Tag Archives: NFTs

NFT Initiatives Launch; OFAC Adds Crypto Public Keys to SDN List; Treasury Dept. Publishes Crypto Reports; Crypto Enforcement and Hacks Continue

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

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

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

NFT Market Research Published; Crypto Issues Addressed by FDIC, US Representatives and Foreign Regulators; DOJ Targets Crypto Fraud Scheme

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

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

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 NFT Initiatives Launch Across Industries; Banking Agencies Publish Crypto Guidance; Enforcement Agencies Bring Crypto Actions; Crypto Hacks Reported

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

Applying the Bank Secrecy Act, FinCEN Regulations, and Sanctions to the Nascent NFT Market

Non-fungible tokens (NFTs) often involve two areas with known money laundering and terrorist financing risks: cryptocurrencies and high-value assets, like art. As detailed below, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has provided guidance on the applicability of statutes related to anti-money laundering and terrorist financing (AML) to cryptocurrencies. Recent actions and statements … Continue Reading

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

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

Taxation of Non-Fungible Tokens

Part Four in our series discusses U.S. federal income tax issues relating to Non-Fungible Tokens (NFTs) and provides an overview of how NFTs may be treated for U.S. federal income tax purposes. IRS Guidance 1. Notice 2014-21At the time of this publication, the U.S. government has only passed legislationaddressing tax reporting requirements for “brokers” of … Continue Reading

USPTO to Address NFTs; Treasury Dept. Publishes Digital Asset Fact Sheet; Financial Regulators Address Digital Assets; Crypto Enforcement Continues

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

Navigating Contractual Relationships in the NFT Market

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

A Legal Practitioner’s Guide to NFTs, Digital Advertising and Media

In 2021, non-fungible tokens (NFTs) generated overall sales of close to $25 billion and became one of the year’s most defining cultural phenomena. This trend has continued with NFT sales topping $2 billion in the first quarter of 2022. In an effort to engage audiences and produce secondary revenue streams, brands—in sectors ranging from fashion … Continue Reading

Financial Firms and Crypto Networks Launch Initiatives; Nonprofit Challenges Crypto Tax Provision; Crypto Enforcement Continues; UST Analysis Published

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

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

An Introduction to Non-Fungible Tokens (NFTs)

Non-fungible tokens (NFTs) are the latest advancement in the ongoing evolution of the blockchain market. To help put this new phenomenon into context, the BakerHostetler Blockchain team has prepared a series of papers that examine NFTs from various perspectives. In the first paper in the series, we introduce NFTs from the technological and market perspectives. … 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

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

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

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

New CBDC and NFT Data Released; OFAC Adds Mixer and Public Keys to SDN List; Multiple Crypto Enforcement Actions; Stablecoin Risks on Display

In this issue: • BIS Releases Survey on CBDC Initiatives; New Crypto Products Launch• 2022 NFT Market Data Released; Brands Continue NFT Initiatives• OFAC Sanctions Cryptocurrency Mixer, Adds New Public Keys to SDN List• Multiple Crypto Enforcement Actions Announced by CFTC, DOJ and SEC• Multistate Enforcement Action Targets Metaverse Casino’s NFT Offering• Algorithmic Stablecoins Collapse; … Continue Reading

Banks and Retailers Embrace Crypto, Bitcoin Environmental Costs Debated, New NFT Initiatives Launch, Various Agencies Address Crypto, DeFi Hacks Continue

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

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

Crypto and NFT Pilots Launch Across Industries; Paper Analyzes Bitcoin Use in El Salvador; Crypto Enforcement Continues in US; New Foreign Crypto Regs

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

NFT Initiatives Continue; EU Issues Blockchain Healthcare Report; Crypto Addressed by Various US Regulators; State Actions Target Bitcoin ATMs, NFTs

In this issue: • Sports Teams and Messaging Apps Go All-In on NFTs, Potential Hack Foiled• Report on Blockchain in the European Healthcare Sector Published• US Treasury Secretary, FDIC, Acting Comptroller and EU Address Crypto• State Enforcement Actions Target Bitcoin ATM Operator and NFT Sellers Sports Teams and Messaging Apps Go All-In on NFTs, Potential … Continue Reading

Crypto Payment Offerings Launch; Exchanges Achieve Foreign Approvals; Ukraine Legalizes Crypto; Regulators Issue Warnings; $28M in Bitcoin Seized

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

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

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
LexBlog