Archives: Enforcement

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DOJ, CFTC and SEC Bring Separate Actions for the Same Conduct: Alleged Digital Asset Manipulation and Fraud Scheme on Mango Markets Platform

By Teresa Goody Guillén, Joanna F. Wasick, Veronica Reynolds and Sydney Park on March 1, 2023 Posted in Enforcement

Mango Markets is a decentralized cryptocurrency exchange that allows users to purchase and borrow cryptocurrencies and cryptocurrency-related financial products. Mango Markets is run by the Mango Decentralized Autonomous Organization (Mango DAO), which has its own crypto token named MNGO. Holders of MNGO tokens can vote on changes to Mango Markets and other issues related to … 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

New Initiatives Launch in Stablecoins, CBDCs, Tokenized Securities, Supply Chain; Crypto Guidance Published for Credit Unions; CFTC Fines Events Market

By Robert A. Musiala, Veronica Reynolds, Keith R. Murphy, Lauren Bass, Joanna F. Wasick and Kayley Sullivan on January 7, 2022 Posted in Blockchain, Enforcement, Stablecoin, Tax

• Financial Messaging Network Launches Experiments in Stablecoin Sector • Technology and Finance Firms Announce CBDC and Digital Securities Initiatives • Gold, Wool and Cargo: Global Supply Chains Continue to Adopt Blockchain • NCUA Clarifies Crypto Guidance for Credit Unions; Crypto Tax Report Published • CFTC Targets Smart Contracts Market; DOJ Traces Bitcoin Linked to … Continue Reading

Financial Firms Plan Decentralized Exchange, Launch Digital Bond; NFTs Launch in Sports, Fashion; Blockchain Tracing Solutions Launch; OCC Clarifies Crypto Guidance for Banks

By Robert A. Musiala, Kayley Sullivan, Keith R. Murphy, Lauren Bass and Joanna F. Wasick on December 3, 2021 Posted in Bitcoin, Blockchain, Cryptocurrency, Enforcement, NFTs

• US and Swiss Financial Firms Announce Decentralized Exchange, Digital Bond • Sports and Fashion NFTs Launch; Food Delivery Service Adds Bitcoin Rewards • Blockchain Solutions Track Data for Carbon Footprints, Medical Supplies, Wine • OCC Letter Clarifies Crypto Guidance for Banks, IRS Reports Crypto Seizures US and Swiss Financial Firms Announce Decentralized Exchange, Digital … Continue Reading

Crypto Initiatives Launch; Bitcoin Upgrade Activated; Reports Address DeFi, Tether; SEC Rejects Bitcoin ETF; DOJ to Sell $56M in Crypto Fraud Proceeds

By Robert A. Musiala, Lauren Bass, Veronica Reynolds, Joanna F. Wasick and Keith R. Murphy on November 19, 2021 Posted in Bitcoin, Blockchain, Cryptocurrency, Enforcement, Uncategorized

• Raising Municipal Funds and Rewarding Loyalty: New Cryptocurrency Use Cases • Bitcoin’s Taproot Upgrade Activated to Improve Network Security • Reports Address DeFi Security, Tether Distribution and Liquidity • SEC Rejects Proposal for Spot Bitcoin Exchange Traded Fund • US and Canadian Authorities Pursue Fraud Schemes, Recover Stolen Crypto Raising Municipal Funds and Rewarding … Continue Reading

Crypto Payment Products Launch; SEC Addresses DeFi, Targets DAO Tokens; OFAC Adds Crypto Exchange to SDN List; Crypto Fraud Schemes Revealed

By Robert A. Musiala, Kayley Sullivan, Joanna F. Wasick, Veronica Reynolds and Keith R. Murphy on November 12, 2021 Posted in Bitcoin, Blockchain, Cryptocurrency, Cybersecurity, Enforcement, Securities & Exchange Commission

• New Crypto Payment Products Launch, Report Cites Exchange Consolidation • SEC Commissioner Publishes Article Addressing DeFi Risks and Regulation • OFAC Adds Crypto Exchange and Cryptocurrency Addresses to OFAC SDN List • Enforcement Agencies Target DAO Offering and Fraudulent Crypto Companies • New Cryptocurrency Fraud Schemes Revealed, DeFi Protocol Hacked New Crypto Payment Products … Continue Reading

Crypto Initiatives Launch in Payments, Capital Markets and NFTs; OFAC and White House Address Crypto Risks; CFTC and NYAG Take Enforcement Actions

By Robert A. Musiala, Keith R. Murphy, Lauren Bass and Kayley Sullivan on October 22, 2021 Posted in Blockchain, Cryptocurrency, Enforcement, NFTs, Platforms, Ransomware

