Tag Archives: NFT

Jury Finds Former NFT Marketplace Manager Guilty of ‘Insider Trading’ Wire Fraud Scheme and Money Laundering

By John J. Carney, Teresa Goody Guillén, Veronica Reynolds, Michelle Tanney and Joanna F. Wasick on May 26, 2023 Posted in Alert

On May 3, 2023, a jury found Nathaniel Chastain, a former manager of OpenSea (a major NFT marketplace), guilty of wire fraud and money laundering in connection with his attempts to conceal his use of confidential business information for his own personal gain. The verdict stems from an indictment brought last year by the U.S. … Continue Reading

IRS Issues Guidance on Non-Fungible Tokens – What It Says and Does Not Say

By Betsy Smith, Nicholas C. Mowbray, Robert A. Musiala and Teresa Goody Guillén on March 27, 2023 Posted in Alert

NFT non fungible token golden coins falling. Trendy cryptocurrencies and coins on the blockchain technology. Close up view of crypto money in 3D rendering

The Proposed Guidance and Implications The IRS and Treasury Department announced on March 21, 2023, that they intend to issue guidance providing that certain NFTs qualify as collectibles under Section 408(m) of the Code. The Notice is the first guidance issued by the IRS addressing the U.S. federal income tax treatment of NFTs. The IRS … 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

Navigating Contractual Relationships in the NFT Market

By Robert A. Musiala, Janine Anthony Bowen and Erika Vela on July 7, 2022 Posted in Blockchain

Participants in the fast-moving – but legally uncertain – non-fungible token (NFT) marketplace can maximize their business opportunities and mitigate risk by delineating their specific role early and clearly defining where their obligations begin and where their responsibilities end. Understanding and defining your role, and the role of your counterparties, is critical. Here are some … 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

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

U.S. Bank Acquires Blockchain Infrastructure; SEC Approves Blockchain-Based Exchange; FTC Warns on Crypto Scams; NFT Threats, Crypto Hacks Reported

By Robert A. Musiala, Veronica Reynolds, Jordan R. Silversmith, Lauren Bass, Joanna F. Wasick and Keith R. Murphy on February 4, 2022 Posted in Blockchain, Cryptocurrency

In this issue: • U.S. Bank Seeks to Launch Stablecoin; New Crypto Payments Data Released • U.S. Bank Seeks to Launch Stablecoin; New Crypto Payments Data Released • FTC Warns of Crypto Scams, IRS Offers Staking Settlement; MAS Bans ATMs • Reports Address NFT Platform Exploits, Wash Trading and Money Laundering • SEC Scrutinizes Crypto … Continue Reading

US Banks Launch New Stablecoin; NFT Markets Expand; OCC Promotes Stablecoin Regulation; Blockchain Networks Evolve; Exchange Hacked for $34M

By Robert A. Musiala, Keith R. Murphy, Lauren Bass, Veronica Reynolds, Joanna F. Wasick and Jordan R. Silversmith on January 21, 2022 Posted in Blockchain, Cryptocurrency, NFTs, Stablecoin

In this issue: • US Banks Launch New Stablecoin, Data Shows Increasing Interest in Crypto • With New Acquisitions and Partnerships, NFT Marketplaces Continue to Expand • Acting Comptroller of the Currency Promotes Stablecoin Regulation • Blockchain Networks Implement Scaling and Operational Initiatives • Major Cryptocurrency Exchange Hacked for $34M, Customers Reimbursed US Banks Launch … Continue Reading

CBDC Initiatives Announced, NFTs Expand Across Markets, Token and Wallet Applications Evolve, SEC and DOJ Target Crypto Fraud, Crypto Hacks Continue

By Robert A. Musiala, Lauren Bass, Veronica Reynolds, Jordan R. Silversmith and Teresa Goody Guillén on September 3, 2021 Posted in Bitcoin, Blockchain, Cryptocurrency, Cybersecurity, Enforcement, NFT, NFTs, Securities & Exchange Commission, Uncategorized

