Tag Archives: Treasury Department

U.S. Treasury Dept. Publishes Risk Assessment Addressing Illicit Finance Risks of DeFi

By Robert A. Musiala, Teresa Goody Guillén, Joanna F. Wasick, Kevin Edgar, Adam Gale, Jonathan A. Forman, Veronica Reynolds and Christopher Lamb on April 20, 2023 Posted in Alert

Background and Scope The Assessment was drafted by Treasury’s Office of Terrorist Financing and Financial Crimes (“TFFC”), in consultation with multiple U.S. agencies, including the Departments of Homeland Security, Justice, and State; the Commodity Futures Trading Commission (“CFTC”); Office of the Comptroller of the Currency; and the Securities and Exchange Commission (“SEC”). The TFFC also … 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

Major U.S. Crypto Exchange Consents to $29 Million Penalty for Historic BSA and OFAC Violations Body

By Jonathan A. Forman, Teresa Goody Guillén, Keith R. Murphy, Robert A. Musiala, Veronica Reynolds and Joanna F. Wasick on October 27, 2022 Posted in Alert

On October 11, 2022, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) announced a $29 million civil monetary penalty against Bittrex, a major U.S. cryptocurrency exchange, as part of a global settlement with FinCEN and OFAC related to Bittrex’s alleged historic violations of the Bank … Continue Reading

Treasury Plans Significant Actions to Curb Illicit Digital Asset Financing

By Jonathan A. Forman, Robert A. Musiala and Christina Gotsis on October 19, 2022 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

The U.S. Department of the Treasury Provides a Glimpse into the Future of Money and Payments

By Joanna F. Wasick, Robert A. Musiala, Kevin Edgar and J'Naia Boyd on October 12, 2022 Posted in Alert

The Report responds to Section 4(b) of the EO and evaluates the U.S. system of money and payments, developments in stablecoins and instant payment systems, and a potential CBDC, using the following policy objectives as a guide: (1) provide benefits and mitigate risks for consumers, investors, and businesses; (2) promote economic growth and financial stability … Continue Reading

New Crypto Products Launch; Market Reports Published; Treasury Dept. Addresses Crypto Tax; Crypto Enforcement Actions and Threats Continue

By Robert A. Musiala, Joanna F. Wasick, Nicholas C. Mowbray, Alex Karambelas, Lauren Bass and Keith R. Murphy on February 18, 2022 Posted in Bitcoin, Blockchain, Cryptocurrency, Cybersecurity, Enforcement, FinTech, NFT, NFTs, Stablecoin

In This Issue: •Reports Address Crypto M&A and Metaverse, New Crypto Products Launch •Treasury Dept. Letter Addresses Crypto Tax; Reports Address Crypto Risks •US, UK and Canadian Law Enforcement Take Aim at Cryptographic Assets •Counterfeits, Wash Trading and Bots: Crypto Market Threats Continue •Chainalysis Previews 2022 Cryptocurrency Crime Report Findings… Continue Reading