• Blockchain Payment Pilots Launched by Media, Government and Crypto Firms • Blockchain Market Advances in Options, ATS Platforms, Commodities and DeFi • New Platforms Launch NFT Collections • OFAC and White House Address Cryptocurrency Industry Risks • CFTC and NYAG Enforcement Actions Target Cryptocurrency Exchanges Blockchain Payment Pilots Launched by Media, Government and Crypto … Continue Reading

DOJ Targets Cryptocurrency Fraud

By John J. Carney, Robert A. Musiala, Michelle Tanney and Kayley Sullivan on October 12, 2021 Posted in Blockchain, Cryptocurrency, Enforcement, Securities & Exchange Commission

Authorship credit: John J. Carney, Robert A. Musiala Jr., Michelle N. Tanney, and Kayley B. Sullivan On October 6, 2021, the U.S. Department of Justice (“DOJ”) announced the creation of a National Cryptocurrency Enforcement Team (“NCET” or “Team”) to tackle investigations and prosecutions of criminal misuses of cryptocurrency, including crimes committed by virtual currency exchanges, … Continue Reading

Crypto Initiatives and Blockchain Supply Chain Solutions Launch; Reports Provide 2021 Crypto Market Stats, Address Risks; DOJ Crypto Team Announced

By Robert A. Musiala, Lauren Bass, Veronica Reynolds and Jordan R. Silversmith on October 8, 2021 Posted in Blockchain, Cryptocurrency, Enforcement, ICOs, NFTs, Securities & Exchange Commission, Uncategorized

• Major Financial Institutions Announce Crypto and Blockchain Initiatives • Blockchain Adopted to Improve Supply Chains and Authenticate Products • Blockchain Reports Publish 2021 Blockchain, DeFi and NFT Stats • Financial Watchdogs Publish Reports Addressing Cryptocurrency Markets • DOJ Announces Crypto Enforcement Team, Warning Issued on French ICO Major Financial Institutions Announce Crypto and Blockchain … Continue Reading

NFT Scandals Coincide with Increased Push for Crypto Regulation

By George Stamboulidis, Robert A. Musiala and Christina Gotsis on October 8, 2021 Posted in Cryptocurrency, Enforcement, NFTs, Securities & Exchange Commission, Uncategorized

Authorship credit: George A. Stamboulidis, Robert A. Musiala Jr., and Christina O. Gotsis Problems caused by the lack of regulation in NFT markets were clearly exposed just last month with the revelation of not one, but two NFT scandals involving the use of insider information to snag exclusive pieces and game the market. In early … Continue Reading

Market Updates in CBDCs, Crypto Funds, BD-ATS Platforms and Stablecoins; DOJ and CFTC Enforcement Continues; DeFi Error Releases Millions in Crypto

By Robert A. Musiala, Veronica Reynolds, Kayley Sullivan, Lauren Bass, Keith R. Murphy and Jordan R. Silversmith on October 1, 2021 Posted in Banking, Bitcoin, Cryptocurrency, Enforcement, Global, Government, NFTs

In this issue: • CBDCs Explored by the U.K., New Zealand and Major Payments Network • New Products Launch in Crypto Funds, BD-ATS Platforms and Stablecoins • Fashion, Sports, Graphic Novels and Art: NFT Market Continues to Expand • Crypto Enforcement: DOJ and CFTC Target Sanctions and Registration Violations • DeFi Error Releases Millions in … Continue Reading

Market Initiatives Announced in Crypto Compliance, Digital Asset Exchange, Blockchain Enterprise Solutions and NFTs; SEC Chairman Comments on Crypto

By Robert A. Musiala, Kayley Sullivan, Veronica Reynolds and Keith R. Murphy on September 17, 2021 Posted in Bitcoin, Blockchain, Cryptocurrency, Enforcement, NFTs, Securities & Exchange Commission

• US Firm Acquires Crypto Co., Swiss Digital Asset Exchange Gains License • Enterprise Firms Announce Polygon Integration and Shipping Data Solution • NFT Sells for Record $1.1M, NFT Marketplace Exec Accused of Insider Trading • SEC Chairman Comments on Crypto Market in Senate Committee Speech • US Crypto Exchange Files with NFA, UK FCA … Continue Reading

CBDC Initiatives Announced, NFTs Expand Across Markets, Token and Wallet Applications Evolve, SEC and DOJ Target Crypto Fraud, Crypto Hacks Continue

By Robert A. Musiala, Lauren Bass, Veronica Reynolds, Jordan R. Silversmith and Teresa Goody Guillén on September 3, 2021 Posted in Bitcoin, Blockchain, Cryptocurrency, Cybersecurity, Enforcement, NFT, NFTs, Securities & Exchange Commission, Uncategorized

