Tag Archives: Digital Assets

Fintech Firms Pursue DeFi, CBDC Initiatives; Blockchain Integrations Announced; IRS Trains Ukraine on Crypto; FATF Voices Crypto AML Concerns

Photo of Robert A. MusialaPhoto of Amos KimPhoto of Christopher LambPhoto of Joanna F. WasickBy Robert A. Musiala, Amos Kim, Christopher Lamb and Joanna F. Wasick on Posted in Blockchain
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

ETH Staking Data Published; Blockchain Solutions Launch; NY AG Proposes Crypto Legislation; UK Targets Crypto ATMs; Crypto Hack Schemes Reported

Photo of Robert A. MusialaPhoto of Christopher LambPhoto of Amos KimPhoto of Keith R. MurphyPhoto of Christina GotsisBy Robert A. Musiala, Christopher Lamb, Amos Kim, Keith R. Murphy and Christina Gotsis on Posted in Blockchain
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

New Crypto Payment and Web3 Products Launch; UK Seeks Input on DeFi Taxation; OFAC Fines Crypto Exchange; SEC, DOJ, CFTC Continue Enforcement

Photo of Robert A. MusialaPhoto of Keith R. MurphyPhoto of Lauren BassBy Robert A. Musiala, Keith R. Murphy and Lauren Bass on Posted in Blockchain
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

Get Ready For IRS Criminal Crackdown On Crypto

Photo of Carlos OrtizPhoto of Christina GotsisPhoto of Kayley SullivanBy Carlos Ortiz, Christina Gotsis and Kayley Sullivan on Posted in Cryptocurrency
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

New Crypto and DeFi Products Launch; SEC Charges Crypto Exchange; States Bring Enforcement Actions; Bitcoin Public Key Added to SDN List; Hacks Continue

Photo of Robert A. MusialaPhoto of Lauren BassPhoto of Christopher LambPhoto of Joanna F. WasickBy Robert A. Musiala, Lauren Bass, Christopher Lamb and Joanna F. Wasick on Posted in Uncategorized
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

U.S. Exchange Closes, Swiss Bank Expands Crypto Offerings; NFA Issues Digital Asset Commodities Rule; Crypto Enforcement Continues; Market Data Published

Photo of Robert A. MusialaPhoto of Joanna F. WasickPhoto of Keith R. MurphyPhoto of Christopher LambBy Robert A. Musiala, Joanna F. Wasick, Keith R. Murphy and Christopher Lamb on Posted in Blockchain
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

Zero Knowledge EVMs Launch; U.S. Central Bank Publishes Custodia Denial Order; CFTC Charges Binance Exchange; SEC, DOJ Bring Enforcement Actions

Photo of Robert A. MusialaPhoto of Lauren BassPhoto of Christopher LambPhoto of Christina GotsisBy Robert A. Musiala, Lauren Bass, Christopher Lamb and Christina Gotsis on Posted in Blockchain
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

New Initiatives Launch in Staking, DeFi, DAOs; IRS Issues NFT Guidance; White House Report Criticizes Crypto; SEC and DOJ Crypto Enforcement Continues

Photo of Robert A. MusialaPhoto of Christopher LambPhoto of Nicholas C. MowbrayPhoto of Joanna F. WasickPhoto of Keith R. MurphyPhoto of Lauren BassBy Robert A. Musiala, Christopher Lamb, Nicholas C. Mowbray, Joanna F. Wasick, Keith R. Murphy and Lauren Bass on Posted in Blockchain
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

Australia and BIS Address CBDCs; OCC, PCAOB and U.S. Senators Address Crypto Risks; SEC, DOJ and USSS Continue Crypto Enforcement Actions

Photo of Robert A. MusialaPhoto of Amos KimPhoto of Keith R. MurphyPhoto of Joanna F. WasickPhoto of Lauren BassBy Robert A. Musiala, Amos Kim, Keith R. Murphy, Joanna F. Wasick and Lauren Bass on Posted in Blockchain
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

U.S. District Court Signals That In Certain Cases, NFTs May Qualify as Securities

Photo of Teresa Goody GuillénPhoto of Christopher LambPhoto of Robert A. MusialaPhoto of Veronica ReynoldsPhoto of Michelle TanneyPhoto of Joanna F. WasickBy Teresa Goody Guillén, Christopher Lamb, Robert A. Musiala, Veronica Reynolds, Michelle Tanney and Joanna F. Wasick on Posted in NFTs
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

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

Photo of Teresa Goody GuillénPhoto of Joanna F. WasickPhoto of Veronica ReynoldsPhoto of Sydney ParkBy Teresa Goody Guillén, Joanna F. Wasick, Veronica Reynolds and Sydney Park on 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 Congressional Subcommittees Foreshadow Pending Digital Asset Legislation

