Tag Archives: Enforcement

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

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

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

Crypto Platforms Achieve Foreign Approvals; DOJ Seizes Crypto Ransomware Funds; CFTC Adds Crypto Firms to RED List; Crypto Fraud and Threats Continue

By Robert A. Musiala, Keith R. Murphy, Michael Rivera and Lauren Bass on July 22, 2022 Posted in Blockchain

In this issue: • Foreign Regulators Approve Crypto Platforms; Ethereum Approaching PoS• DOJ Seizes $500K in Ransomware Crypto; CFTC Adds Crypto Firms to RED List• Fraud, Mixers, Ransomware and the Darkweb: Cryptocurrency Threats Continue Foreign Regulators Approve Crypto Platforms; Ethereum Approaching PoS By Keith R. Murphy According to recent reports, several major cryptocurrency platforms have … 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 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

Crypto Products and Mining Initiatives Launch; Sports and Spirits Firms Embrace Blockchain; US Agencies Seek Crypto Input, Address Risks, Target Crimes

By Robert A. Musiala, Keith R. Murphy, Lauren Bass, Kayley Sullivan, Joanna F. Wasick and Alex Karambelas on May 20, 2022 Posted in Blockchain

In this issue: • New European Crypto ETF Launches, Bitcoin Mining Sees Wider Adoption• Sports Leagues and Alcohol Brands Expand Blockchain Partnerships• Congress Addresses CBDC, Commerce Dept. Seeks Input on Digital Assets• SEC and FinCEN Officials Comment on Cryptocurrency Sector Risks• US Law Enforcement Targets Crypto Scams and Sanctions Evasion New European Crypto ETF Launches, … 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

SEC Signals Ramp-Up in Crypto Enforcement by Nearly Doubling Its Crypto Assets Cyber Unit Staff

By Joanna F. Wasick, Teresa Goody Guillén, Veronica Reynolds, Adam Gale, John J. Carney, Jonathan A. Forman and Robert A. Musiala on May 5, 2022 Posted in Blockchain

On May 3, the U.S. Securities and Exchange Commission (SEC) announced the expansion of its Crypto Assets and Cyber Unit (the Unit f/k/a the Cyber Unit) to 50 staff members, nearly double the Unit’s former size, including supervisors, investigative staff attorneys, trial counsel and fraud analysts. The Unit is a group within the Division of … 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

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

New Crypto Payment Initiatives; Regulators Address Crypto in Speeches; Lawmakers Propose Legislation; OFAC Sanctions Crypto Actors; DeFi Hacked

By Robert A. Musiala, Jordan R. Silversmith, Teresa Goody Guillén, Veronica Reynolds, Keith R. Murphy and Joanna F. Wasick on April 8, 2022 Posted in Blockchain

In this issue: • Crypto Payment Initiatives Announced in Stablecoins, Lightning Network, Mining• SEC Chairman and Comptroller of the Currency Address Crypto in Speeches• SEC Addresses Crypto Accounting, Commissioner Peirce Voices Criticisms• Stablecoins Take Center Stage in Proposed Legislation, Reports and UN Donation• OFAC Sanctions Russian Dark Markets, Adds 100 Crypto Public Keys to SDN … Continue Reading

Digital Asset Platforms, Blockchain Supply Chain Initiatives Grow; Enforcement Actions Target Crypto Yield Products and Fraud; DeFi Hacked for $600M

By Robert A. Musiala, Lauren Bass, Alex Karambelas, Jordan R. Silversmith and Joanna F. Wasick on April 1, 2022 Posted in Blockchain

In this issue: • Digital Asset Platforms Expand Across Payments, Art and Sports Industries• Blockchain Supply Chain Initiatives Announced Across Industries• Crypto Exchange Faces Multistate Enforcement Action over Yield Products• DOJ and Manhattan DA Bring Enforcement Actions for NFT and Crypto Fraud• DeFi Network Hacked for over $600 Million in Cryptocurrencies Digital Asset Platforms Expand … 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

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

By Robert A. Musiala, Teresa Goody Guillén, Joanna F. Wasick, Veronica Reynolds, Kevin Edgar, Jonathan A. Forman and Adam Gale on March 17, 2022 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