In this issue: • CBDC Initiatives Announced, Blockchain Trade Finance Platform Launches • Baseball, Art, Politics, Commerce: NFT Market Continues to Expand • Gaming Token Shifts Away from Ethereum, MetaMask Announces 10M Users • BitConnect Charged in $2B Crypto Fraud, BitConnect Promoter Pleads Guilty • Seychelles Investigates Crypto Fraud, Singapore Issues Warning for Exchange • … Continue Reading

Cryptocurrency and NFT Market Growth Continues, Regulators Across Globe Target Crypto Industry as Threats Continue, Global Blockchain Survey Published

By Robert A. Musiala, Veronica Reynolds, Lauren Bass, Teresa Goody Guillén, Keith R. Murphy and Joanna F. Wasick on August 27, 2021 Posted in Banking, Bitcoin, Blockchain, Cryptocurrency, Cybersecurity, Enforcement, Global, NFT, Securities & Exchange Commission

In this issue: •Crypto Market Develops in DeFi, Payments, Compliance and Consumer Adoption • Market Navigation, Fashion Metaverse, Online Tutorials: NFT Adoption Continues • Crypto Compliance Addressed by CFTC, Thai SEC, South Korea and UK FCA • SEC, DOJ and Ontario Securities Commission Bring Crypto Enforcement Actions • Reports Released on Crypto Scams and Malware, … Continue Reading

Crypto, CBDC and Blockchain Supply Chain Initiatives Announced; More SEC and FinCEN Enforcement; Crypto Tax Amendment Fails; DeFi Hacked for $600M

By Robert A. Musiala, Veronica Reynolds, Joanna F. Wasick, Teresa Goody Guillén, Nicholas C. Mowbray and Kayley Sullivan on August 13, 2021 Posted in Bitcoin, Blockchain, Cryptocurrency, Enforcement, Platforms, Securities & Exchange Commission, Tax

In this issue: • Crypto Firms Pursue Bank Charters, Traditional Financial Firms Integrate Crypto • CBDC and Blockchain Remittance Initiatives Launch Across Foreign Markets • Blockchain Supply Chain Initiatives Launch Across Various Industries • SEC Charges DeFi Company and Digital Asset Exchange Platform • FinCEN Settles Enforcement Action Against Major Cryptocurrency Exchange • Senate Passes … Continue Reading

SEC Doubles Down on Crypto Enforcement

By John J. Carney, Teresa Goody Guillén, Adam Gale, Jonathan A. Forman and Michelle Tanney on August 10, 2021 Posted in Bitcoin, Blockchain, Cryptocurrency, Enforcement, Securities & Exchange Commission, White Collar

In a speech before the Aspen Security Forum on August 3, 2021, Securities and Exchange Commission (“SEC” or “Commission”) Chair Gary Gensler urged lawmakers to provide him with the power to police cryptocurrency trading, referring to it as the “Wild West.”[1] While he noted that the views he was sharing were his own and not … Continue Reading

Cryptocurrency Payment Products and NFT Initiatives Launch, SEC Chairman Addresses Crypto, Pending Legislation Includes New Crypto Tax Reporting Rules

By Robert A. Musiala, Joanna F. Wasick, Lauren Bass, Veronica Reynolds and Nicholas C. Mowbray on August 6, 2021 Posted in Bitcoin, Blockchain, Cryptocurrency, Enforcement, NFTs

In this issue: • New Crypto Products Launch in Payment Cards, Gold and Sandwiches • More NFTs Launch in Sports, Fashion, Gaming and Charity Auctions • SEC Chairman, Kentucky and UK Address Various Aspects of Crypto Industry • Proposed Legislation Expands Crypto Tax Reporting, Senators Seek Amendment New Crypto Products Launch in Payment Cards, Gold … Continue Reading

Cryptocurrency and Blockchain Initiatives Continue in Payments, NFTs and Media; Crypto Enforcement and Threats Also Continue Across Globe

By Robert A. Musiala, Jordan R. Silversmith, Joanna F. Wasick and Keith R. Murphy on April 30, 2021 Posted in Cryptocurrency, Enforcement, Global

In this issue: • Crypto Adoption Continues in Credit Cards, OCC Approval, Restaurant Payments • NFT Initiatives Continue, Advertising and Media Firms Integrate Cryptocurrencies • Cryptocurrency Enforcement Actions Continue in US, Turkey and South Korea • Reports Detail Crypto Crime Statistics, $50M Hack, Anti-Cryptojacking Initiative Crypto Adoption Continues in Credit Cards, OCC Approval, Restaurant Payments … Continue Reading

