Carlos Ortiz, Christina Gotsis and Kayley Sullivan co-authored the article “Get Ready For IRS Criminal Crackdown On Crypto,” in Law360. After years of warnings, the time for a significant increase in IRS criminal enforcement against those using digital assets to evade tax liabilities is here. The 2022 IRS Criminal Investigation annual report, and the agency’s … Continue Reading
In 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
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
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
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
In 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
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
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
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
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
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
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
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
In a recent article on Decrypt, Counsel Nicholas Mowbray discusses the IRS’s recently launched “Operation Hidden Treasure,” and how it could affect holders of cryptocurrency. Click here to read the original article on Decrypt.… Continue Reading
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
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
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
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
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
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
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 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