Archives: NFT

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

Combatting Fraud and Corruption in the NFT Market

By George Stamboulidis, Christina Gotsis, Jordan R. Silversmith and Robert A. Musiala on August 30, 2022 Posted in NFT

On Oct. 6, 2021, the U.S. Department of Justice (DOJ) announced the creation of a National Cryptocurrency Enforcement Team to tackle investigations and prosecutions of criminal misuses of cryptocurrency. As the non-fungible token (NFT) market continues to expand, DOJ’s heightened focus on cryptocurrency has begun to encompass NFTs. Just as with any other market, a … Continue Reading

Applying the Bank Secrecy Act, FinCEN Regulations, and Sanctions to the Nascent NFT Market

By Joanna F. Wasick, Jonathan A. Forman, Robert A. Musiala and Lauren Bass on August 4, 2022 Posted in NFT

Non-fungible tokens (NFTs) often involve two areas with known money laundering and terrorist financing risks: cryptocurrencies and high-value assets, like art. As detailed below, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has provided guidance on the applicability of statutes related to anti-money laundering and terrorist financing (AML) to cryptocurrencies. Recent actions and statements … Continue Reading

Taxation of Non-Fungible Tokens

By Nicholas C. Mowbray on July 21, 2022 Posted in NFT

Part Four in our series discusses U.S. federal income tax issues relating to Non-Fungible Tokens (NFTs) and provides an overview of how NFTs may be treated for U.S. federal income tax purposes. IRS Guidance 1. Notice 2014-21At the time of this publication, the U.S. government has only passed legislationaddressing tax reporting requirements for “brokers” of … Continue Reading

Financial and Crypto Firms Explore Integration; NFT Market Expands; FATF/Basel Publish Crypto Guidance; DOJ/CFTC Bring Crypto Actions; DeFi Hacks Continue

By Robert A. Musiala, Keith R. Murphy, Lauren Bass, Joanna F. Wasick, Christina Gotsis and Alex Karambelas on July 8, 2022 Posted in Blockchain, Cryptocurrency, NFT

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

By Robert A. Musiala, Jordan R. Silversmith, Joanna F. Wasick, Veronica Reynolds and Alex Karambelas on June 24, 2022 Posted in Bitcoin, Blockchain, Cryptocurrency, NFT, NFTs

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

A Legal Practitioner’s Guide to NFTs, Digital Advertising and Media

By Robert A. Musiala, Amy Ralph Mudge, Lauren Bass and Linda A. Goldstein on June 23, 2022 Posted in NFT, NFTs

In 2021, non-fungible tokens (NFTs) generated overall sales of close to $25 billion and became one of the year’s most defining cultural phenomena. This trend has continued with NFT sales topping $2 billion in the first quarter of 2022. In an effort to engage audiences and produce secondary revenue streams, brands—in sectors ranging from fashion … Continue Reading

An Introduction to Non-Fungible Tokens (NFTs)

By Robert A. Musiala, Joanna F. Wasick, Keith R. Murphy and Veronica Reynolds on June 7, 2022 Posted in NFT, NFTs

Non-fungible tokens (NFTs) are the latest advancement in the ongoing evolution of the blockchain market. To help put this new phenomenon into context, the BakerHostetler Blockchain team has prepared a series of papers that examine NFTs from various perspectives. In the first paper in the series, we introduce NFTs from the technological and market perspectives. … Continue Reading

Global Tax Enforcement Group Provides NFT Red Flag Guidance

By Teresa Goody Guillén, Christina Gotsis, Nicholas C. Mowbray, Betsy Smith and Carlos Ortiz on May 3, 2022 Posted in NFT

Answering the call for guidance regarding potential issues concerning the popular cryptocurrency assets NFTs, on April 28, the J5 issued a first-of-its-kind intelligence bulletin warning the public of the dangers of dealing with NFTs. Titled the “J5 NFT Marketplace Red Flag Indicators,” the bulletin provides real-world guidance to banks, law enforcement partners and private investigators … 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