Executive Order Addresses Digital Assets; Banks and Restaurants Launch Crypto Initiatives; FinCEN Issues Alert; SEC, CFTC and DOJ Bring Actions

By Robert A. Musiala, Alex Karambelas, Veronica Reynolds, Keith R. Murphy, Joanna F. Wasick and Lauren Bass on March 11, 2022 Posted in Cryptocurrency, FinTech, Government, Securities & Exchange Commission, Uncategorized

In this issue: President Biden Issues Executive Order Addressing Digital Assets Banks Join USDF ‘Stablecoin’ Consortium, Pursue Crypto Custody Offerings U.S. Restaurants Adopt Crypto; Swiss City Calls Crypto ‘De Facto’ Legal Tender Cryptocurrency Sanctions Compliance Activity Spikes Following Russian Actions SEC, CFTC and DOJ Bring Charges Alleging Cryptocurrency Fraud Schemes President Biden Issues Executive Order … Continue Reading

Financial Firms Continue Expanding into Cryptocurrency Markets; Crypto Donations Reach Ukraine; DOJ Crypto Enforcement Continues; SEC Probes NFTs

By Robert A. Musiala, Alex Karambelas, Keith R. Murphy and Teresa Goody Guillén on March 4, 2022 Posted in Blockchain

In this issue: Traditional Financial Firms Expand Reach into Cryptocurrency Sphere Cryptocurrency Donations Pour In to Fund Ukrainian Government and Charities DOJ Secures Guilty Pleas and Charges Alleged Ponzi Scheme; SEC Launches NFT Probe… Continue Reading

Financial Firms Develop Crypto Offerings; DAO Hacker Reportedly Identified; DOJ Names New Crypto Director; NFT Initiatives Launch as Markets Are Hacked

By Robert A. Musiala, Nicholas C. Mowbray, Lauren Bass, Teresa Goody Guillén and Alex Karambelas on February 25, 2022 Posted in Blockchain

In This Issue Financial Services Firms Make Moves Targeting Cryptocurrency Markets POC Seeks to Defend Quantum Attacks; DAO Hacker Reportedly Identified Music Company Partners with NFT Platform, Record Label Converts to NFT Label DOJ Names New Crypto Enforcement Director; Scammers Target NFT Market… Continue Reading

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

By Jeewon Serrato and Robert A. Musiala on December 2, 2021 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

Crypto Initiatives Launch; Bitcoin Upgrade Activated; Reports Address DeFi, Tether; SEC Rejects Bitcoin ETF; DOJ to Sell $56M in Crypto Fraud Proceeds

By Robert A. Musiala, Lauren Bass, Veronica Reynolds, Joanna F. Wasick and Keith R. Murphy on November 19, 2021 Posted in Bitcoin, Blockchain, Cryptocurrency, Enforcement, Uncategorized

• Raising Municipal Funds and Rewarding Loyalty: New Cryptocurrency Use Cases • Bitcoin’s Taproot Upgrade Activated to Improve Network Security • Reports Address DeFi Security, Tether Distribution and Liquidity • SEC Rejects Proposal for Spot Bitcoin Exchange Traded Fund • US and Canadian Authorities Pursue Fraud Schemes, Recover Stolen Crypto Raising Municipal Funds and Rewarding … Continue Reading

Crypto Payment Products Launch; SEC Addresses DeFi, Targets DAO Tokens; OFAC Adds Crypto Exchange to SDN List; Crypto Fraud Schemes Revealed

By Robert A. Musiala, Kayley Sullivan, Joanna F. Wasick, Veronica Reynolds and Keith R. Murphy on November 12, 2021 Posted in Bitcoin, Blockchain, Cryptocurrency, Cybersecurity, Enforcement, Securities & Exchange Commission

• New Crypto Payment Products Launch, Report Cites Exchange Consolidation • SEC Commissioner Publishes Article Addressing DeFi Risks and Regulation • OFAC Adds Crypto Exchange and Cryptocurrency Addresses to OFAC SDN List • Enforcement Agencies Target DAO Offering and Fraudulent Crypto Companies • New Cryptocurrency Fraud Schemes Revealed, DeFi Protocol Hacked New Crypto Payment Products … Continue Reading