Tag Archives: cryptocurrency

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

Disclosing Cryptocurrency Risks: SEC Comment Letter Puts Companies On Notice

By Jonathan R. Barr, John J. Carney, Jimmy Fokas, Teresa Goody Guillén, Robert A. Musiala, Joanna F. Wasick and Lauren Bass on December 21, 2022 Posted in Cryptocurrency

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

Crypto Payment Products, DeFi Networks and Price Indices Launch; CBDC Report and NFT Royalty Data Published; FinCEN, FTC Address Crypto Regulation

By Shade Quailey, Joanna F. Wasick, Amos Kim, Keith R. Murphy and Veronica Reynolds on December 9, 2022 Posted in Blockchain

In this issue: Payments Firms Launch Crypto Products, New DeFi Price Indices Announced By Shade Quailey A U.S. fintech company recently announced the launch of a fiat-to-crypto on-ramp, which facilitates fiat-to-crypto payments using “a customizable widget that developers can embed directly into their DEX, NFT platform, wallet, or dApp.” According to a blog post, the … Continue Reading

Crypto Research Published; USPTO Seeks NFT Input; SEC and FINRA Address Digital Assets; OFAC Settles with Exchange; DOJ Enforcement Continues

By Robert A. Musiala, Lauren Bass, Sydney Park, Teresa Goody Guillén, Joanna F. Wasick, Amos Kim and Christopher Lamb on December 2, 2022 Posted in Blockchain

In this issue: • New Research and Surveys Address CBDCs, Institutional Crypto Investment• NFTs: Government Agencies Seek Comments on NFT IP; New Marketplaces Open• Crypto DEX and Wallet Providers Reveal User Data Collection Practices• SEC Commissioner Addresses Digital Assets and Investor Protection Concerns• SEC Institutes Proceedings Against DAO; FINRA Examines Crypto Advertising• New York State … 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

Crypto Products and DeFi Pilot Launch; Reports Address NFT Royalties, Ethereum PoS Efficiency; IRS, CFTC, Address Crypto; Exchange Hacked for $28M

By Robert A. Musiala, Amos Kim, Joanna F. Wasick, Teresa Goody Guillén and Sydney Park on November 4, 2022 Posted in Blockchain

In this issue: • New Crypto Products Launch; Singapore Completes DeFi Pilot with Major Banks• Report Provides New Data on NFT Royalties and Explores Related Issues• Ethereum Efficiency Data Published; Blockchain Infrastructure Projects Launch• IRS Updates Digital Asset Guidance, CFTC Commissioner Warns of Crypto Risk• Crypto Exchange Hacked for $28M; Reports Address Ransomware, Crypto Scams … 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

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

By Robert A. Musiala, Teresa Goody Guillén, Keith R. Murphy, Sydney Park and Joanna F. Wasick on October 14, 2022 Posted in Cryptocurrency

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

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

Crypto and NFT Firms Make Announcements; Treasury Interprets Crypto Reports; Crypto Enforcement Actions by CFTC, SEC, IRS, DOJ and States

By Robert A. Musiala, Maya Rivera, Keith R. Murphy, Alex Karambelas, Joanna F. Wasick and Jordan R. Silversmith on September 30, 2022 Posted in Blockchain

In this issue: Exchange Reaches Agreement to Sell Assets; New Crypto Products Launch Reports Provide New Data on Cryptocurrency Adoption and Exchange Activity Auction House Launches NFT Market; Startup Launches NFT Cloud Database US Treasury Further Interprets Reports Related to EO on Digital Assets CFTC Enforcement Action Targets DAO; SEC Targets Crypto Market Making IRS … 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

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

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

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

Developer Arrested Following OFAC Sanctions of the Tornado Cash Protocol

By Teresa Goody Guillén, Adam Gale, Michelle Tanney, Veronica Reynolds and Alex Karambelas on August 22, 2022 Posted in Blockchain

On Aug. 10, 2022, just days after OFAC issued sanctions against virtual currency mixer Tornado Cash, Dutch authorities arrested the protocol’s alleged developer. In a press release, the Treasury Department alleged that since 2019, Tornado Cash had been used to launder more than $7 billion in cryptocurrency, including more than $455 million stolen in the … 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

By Carlos Ortiz, Nicholas C. Mowbray, Christina Gotsis and Kayley Sullivan on August 22, 2022 Posted in Cryptocurrency, Tax

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

NFT Endorsements Scrutinized; Bank Crypto Guidance Issued; DOJ, CFTC and SEC Bring Crypto Enforcement Actions; Research Finds Crypto Insider Trading

By Robert A. Musiala, Jordan R. Silversmith, Keith R. Murphy, Kayley Sullivan and Lauren Bass on August 19, 2022 Posted in Blockchain

In this issue: NFTs Expand on Social Media, Celebrity NFT Endorsements Scrutinized Federal Reserve Addresses Crypto; Senator Inquires About Bank-Crypto Relations DOJ, CFTC and SEC Crypto Enforcement Targets Tax Evasion, Fraud and ICOs US and Foreign Law Enforcement Target Cryptocurrency Money Laundering DeFi Stablecoin Hacked; Research Finds Evidence of Crypto Insider Trading NFTs Expand on … Continue Reading

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

By Robert A. Musiala, Shade Quailey and Joanna F. Wasick on August 18, 2022 Posted in Cryptocurrency

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

Crypto Products Launch, Gain Approvals; OFAC Sanctions Crypto Mixer; SEC Publishes ICO Consent Order; Report Cites Criminal Use of Cross-Chain Bridges

By Robert A. Musiala, Kayley Sullivan, Keith R. Murphy, Alex Karambelas and Lauren Bass on August 12, 2022 Posted in Blockchain

In this issue: NY DFS Approves Crypto Platform, Prepaid Crypto Card to Launch in Argentina U.S. Department of the Treasury Sanctions Major Virtual Currency Mixer SEC Publishes ICO Consent Order, Crypto Exchange Discloses SEC Investigation Report Cites Money Laundering Risks of Cryptocurrency Cross-Chain Bridges NY DFS Approves Crypto Platform, Prepaid Crypto Card to Launch in … Continue Reading