FinCEN Extends Crypto Rule Comment Period, Crypto Products Launch; Enforcement Agencies Target Crypto Crimes in US, Japan and China

By Robert A. Musiala and Joanna F. Wasick on January 29, 2021 Posted in Cryptocurrency, Enforcement

In this issue: • FinCEN Extends Crypto Rule Comment Period, Crypto Payment Products Launch • Enforcement Agencies Target Cryptocurrency Crimes in US, Japan and China FinCEN Extends Crypto Rule Comment Period, Crypto Payment Products Launch By: Robert A. Musiala Jr. This week the U.S. Financial Crimes Enforcement Network (FinCEN) published a notice extending the comment … Continue Reading

FinCEN Proposed Rule Halted, Exchanges and Banks Expand Crypto Products, SEC Brings Action Against Token Issuer, Crypto Threat Reports Published

By Jordan R. Silversmith, Veronica Reynolds and Robert A. Musiala on January 22, 2021 Posted in Cryptocurrency, Enforcement, Securities & Exchange Commission

In this issue: • Exchanges and Banks Expand Cryptocurrency Services and Products • FinCEN Proposed Rule Halted, Banks and Crypto Exchanges Adjust Policies • SEC Brings Action Against SAFT and Token Issuer, Related Statement Published • Reports Provide Details on Criminal Activities Involving Cryptocurrencies Exchanges and Banks Expand Cryptocurrency Services and Products By: Jordan R. … Continue Reading

Crypto Trust to Become Bank, FinCEN Comment Period Extended, Navy Awards Blockchain Contract, Dark Market Seized, Illicit Exchange Owner Sentenced

By Veronica Reynolds, Jordan R. Silversmith, Robert A. Musiala and Teresa Goody Guillén on January 15, 2021 Posted in Bitcoin, Cryptocurrency, Enforcement

In this issue: • Crypto Trust to Convert to Bank, FinCEN Extends New Rule Comment Period • Bitcoin Firms List on Public Markets, Japan Diverges from SEC on XRP Status • Navy Contracts for Blockchain Solution, SSI Report and Market Data Published • Enforcement Actions Target Dark Web Market and Illicit Crypto Exchange Crypto Trust … Continue Reading

FinCEN Proposes New Crypto Record-Keeping Rules; SEC and CFTC Issue Digital Asset Guidance; SEC Closes 2020 With Multiple Enforcement Actions Against Blockchain Firms

By Robert A. Musiala on January 5, 2021 Posted in Blockchain, Cryptocurrency, Enforcement

In this issue: • FinCEN Proposed Rule Creates New Cryptocurrency Record-Keeping Requirements • SEC Issues Statement on Digital Asset Custody, CFTC Issues Digital Assets Primer • SEC Closes 2020 With Multiple Blockchain Industry Enforcement Actions FinCEN Proposed Rule Creates New Cryptocurrency Record-Keeping Requirements By: Robert A. Musiala Jr. On Dec. 18, 2020, the Financial Crimes … Continue Reading

Blockchain Solutions Announced, U.S. Fund Announces Digital Securities, FATF Issues Crypto Reports, U.S. Court Addresses Bitcoin Privacy, Enforcement Actions Continue

By Jordan R. Silversmith, Teresa Goody Guillén, Joanna F. Wasick and Veronica Reynolds on July 10, 2020 Posted in Blockchain, Cryptocurrency, Enforcement

In this issue: • Blockchain Solutions Announced in Auto, Shipping, Medical and Aid Sectors • Fund Issuing Digital Securities Obtains SEC Registration, Bitcoin ETP Lists on Xetra • FATF Issues Crypto Reports, U.S. Court Addresses Bitcoin Transaction Privacy • Crypto Enforcement Actions Continue by SEC, CFTC, State and Foreign Agencies Blockchain Solutions Announced in Auto, … Continue Reading

Blockchain 50 Published, Exchanges Expand Services, Enforcement Actions by SEC, CFTC and International Tax Authorities, Hacks Drive Losses

By Joanna F. Wasick, Jordan R. Silversmith and Brian P. Bartish on February 21, 2020 Posted in Enforcement, ICOs, Securities & Exchange Commission

In this issue: • Forbes Publishes Blockchain 50, Cryptocurrency Exchanges Expand Services • SEC Settles Charges Involving ICO, CFTC Takes Action Against Crypto Investment Firm • Dutch Tax Authorities Make Arrests, IRS Summit to Address Cryptocurrencies • Manipulation, Hacks and System Errors Lead to Losses for Cryptocurrency Users and Exchanges Forbes Publishes Blockchain 50, Cryptocurrency … Continue Reading