Archives: Cryptocurrency

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Crypto Market Data Published; Digital Assets RFI Issued; BIS Addresses DeFi; NY DFS Issues Crypto Guidance; SEC Brings Crypto Actions; FBI Addresses Hacks

BlockchainIn this issue: Reports Address Crypto Ownership, Stablecoins and Dapp Adoption By Amos Kim Recent reports provide new data on various areas of the digital asset market. In one report, a survey published by a cryptocurrency trading platform found “a significant rise in crypto ownership among young women.” Among other things, the survey found that … Continue Reading

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

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

Disclosing Cryptocurrency Risks: SEC Comment Letter Puts Companies On Notice

The U.S. Securities and Exchange Commission (SEC) Division of Corporation Finance (CorpFin) recently issued guidance (Guidance), including a “Dear Issuer” Sample Letter (Sample Letter) to assist companies in meeting their statutory disclosure obligations in light of the recent crypto downturn. Read the full Alert.… Continue Reading

DOJ Seizes Over $3 Billion in Historic Crypto Dark Web Fraud Case

On November 7, 2022, the U.S. Department of Justice (DOJ) announced that it had seized more than $3.36 billion worth of bitcoin as part of a continuing investigation into a 10-year fraud involving the Silk Road dark web marketplace. This seizure signifies the DOJ’s second-largest cryptocurrency seizure and financial seizure in history, and it demonstrates … Continue Reading

Crypto Products Launch; FSB, OECD Address Crypto Regulation and Tax; US Exchange Fined $24M; DOJ and SEC Actions Continue; Major Hacks Reported

BlockchainIn this issue:• New Crypto Products Launch in Custody, Cloud Collaborations and Stablecoins• FSB Proposes International Crypto Regulation Framework, Solicits Comments• OECD Publishes Crypto Tax Framework; Acting Comptroller Addresses Crypto• Major US Crypto Exchange Fined Over $24M for FinCEN and OFAC Violations• DOJ Targets Crypto Money Laundering; SEC Reportedly Investigating Yuga Labs• October Sees Most … 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

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

Top 5 Digital Asset Litigation and Investigation Trends of 2022

Digital assets have pushed courts to adapt traditional litigation procedures to provide relief to defrauded plaintiffs.  Government agencies have also ramped up enforcement efforts while increasing agency coordination, broadening investigative scopes and using special tools to root out digital asset fraud.  Cryptocurrency and digital assets have kept the courts and regulators busy as digital assets … Continue Reading

The Tax Man Is Back: IRS Issues First John Doe Summons in 2022 to Major Crypto Platform, Seeking Treasure Trove of Information on Tax Noncompliance

After going for more than a year without using one of its most powerful weapons, a John Doe summons, the Internal Revenue Service (IRS) has reverted to the use of this tool in its much-publicized efforts to investigate, find, and prosecute those who fail to report virtual currency transactions and those who facilitate not reporting. … Continue Reading

New York State Department of Financial Services Publishes First Crypto Industry Consent Order

On August 1, 2022, the New York State Department of Financial Services (“DFS” or “Department”) issued a Consent Order, imposing a $30 million fine on Robinhood Crypto, LLC (“Robinhood”), a trading platform that allows customers to trade in cryptocurrency, for allegedly failing to comply with New York anti-money laundering (“AML”) and cybersecurity regulations. In addition … Continue Reading

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

BlockchainIn 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

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

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

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

Money Laundering Concerns Prompt EU Parliament to Approve Privacy-Reducing Crypto Rules

On March 31, 2022, two European Parliament committees – the Committee on Economic and Monetary Affairs and the Committee on Civil Liberties, Justice and Home Affairs (the “Committees”) – voted in favor of new rules  (the “Rules”) that would change the way cryptocurrency transactions are treated by the European Union (EU) and would require that … Continue Reading

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

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

Executive Order Addresses Digital Assets; Banks and Restaurants Launch Crypto Initiatives; FinCEN Issues Alert; SEC, CFTC and DOJ Bring Actions

In this issue: President Biden Issues Executive Order Addressing Digital Assets Banks Join USDF ‘Stablecoin’ Consortium, Pursue Crypto Custody Offerings U.S. Restaurants Adopt Crypto; Swiss City Calls Crypto ‘De Facto’ Legal Tender Cryptocurrency Sanctions Compliance Activity Spikes Following Russian Actions SEC, CFTC and DOJ Bring Charges Alleging Cryptocurrency Fraud Schemes President Biden Issues Executive Order … Continue Reading

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

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

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

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

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

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

NFT Initiatives Launch, Congress Writes to CFTC on Crypto, SEC Charges ICO Fraud Scheme, GAO Addresses Crypto ATMs, Reports Address Crypto Threats

In this issue: • From Music to Marketplaces: NFT Use Cases Continue to Expand • Congress Writes CFTC on Crypto, Firms Make DeFi and Crypto Derivative Moves • SEC Charges ICO Fraud Scheme, GAO Recommends Crypto ATM Regulation • New Reports Provide Data on 2021 Cryptocurrency Criminal Activities From Music to Marketplaces: NFT Use Cases … Continue Reading

Banks to Use Blockchain for FX; Avalanche Adds USDC; NFT Boom Continues; Regulators Address Crypto Ads, Derivatives; Reports Address Crypto Threats

• Banks to Use Blockchain for FX Settlement, Avalanche Network Adds USDC • From Auctions to Venture Capital, NFTs Continue to Generate Millions • IMF Calls for Crypto Regs, UK Bans Ads, ISDA Addresses Crypto Derivatives • Cryptocurrency Exchange Hacked for $77M; Reports Discuss Crypto Threats Banks to Use Blockchain for FX Settlement, Avalanche Network … Continue Reading

US Financial Services Firms Announce Crypto Initiatives; Crypto Firms Pursue LATAM Market; Products Launch in DAOs, NFTs; Exchange Hacked for $200M

• Multiple US Financial Services Firms Announce Cryptocurrency Initiatives • Crypto Firms Pursue LATAM Market, Launch Cold Storage and DAO Products • New NFT Initiatives by Beer Co., Crypto Exchange; NFT Market Report Published • Crypto Exchange Hacked for $200M, Lawsuit Targets Crypto Malware Botnet Multiple US Financial Services Firms Announce Cryptocurrency Initiatives By Robert … Continue Reading
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