Tag Archives: Treasury Department

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