty and invest an additional $50 million in its compliance function over the next two years to remediate significant violations of the New York Banking Law and the … Continue Reading

Paper Touts DeFi FX Benefits; New Stablecoin Launched; DAO Toolkit Published; BIS Addresses Crypto Risk; SEC, FinCEN, and DOJ Bring Enforcement Actions

Photo of Robert A. MusialaPhoto of Teresa Goody GuillénPhoto of Christopher LambPhoto of Amos KimPhoto of Keith R. MurphyPhoto of Joanna F. WasickBy Robert A. Musiala, Teresa Goody Guillén, Christopher Lamb, Amos Kim, Keith R. Murphy and Joanna F. Wasick on Posted in Blockchain
In this issue:• Paper Explores Benefits of DeFi for FX; Australian Bank Launches Stablecoin• World Economic Forum Publishes DAO Toolkit; ETH Staking Continues to Grow• New BIS Bulletin and Thailand SEC Regulations Address Digital Asset Risks• SEC Charges U.S. Crypto Lender and Exchange with Securities Law Violations• FinCEN and DOJ Bring Parallel Actions Against Foreign-Based … Continue Reading

Data Published on Crypto Exchange Volume, NFT Royalties, Crypto Crime; Crypto Adoption Continues; DOJ and CFTC Bring Multiple Enforcement Actions

Photo of Robert A. MusialaPhoto of Amos KimPhoto of Joanna F. WasickPhoto of Teresa Goody GuillénPhoto of Christopher LambBy Robert A. Musiala, Amos Kim, Joanna F. Wasick, Teresa Goody Guillén and Christopher Lamb on Posted in Blockchain
In this issue:• New Data Published on 2022 Crypto Exchange Trading Volume, NFT Royalties• Blockchain Development Firm Integrates Avalanche with Major Cloud Provider• Governments of El Salvador and Nigeria Take Steps Toward Crypto Adoption• DOJ Enforcement: NFT Rug Pull, Insider Trading, Crypto Fraud and Theft• CFTC Action Alleges Digital Asset Market Manipulation on DeFi Exchange• … Continue Reading

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

Photo of Robert A. MusialaPhoto of Christopher LambPhoto of Keith R. MurphyPhoto of Joanna F. WasickPhoto of Amos KimPhoto of Lauren BassBy Robert A. Musiala, Christopher Lamb, Keith R. Murphy, Joanna F. Wasick, Amos Kim and Lauren Bass on 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

Crypto Payment Products and NFT Initiatives Launch; Crypto Market Data Published; DOJ Brings Charges Alleging Cryptocurrency Ponzi Scheme

Photo of Robert A. MusialaPhoto of Christopher LambBy Robert A. Musiala and Christopher Lamb on Posted in Blockchain
In this issue: New Crypto Payment Products Launch, Reports Publish Crypto Market Data By Robert A. Musiala Jr. A recent press release announced that MetaMask, the popular Ethereum (ETH) Network crypto wallet provider, will integrate its self-custodial wallets with a major U.S. fintech firm. According to the press release, the integration will allow U.S. MetaMask … Continue Reading

Crypto Payment Products, DeFi Networks and Price Indices Launch; CBDC Report and NFT Royalty Data Published; FinCEN, FTC Address Crypto Regulation

Photo of Shade QuaileyPhoto of Joanna F. WasickPhoto of Amos KimPhoto of Keith R. MurphyPhoto of Veronica ReynoldsBy Shade Quailey, Joanna F. Wasick, Amos Kim, Keith R. Murphy and Veronica Reynolds on Posted in Blockchain
BlockchainIn this issue: Payments Firms Launch Crypto Products, New DeFi Price Indices Announced By Shade Quailey A U.S. fintech company recently announced the launch of a fiat-to-crypto on-ramp, which facilitates fiat-to-crypto payments using “a customizable widget that developers can embed directly into their DEX, NFT platform, wallet, or dApp.” According to a blog post, the … Continue Reading

