Tag Archives: cryptocurrencies

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

By Robert A. Musiala, Amos Kim, Joanna F. Wasick, Teresa Goody Guillén and Christopher Lamb on January 13, 2023 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

By Robert A. Musiala, Christopher Lamb, Keith R. Murphy, Joanna F. Wasick, Amos Kim and Lauren Bass on January 6, 2023 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

By Robert A. Musiala and Christopher Lamb on December 16, 2022 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

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

By Teresa Goody Guillén, Carlos Ortiz, Shade Quailey and Michelle Tanney on November 21, 2022 Posted in Cryptocurrency

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

IRS Warns: Hundreds of Crypto Criminal Tax Cases Coming Soon; Hiring of 300 Special Agents Means More to Follow

By Scott Danielson, Christina Gotsis, Carlos Ortiz, Veronica Reynolds, Betsy Smith and Kayley Sullivan on November 16, 2022 Posted in Alert

The 2022 annual report from the IRS Criminal Investigations (CI) division (the Report) demonstrates an impressive year for enforcement, particularly with regard to cryptocurrency. Following the publication, CI Chief Jim Lee made clear that the division will continue to closely scrutinize crypto transactions. He warned: “Expect more outward-facing tax crypto cases here in the near … Continue Reading

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

By Robert A. Musiala, Veronica Reynolds, Amos Kim, Joanna F. Wasick and Christopher Lamb on November 11, 2022 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

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

By Robert A. Musiala, Joanna F. Wasick, Keith R. Murphy and Shade Quailey on October 28, 2022 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

By Robert A. Musiala, Lauren Bass and Joanna F. Wasick on October 21, 2022 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

By Robert A. Musiala, Jordan R. Silversmith, Lauren Bass, Shade Quailey and Sydney Park on October 7, 2022 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

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

By Robert A. Musiala, Lauren Bass, Jordan R. Silversmith and Keith R. Murphy on September 23, 2022 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

By Robert A. Musiala, Joanna F. Wasick, Jordan R. Silversmith and Keith R. Murphy on September 16, 2022 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

By Teresa Goody Guillén, Joanna F. Wasick, Kevin Edgar, Robert A. Musiala, Michelle Tanney, Veronica Reynolds, Alex Karambelas and Jonathan A. Forman on September 9, 2022 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

By Robert A. Musiala, Christina Gotsis, Joanna F. Wasick and Jordan R. Silversmith on September 9, 2022 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

By Robert A. Musiala, Lauren Bass, Alex Karambelas and Jordan R. Silversmith on August 26, 2022 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

New NFT Initiatives Launch Across Industries; Banking Agencies Publish Crypto Guidance; Enforcement Agencies Bring Crypto Actions; Crypto Hacks Reported

By Robert A. Musiala, Lauren Bass, Joanna F. Wasick and Jordan R. Silversmith on August 5, 2022 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

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

By Christina Gotsis, Shade Quailey, Robert A. Musiala and Joanna F. Wasick on July 15, 2022 Posted in Blockchain, Cryptocurrency

In 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

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

Financial Firms and Crypto Networks Launch Initiatives; Nonprofit Challenges Crypto Tax Provision; Crypto Enforcement Continues; UST Analysis Published

By Robert A. Musiala, Veronica Reynolds, Joanna F. Wasick, Jordan R. Silversmith, Keith R. Murphy and Kayley Sullivan on June 17, 2022 Posted in Blockchain

In this issue:• Firms Announce New Crypto Initiatives; Data Published on Crypto and NFT Use• Nonprofit Coin Center Files Lawsuit Challenging Crypto Provision of Tax Code• OpenSea and Chainlink Announce Network Transitions• SEC Investigates Stablecoins, Crypto Exchanges; DOJ Seizes Dark Market• Report Analyzes UST Collapse, Australia Reports Losses to Crypto Scams Firms Announce New Crypto … Continue Reading

New Crypto Products Launch, Draft Digital Assets Bill Released, Regulators Address Stablecoins, DOJ Publishes Crypto Report, Hacks and Scams Continue

By Robert A. Musiala, Maria Luevano, Veronica Reynolds, Alex Karambelas and Lauren Bass on June 10, 2022 Posted in Uncategorized

In this issue: • Fintech and Crypto Firms Announce Myriad New Crypto Product Launches• Senators Release Digital Assets Bill, Crypto Activists Send Letter to Congress• NY DFS and Japan Address Stablecoins, BIS Addresses Crypto ‘Fragmentation’• DOJ Calls for International Cooperation in Fight Against Crypto Crime• CFTC Sues Crypto Exchange, NY AG Issues Investor Alert, UST … Continue Reading