In this issue: • CBDC Initiatives Announced, Blockchain Trade Finance Platform Launches • Baseball, Art, Politics, Commerce: NFT Market Continues to Expand • Gaming Token Shifts Away from Ethereum, MetaMask Announces 10M Users • BitConnect Charged in $2B Crypto Fraud, BitConnect Promoter Pleads Guilty • Seychelles Investigates Crypto Fraud, Singapore Issues Warning for Exchange • … Continue Reading

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

By Robert A. Musiala, Veronica Reynolds, Lauren Bass, Teresa Goody Guillén, Keith R. Murphy and Joanna F. Wasick on August 27, 2021 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

Regulator Seeks Comments on DeFi; Crypto Firms Announce Products, Licenses, DAO Application Updates; NFT Boom Continues; OFAC Adds Bitcoin Address

By Robert A. Musiala, Kayley Sullivan, Lauren Bass and Keith R. Murphy on July 30, 2021 Posted in Bitcoin, Cryptocurrency, FinTech

In this issue: • NCUA Seeks Comment on DeFi, Crypto Firms Launch Products, Gain Licenses • Reports Describe Developments in Decentralized Platforms and FinTech Funding • Fashion, Sports, Art and Music: the NFT Market Continues to Boom • OFAC Adds Bitcoin Address to SDN List, Anchorage Selected for USMS Services NCUA Seeks Comment on DeFi, … Continue Reading

Crypto Initiatives Announced in Exchanges, ETFs, Payments; NFT Initiatives Continue; Bitcoin Mining Difficulty Adjusts; Global Enforcement Actions Continue

By Keith R. Murphy, Lauren Bass, Veronica Reynolds, Teresa Goody Guillén and Jordan R. Silversmith on July 16, 2021 Posted in Bitcoin, Cybersecurity, NFT

In this issue: • Cryptocurrency Exchanges, ETFs and Payment Initiatives Announced • Hollywood, Paradise and Banking: NFT Use Cases Continue to Expand • Bitcoin Network Mining Difficulty Adjusts in Wake of China Crackdown • DOJ, CFTC and SEC Target Crypto Fraud, Registration, Anti-Touting Violations • US Ransomware Task Force Announced, Crypto Crimes Continue Across Globe … Continue Reading

USDC Expands to New Blockchains, NFT Sales Continue, FATF Publishes Review of Crypto Standards, US and Global Crypto Enforcement Actions Continue

By Jordan R. Silversmith, Keith R. Murphy, Robert A. Musiala, Kayley Sullivan and Joanna F. Wasick on July 9, 2021 Posted in Blockchain, Cryptocurrency, NFT

In this issue: • USDC Expands to 10 New Blockchains, Crypto Payment Initiatives Launch • NFT Sales Continue Across Sports and Art Markets • FATF Issues Review of Crypto Standards Amid Regulatory News in US and UK • Major Crypto Exchange Faces Global Scrutiny, Announces Compliance Efforts • DOJ Targets Unlicensed Crypto MSBs, Global Enforcement … Continue Reading

CBDC Paper Released, Crypto Firms Launch Products, NFT Craze Continues, IRS Gains Access to Crypto Records, Task Force Addresses Crypto Ransomware

By Jordan R. Silversmith, Veronica Reynolds, Keith R. Murphy, Robert A. Musiala and Teresa Goody Guillén on May 7, 2021 Posted in Cryptocurrency, NFT, Ransomware

In this issue: • CBDC Paper Released, NY DFS Grants License, Study Cites Crypto Adoption • Traditional Financial Firms Launch Crypto Products, Data Shows DeFi Growth • Auction House Embraces Cryptocurrencies, NFT Sales Continue • Federal Court Authorizes IRS John Doe Summons on Cryptocurrency Exchange • Ransomware Task Force Issues Report to Reduce Ransomware Attacks … Continue Reading