Financial Firms Integrate Crypto Offerings; Congressmen Address Bitcoin ETFs; NFT Boom Continues; Agencies Seek Crypto Oversight; Crypto Hacker Indicted

By Robert A. Musiala, Jordan R. Silversmith, Joanna F. Wasick, Lauren Bass, Keith R. Murphy and Elyssa S. Kates on November 5, 2021 Posted in Bitcoin, Cryptocurrency, Government, NFT, NFTs, Securities & Exchange Commission

• Traditional Financial Firms Integrate Crypto Services, CBDC Reports Published • Congressmen Advocate for Bitcoin Spot ETFs, Australia Issues Crypto ETP Regs • Sports Franchises and Music Platforms Continue to Embrace NFTs • Government Agencies Argue for Increased Oversight of Cryptocurrency Markets • DOJ Charges Cryptocurrency Hacker, Decentralized Exchange Hacked for $139M Traditional Financial Firms … Continue Reading

NFT Market Expands in Alcohol, Athletics and Art; Regulators Warn Against Crypto Risks; U.S. Agencies Target Crypto Fraud

By Lauren Bass, Kayley Sullivan and Veronica Reynolds on September 10, 2021 Posted in Bitcoin, Cryptocurrency, NFT, Platforms

In this issue: • Alcohol, Athletics, and Art: NFT Adoption Continues to Expand • US, UK and Thailand Regulators Warn of Crypto Risks, Act Against Exchange • DOJ and SEC Actions Target Crypto Fraud Scheme and Crypto Exchanges Alcohol, Athletics, and Art: NFT Adoption Continues to Expand By Lauren Bass To celebrate National Rum Day, … 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 Initiatives Announced in Exchanges, ETFs, Payments; NFT Initiatives Continue; Bitcoin Mining Difficulty Adjusts; Global Enforcement Actions Continue

By Keith R. Murphy, Lauren Bass, Veronica Reynolds, Teresa Goody Guillén and Jordan R. Silversmith on July 16, 2021 Posted in Bitcoin, Cybersecurity, NFT

In this issue: • Cryptocurrency Exchanges, ETFs and Payment Initiatives Announced • Hollywood, Paradise and Banking: NFT Use Cases Continue to Expand • Bitcoin Network Mining Difficulty Adjusts in Wake of China Crackdown • DOJ, CFTC and SEC Target Crypto Fraud, Registration, Anti-Touting Violations • US Ransomware Task Force Announced, Crypto Crimes Continue Across Globe … Continue Reading

USDC Expands to New Blockchains, NFT Sales Continue, FATF Publishes Review of Crypto Standards, US and Global Crypto Enforcement Actions Continue

By Jordan R. Silversmith, Keith R. Murphy, Robert A. Musiala, Kayley Sullivan and Joanna F. Wasick on July 9, 2021 Posted in Blockchain, Cryptocurrency, NFT

In this issue: • USDC Expands to 10 New Blockchains, Crypto Payment Initiatives Launch • NFT Sales Continue Across Sports and Art Markets • FATF Issues Review of Crypto Standards Amid Regulatory News in US and UK • Major Crypto Exchange Faces Global Scrutiny, Announces Compliance Efforts • DOJ Targets Unlicensed Crypto MSBs, Global Enforcement … Continue Reading

CBDC Paper Released, Crypto Firms Launch Products, NFT Craze Continues, IRS Gains Access to Crypto Records, Task Force Addresses Crypto Ransomware

By Jordan R. Silversmith, Veronica Reynolds, Keith R. Murphy, Robert A. Musiala and Teresa Goody Guillén on May 7, 2021 Posted in Cryptocurrency, NFT, Ransomware

In this issue: • CBDC Paper Released, NY DFS Grants License, Study Cites Crypto Adoption • Traditional Financial Firms Launch Crypto Products, Data Shows DeFi Growth • Auction House Embraces Cryptocurrencies, NFT Sales Continue • Federal Court Authorizes IRS John Doe Summons on Cryptocurrency Exchange • Ransomware Task Force Issues Report to Reduce Ransomware Attacks … Continue Reading