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

Photo of Robert A. MusialaPhoto of Lauren BassPhoto of Sydney ParkPhoto of Teresa Goody GuillénPhoto of Joanna F. WasickPhoto of Amos KimPhoto of Christopher LambBy Robert A. Musiala, Lauren Bass, Sydney Park, Teresa Goody Guillén, Joanna F. Wasick, Amos Kim and Christopher Lamb on 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

CBDC Report Published; Crypto and NFT Initiatives Launch; OFAC Redesignates Tornado Cash; SEC and CFTC Target Crypto Fraud; FTX Files for Bankruptcy

Photo of Robert A. MusialaPhoto of Veronica ReynoldsPhoto of Amos KimPhoto of Joanna F. WasickPhoto of Christopher LambBy Robert A. Musiala, Veronica Reynolds, Amos Kim, Joanna F. Wasick and Christopher Lamb on Posted in Blockchain
In this issue: • CBDC Report Published, Blockchain Settlement and Payment Initiatives Launch• NFT World Cup Initiative Launched, Market Actors Launch NFT Royalty Solutions• OFAC Redesignates Tornado Cash, Mixer Receives Hacked Crypto• SEC, CFTC Bring Enforcement Actions Involving Fraudulent Crypto Trading Bots• FTX Files Bankruptcy Amid Binance’s FTT Selloff and Incoming DOJ Probe CBDC Report … Continue Reading

Crypto Products and DeFi Pilot Launch; Reports Address NFT Royalties, Ethereum PoS Efficiency; IRS, CFTC, Address Crypto; Exchange Hacked for $28M

Photo of Robert A. MusialaPhoto of Amos KimPhoto of Joanna F. WasickPhoto of Teresa Goody GuillénPhoto of Sydney ParkBy Robert A. Musiala, Amos Kim, Joanna F. Wasick, Teresa Goody Guillén and Sydney Park on Posted in Blockchain
BlockchainIn this issue: • New Crypto Products Launch; Singapore Completes DeFi Pilot with Major Banks• Report Provides New Data on NFT Royalties and Explores Related Issues• Ethereum Efficiency Data Published; Blockchain Infrastructure Projects Launch• IRS Updates Digital Asset Guidance, CFTC Commissioner Warns of Crypto Risk• Crypto Exchange Hacked for $28M; Reports Address Ransomware, Crypto Scams … Continue Reading

New Crypto Products Launch; US Official Addresses Crypto Regulation; State Securities Regulators Target Metaverse Casino NFTs; DOJ Targets Crypto Crimes

Photo of Robert A. MusialaPhoto of Joanna F. WasickPhoto of Keith R. MurphyPhoto of Shade QuaileyBy Robert A. Musiala, Joanna F. Wasick, Keith R. Murphy and Shade Quailey on Posted in Blockchain
In this issue: • Crypto Products Launch in Debit Cards, Payment Gateways, Trading Platforms• EU Blockchain Observatory Publishes Report on Blockchain for Supply Chains• US Banking Official Addresses Approach to Regulating Crypto-Assets• BIS Publishes Report on Progress of Multi-CBDC Platform Pilot• Securities Regulators Bring Action Against NFTs Tied to Metaverse Gambling• DOJ Charges Detail Bitcoin … Continue Reading

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

Photo of Robert A. MusialaPhoto of Lauren BassPhoto of Joanna F. WasickBy Robert A. Musiala, Lauren Bass and Joanna F. Wasick on 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

Photo of Robert A. MusialaPhoto of Jordan R. SilversmithPhoto of Lauren BassPhoto of Shade QuaileyPhoto of Sydney ParkBy Robert A. Musiala, Jordan R. Silversmith, Lauren Bass, Shade Quailey and Sydney Park on 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

Crypto and NFT Firms Make Announcements; Treasury Interprets Crypto Reports; Crypto Enforcement Actions by CFTC, SEC, IRS, DOJ and States