Photo of Kevin EdgarPhoto of Teresa Goody GuillénPhoto of Michelle TanneyPhoto of Veronica ReynoldsBy Kevin Edgar, Teresa Goody Guillén, Michelle Tanney and Veronica Reynolds on Posted in Alert
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

Crypto Market Data Published; Digital Assets RFI Issued; BIS Addresses DeFi; NY DFS Issues Crypto Guidance; SEC Brings Crypto Actions; FBI Addresses Hacks

Photo of Amos KimPhoto of Veronica ReynoldsPhoto of Lauren BassPhoto of Christopher LambPhoto of Robert A. MusialaPhoto of Teresa Goody GuillénPhoto of Joanna F. WasickBy Amos Kim, Veronica Reynolds, Lauren Bass, Christopher Lamb, Robert A. Musiala, Teresa Goody Guillén and Joanna F. Wasick on Posted in Cryptocurrency
BlockchainIn 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

Treasury Plans Significant Actions to Curb Illicit Digital Asset Financing

Photo of Jonathan A. FormanPhoto of Robert A. MusialaPhoto of Christina GotsisBy Jonathan A. Forman, Robert A. Musiala and Christina Gotsis on Posted in Alert
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

White House Outlines Key Action Items Based on EO Reports Addressing Digital Assets

Photo of Kevin EdgarPhoto of Jonathan A. FormanPhoto of Adam GalePhoto of Robert A. MusialaBy Kevin Edgar, Jonathan A. Forman, Adam Gale and Robert A. Musiala on Posted in Blockchain
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

Top 5 Digital Asset Litigation and Investigation Trends of 2022

Photo of George StamboulidisPhoto of Christina GotsisBy George Stamboulidis and Christina Gotsis on Posted in Cryptocurrency
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

DOJ Calls on International Partners to Improve Investigative Efficiency in Response to President Biden’s Executive Order on Risks Involving Digital Assets

Photo of Carlos OrtizPhoto of Robert A. MusialaPhoto of Teresa Goody GuillénPhoto of John J. CarneyPhoto of Christina GotsisPhoto of Veronica ReynoldsPhoto of Kayley SullivanBy Carlos Ortiz, Robert A. Musiala, Teresa Goody Guillén, John J. Carney, Christina Gotsis, Veronica Reynolds and Kayley Sullivan on Posted in Blockchain
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

Proposed Federal Crypto Legislation Supported by Digital Asset Ecosystem; Consumer Advocacy Groups Balk

Photo of Teresa Goody GuillénPhoto of Kevin EdgarPhoto of Veronica ReynoldsPhoto of Nicholas C. MowbrayPhoto of Michelle TanneyPhoto of Alex KarambelasBy Teresa Goody Guillén, Kevin Edgar, Veronica Reynolds, Nicholas C. Mowbray, Michelle Tanney and Alex Karambelas on Posted in Cryptocurrency
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

Crypto Payment Initiatives Launch; Report Cites Evolving Crypto Views; G7, ECB, BIS Address Crypto Risks; DOJ, CFTC Target NFT Insider Trading, Crypto Fraud

Photo of Robert A. MusialaPhoto of Lauren BassPhoto of Veronica ReynoldsPhoto of Keith R. MurphyPhoto of Teresa Goody GuillénBy Robert A. Musiala, Lauren Bass, Veronica Reynolds, Keith R. Murphy and Teresa Goody Guillén on Posted in Blockchain
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

Executive Order Launches Comprehensive US Policy and Action Plan for Digital Assets

Photo of Robert A. MusialaPhoto of Teresa Goody GuillénPhoto of Joanna F. WasickPhoto of Veronica ReynoldsPhoto of Kevin EdgarPhoto of Jonathan A. FormanPhoto of Adam GaleBy Robert A. Musiala, Teresa Goody Guillén, Joanna F. Wasick, Veronica Reynolds, Kevin Edgar, Jonathan A. Forman and Adam Gale on Posted in Blockchain, Cryptocurrency
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

The Four Areas Online Merchants and E-Commerce Companies Must Know About Cryptocurrency

Photo of Jeewon SerratoPhoto of Robert A. MusialaBy Jeewon Serrato and Robert A. Musiala on Posted in Cryptocurrency
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

SEC Scrutinizes Use of Fintech by Broker-Dealers and Investment Advisers

Photo of Teresa Goody GuillénPhoto of Jonathan A. FormanPhoto of Madison GaudreauBy Teresa Goody Guillén, Jonathan A. Forman and Madison Gaudreau on Posted in FinTech, Securities & Exchange Commission
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

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

Photo of Robert A. MusialaPhoto of Veronica ReynoldsPhoto of Lauren BassPhoto of Teresa Goody GuillénPhoto of Keith R. MurphyPhoto of Joanna F. WasickBy Robert A. Musiala, Veronica Reynolds, Lauren Bass, Teresa Goody Guillén, Keith R. Murphy and Joanna F. Wasick on 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

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

Photo of Robert A. MusialaBy Robert A. Musiala on 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
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