New CBDC and NFT Data Released; OFAC Adds Mixer and Public Keys to SDN List; Multiple Crypto Enforcement Actions; Stablecoin Risks on Display

By Robert A. Musiala, Jordan R. Silversmith, Lauren Bass, Veronica Reynolds, Christina Gotsis, Alex Karambelas and Joanna F. Wasick on May 13, 2022 Posted in Blockchain

In this issue: • BIS Releases Survey on CBDC Initiatives; New Crypto Products Launch• 2022 NFT Market Data Released; Brands Continue NFT Initiatives• OFAC Sanctions Cryptocurrency Mixer, Adds New Public Keys to SDN List• Multiple Crypto Enforcement Actions Announced by CFTC, DOJ and SEC• Multistate Enforcement Action Targets Metaverse Casino’s NFT Offering• Algorithmic Stablecoins Collapse; … Continue Reading

Banks and Retailers Embrace Crypto, Bitcoin Environmental Costs Debated, New NFT Initiatives Launch, Various Agencies Address Crypto, DeFi Hacks Continue

By Robert A. Musiala, Maria Luevano, Joanna F. Wasick, Keith R. Murphy, Teresa Goody Guillén and Alex Karambelas on May 6, 2022 Posted in Blockchain

In this issue: • Banks and Retailers Venture Further into Cryptocurrencies and Blockchain• Congress Spars with Industry on Environmental Impact of Bitcoin Mining• New NFT Offerings Revealed by Entertainment, Social and Crypto Companies• FinCEN Director and NY DFS Address Cryptocurrency Risks• DOJ Targets Crypto Fraud, SEC Doubles Crypto Staff, JF Issues NFT Red Flags• Hackers … Continue Reading

Crypto and NFT Pilots Launch Across Industries; Paper Analyzes Bitcoin Use in El Salvador; Crypto Enforcement Continues in US; New Foreign Crypto Regs

By Robert A. Musiala, Joanna F. Wasick, Lauren Bass, Teresa Goody Guillén, Jordan R. Silversmith and Maria Luevano on April 29, 2022 Posted in Blockchain

In this issue: • Crypto Pilots Launch in Social Media, 401(k) Plans and Municipal Bitcoin Mining• NBER Publishes Paper Analyzing Bitcoin Usage in El Salvador• Brands Enter NFT Market Across Industries, New NFT Platforms Launch• Crypto Firm Enters AML Consent Order; Stablecoins and Wallets in Focus• Foreign Governments Publish New Crypto Legislation and Policy Papers• … Continue Reading

Banks Expand Digital Asset Offerings; Crypto Market Actors Critique SEC Proposal; New OFAC Crypto Sanctions; Agencies Issue Warnings; DeFi Hacked

By Robert A. Musiala, Keith R. Murphy, Joanna F. Wasick, Christina Gotsis and Alex Karambelas on April 22, 2022 Posted in Blockchain

In this issue: • Banks Expand Digital Asset Offerings, BIS Report Addresses CBDCs• Cryptocurrency Market Actors Publish Critiques of Recent SEC Proposal• OFAC Sanctions North Korean Crypto Hackers and Russian Crypto Miner• Law Enforcement in US, Australia Issue Warnings as DeFi Hacks Continue Banks Expand Digital Asset Offerings, BIS Report Addresses CBDCs By Keith R. … Continue Reading

Crypto Payment Offerings Launch; Exchanges Achieve Foreign Approvals; Ukraine Legalizes Crypto; Regulators Issue Warnings; $28M in Bitcoin Seized

By Robert A. Musiala, Veronica Reynolds, Joanna F. Wasick, Kayley Sullivan, Alex Karambelas and Jordan R. Silversmith on March 18, 2022 Posted in Blockchain

In this issue: Payments Firm Unveils Crypto Services, Exchanges Achieve Foreign Approvals Blockchain Network Developments: Ethereum 2.0, Wallets, DAOs and Mining Crypto Legalized in Ukraine; New Crypto Sanctions Screening Tools Launch Regulators Issue Warnings on Crypto Retirement Plans, ATMs and Sanctions DOJ Extradites Individual Charged with Ransomware; $28M in Bitcoin Seized Payments Firm Unveils Crypto … Continue Reading