Photo of Robert A. MusialaPhoto of Maya RiveraPhoto of Keith R. MurphyPhoto of Joanna F. WasickPhoto of Jordan R. SilversmithBy Robert A. Musiala, Maya Rivera, Keith R. Murphy, Alex Karambelas, Joanna F. Wasick and Jordan R. Silversmith on Posted in Blockchain
In this issue: Exchange Reaches Agreement to Sell Assets; New Crypto Products Launch Reports Provide New Data on Cryptocurrency Adoption and Exchange Activity Auction House Launches NFT Market; Startup Launches NFT Cloud Database US Treasury Further Interprets Reports Related to EO on Digital Assets CFTC Enforcement Action Targets DAO; SEC Targets Crypto Market Making IRS … Continue Reading

White House Outlines Key Action Items Based on EO Reports Addressing Digital Assets

Photo of Kevin EdgarPhoto of Jonathan A. FormanPhoto of Adam GalePhoto of Robert A. MusialaBy Kevin Edgar, Jonathan A. Forman, Adam Gale and Robert A. Musiala on Posted in Blockchain
On Sept. 16, 2022, the White House released a Fact Sheet providing key findings and action items arising from the nine reports addressing digital assets that have been submitted to the president to date consistent with the EO. The Fact Sheet provides a list of various directives and initiatives that the Administration plans to take … Continue Reading

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

Photo of Robert A. MusialaPhoto of Lauren BassPhoto of Jordan R. SilversmithPhoto of Keith R. MurphyBy Robert A. Musiala, Lauren Bass, Jordan R. Silversmith and Keith R. Murphy on 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

Photo of Robert A. MusialaPhoto of Joanna F. WasickPhoto of Jordan R. SilversmithPhoto of Keith R. MurphyBy Robert A. Musiala, Joanna F. Wasick, Jordan R. Silversmith and Keith R. Murphy on 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

Photo of Teresa Goody GuillénPhoto of Joanna F. WasickPhoto of Kevin EdgarPhoto of Robert A. MusialaPhoto of Michelle TanneyPhoto of Veronica ReynoldsPhoto of Jonathan A. FormanBy Teresa Goody Guillén, Joanna F. Wasick, Kevin Edgar, Robert A. Musiala, Michelle Tanney, Veronica Reynolds, Alex Karambelas and Jonathan A. Forman on 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

Photo of Robert A. MusialaPhoto of Christina GotsisPhoto of Joanna F. WasickPhoto of Jordan R. SilversmithBy Robert A. Musiala, Christina Gotsis, Joanna F. Wasick and Jordan R. Silversmith on 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

Photo of Robert A. MusialaPhoto of Lauren BassPhoto of Jordan R. SilversmithBy Robert A. Musiala, Lauren Bass, Alex Karambelas and Jordan R. Silversmith on 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

Photo of Teresa Goody GuillénPhoto of Adam GalePhoto of Michelle TanneyPhoto of Veronica ReynoldsBy Teresa Goody Guillén, Adam Gale, Michelle Tanney, Veronica Reynolds and Alex Karambelas on 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

Photo of Robert A. MusialaPhoto of Jordan R. SilversmithPhoto of Keith R. MurphyPhoto of Kayley SullivanPhoto of Lauren BassBy Robert A. Musiala, Jordan R. Silversmith, Keith R. Murphy, Kayley Sullivan and Lauren Bass on 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

Photo of Robert A. MusialaPhoto of Kayley SullivanPhoto of Keith R. MurphyPhoto of Lauren BassBy Robert A. Musiala, Kayley Sullivan, Keith R. Murphy, Alex Karambelas and Lauren Bass on 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

Photo of Robert A. MusialaPhoto of Lauren BassPhoto of Joanna F. WasickPhoto of Jordan R. SilversmithBy Robert A. Musiala, Lauren Bass, Joanna F. Wasick and Jordan R. Silversmith on 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

Photo of Robert A. MusialaPhoto of Jordan R. SilversmithPhoto of Keith R. MurphyPhoto of Christina GotsisPhoto of Lauren BassBy Robert A. Musiala, Jordan R. Silversmith, Keith R. Murphy, Christina Gotsis and Lauren Bass on 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
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