In this issue: • Product Integrations and Data Indicate Increased Interest in DeFi• Fintech Firms and BIS Pursue CBDC Initiatives• Blockchain Applications Announced for DAO Voting, Oracles and Data Security• SEC Brings Crypto Fraud Charges, IRS Trains Ukraine on Crypto Investigations• FATF Chief Urges End to ‘Lawless Crypto Space’ Product Integrations and Data Indicate Increased … Continue Reading
In this issue: • ETH Staking Data Published, Blockchain Solutions Launch for Financial Services• New York Attorney General Proposes New Legislation for Crypto Industry• UK Authorities Target Illegal Crypto ATMs• Reports Detail Crypto Malware, Phishing and Hacked Exchange Accounts ETH Staking Data Published, Blockchain Solutions Launch for Financial Services By Christopher Lamb According to a … Continue Reading
In this issue: • Multiple Financial Services Firms Announce New Crypto Products• Mutual Fund Integrates with Polygon, US Exchanges Launch Offshore Platforms• Web3 Initiatives Launch for NFT Ticketing, Protocol Infrastructure• UK Seeks Input on Proposed Modifications to Tax Rules Applicable to DeFi• OFAC Announces $7.6 Million Settlement with Crypto Exchange• SEC and State Securities Regulators … Continue Reading
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: • European Bank Launches Stablecoin; Financial Firms Expand Crypto Products• Ethereum ‘Unstaking’ Data Published; New DeFi Products Launch• SEC Charges U.S. Crypto Exchange with Multiple Securities Law Violations• States Bring Crypto Enforcement Actions, Assess Supervisory Costs• OFAC Adds New Bitcoin Public Key to SDN List• DeFi Protocol Hacked for $7.4M; Wallet Attack … Continue Reading
In this issue:• Crypto Exchange Ends U.S. Operations, Swiss Bank to Expand Crypto Offerings• National Futures Association Rule Addresses Digital Asset Commodity Activities• DOJ, Courts and State Securities Regulators Cripple Cryptocurrency Frauds• Cryptocurrency Crime and Anti-Money Laundering Report Published Crypto Exchange Ends U.S. Operations, Swiss Bank to Expand Crypto Offerings By Joanna F. Wasick Late … Continue Reading
In this issue:• “Z” Doors Are Open: Rival Zero Knowledge EVMs Launched by Matter, Polygon• U.S. Central Bank Publishes Order Denying Custodia Bank Application• CFTC Charges Binance Alleging Numerous Commodity Exchange Act Violations• SEC Charges Crypto Exchange; DOJ Charges Crypto ATM; Do Kwon Arrested “Z” Doors Are Open: Rival Zero Knowledge EVMs Launch By Lauren … Continue Reading
In this issue: • Staking Market Launches, ‘Defi Cover’ Data Published, DAO Buys Golf Course• IRS Issues Guidance on Non-Fungible Tokens• Economic Report of the President Criticizes Digital Assets• SEC Charges Crypto Entrepreneur and Celebrities; DOJ Targets Crypto Fraudster• U.S. Crypto Exchange Receives SEC Wells Notice, Publishes Staking Analysis• Moscow Money Mules and Hackers: Digital … Continue Reading
In this issue: • Reserve Bank of Australia and BIS Commence Efforts to Advance CBDCs• Acting Comptroller of the Currency and PCAOB Address Crypto Risks• Binance and Binance.US Face Inquiry from U.S. Senators• SEC and DOJ Continue Enforcement Actions Targeting Crypto Fraud Schemes• Bitcoin ATM Operators Arrested, Charged with Criminal Violations Reserve Bank of Australia … Continue Reading
Dapper Labs was founded in 2018 shortly after the debut of its first NFT collection, “CryptoKitties,” which was so successful it created a bottleneck of transactions on the decentralized Ethereum Network. Seeking faster transaction throughput, Dapper Labs later launched its own decentralized “Flow Blockchain” and native FLOW token. In 2019, Dapper Labs launched the NBA … Continue Reading
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
Takeaways OverviewTwo congressional committees of the U.S. House of Representatives commenced the new year by announcing the creation of new subcommittees for the 118th Congress that are expected to analyze issues concerning cryptocurrency and digital assets. The creation of these subcommittees signals the potential for legislative action in the wake of jurisdictional uncertainty regarding federal … 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
As part of a coordinated effort with the U.S. Secretary of State, Attorney General, Secretary of Commerce, Secretary of Homeland Security, Director of the Office of Management and Budget, Director of National Intelligence, and heads of other relevant agencies, Treasury developed the Action Plan to detail the evolving threats and risks facing the digital asset … Continue Reading
On Sept. 16, 2022, the White House released a Fact Sheet providing key findings and action items arising from the nine reports addressing digital assets that have been submitted to the president to date consistent with the EO. The Fact Sheet provides a list of various directives and initiatives that the Administration plans to take … 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
In June 2022, the Department of Justice (DOJ) issued a report (Report) recommending increased cooperation among international law enforcement agencies to combat threats and crime related to the use and proliferation of digital assets and to address obstacles unique to the asset class. Specific actions recommended by the Report include expanding U.S. relationships with international … 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 this issue: • New Cryptocurrency Payments Systems, Tokens and Trade Associations Launch• Cryptocurrency Industry Report Notes Change in Consumer and Insider Views• Digital Asset and Blockchain Risks and Opportunities Addressed by G7, ECB, BIS• DOJ Brings First NFT Insider Trading Case, CFTC Action Targets Crypto Fraud New Cryptocurrency Payments Systems, Tokens and Trade Associations … 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
Partner Jeewon Serrato and Counsel Rob Musiala discuss what online merchants and e-commerce companies should know about cryptocurrency. Questions & Comments: jserrato@bakerlaw.com, rmusiala@bakerlaw.com Listen to the episode. Subscribe to BakerHosts Apple Podcast | Google Podcast | iHeartRadio | Spotify | Stitcher | TuneIn Download Episode Transcript… Continue Reading
The Securities and Exchange Commission (“SEC”) recently issued a request for information and public comment on the use of new and emerging technologies by investment advisers and broker-dealers that suggests potential regulatory action to come.[1] According to its release, the SEC is seeking to understand how registrants — whether online brokerages, robo-advisers, internet investment advisers, … Continue Reading
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
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