News & Analysis as of

Bank Secrecy Act › Commodities Futures Trading Commission › Bitcoin

The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide... more +
The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide documentation to authorities for single transactions of more than $10,000 and report other suspicious account activity that could signify money laundering or other financial crimes. less -
Ballard Spahr LLP

KuCoin and Founders Charged with Operating Illegally as Money Transmitter and Futures Commission Merchant

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Last week, the United States Attorney’s Office for the Southern District of New York unsealed an indictment against global cryptocurrency exchange KuCoin and two of its founders, Chun Gan and Ke Tang, for allegedly conspiring...more

Kohn, Kohn & Colapinto LLP

Cryptocurrencies Mirrored a New Gold Rush, Then Ended Up Similarly: With Scammers Going to Jail

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Despite the excitement that surrounded original cryptocurrencies like Bitcoin, the dust eventually settled, revealing that only a few early investors got rich and many others lost their life savings. But it was not long...more

Mintz

Senate Bill Defines Bitcoin, Ether as Digital Commodities to be Regulated By CFTC

Mintz on

Following the announcement DOJ/SEC enforcement actions alleged insider trading against a former Coinbase employee, many cried foul at the perceived "regulation by enforcement." The SEC Complaint, alleged – for the first time...more

Ballard Spahr LLP

BitMEX Co-Founder and Owner Settles with CFTC and Now Faces Criminal Sentencing

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The legal saga involving the civil and criminal cases against the entity and former individual owners of the Bitcoin Mercantile Exchange, or BitMEX—a large and well-known online trading platform dealing in futures contracts...more

Perkins Coie

Blockchain Week in Review - March 2021 #3

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US Regulatory Developments BitMEX CEO to Surrender on AML Charges BitMEX’s founder and former CEO, Arthur Hayes, reached an agreement with U.S. officials to surrender to federal charges. On October 1, 2020, the U.S....more

Pillsbury Winthrop Shaw Pittman LLP

BitMEX Faces Civil and Criminal Charges over Alleged CEA and AML Violations

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BitMEX, a Seychelles-based centralized exchange for trading derivatives on bitcoin, ether and litecoin, and certain of its executives have been charged with a number of violations under the U.S. Commodity Exchange Act (CEA),...more

Proskauer - Blockchain and the Law

Trump Administration Plans to Introduce New AML Requirements for Cryptocurrencies

Proskauer - Blockchain and the Law on

Treasury Secretary Steven Mnuchin remarked before a hearing of the Senate Finance Committee three weeks ago that “significant new requirements at FinCEN” for cryptocurrencies would be introduced quickly, in response to...more

Eversheds Sutherland (US) LLP

Recent regulatory developments regarding AML requirements for broker-dealers

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On October 11, 2019, the leaders of the US Securities and Exchange Commission (SEC), the US Commodity Futures Trading Commission (CFTC), and the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a...more

Orrick - On the Chain

In Case You Needed A Reminder – AML/CFT Regulations Apply to Transactions in Cryptocurrencies

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Earlier this month, the leaders of the U.S. Commodity Futures Trading Commission, the Financial Crimes Enforcement Network, and the U.S. Securities and Exchange Commission released a joint statement reminding individuals...more

Perkins Coie

Blockchain Week in Review - October 2019

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U.S. Developments - U.S. Federal Regulatory Developments - CFTC, FinCEN, and SEC Leaders Release a Join Statement on Digital Assets - On October 11, 2019, the heads of the Commodity Futures Trading Commission (“CFTC”),...more

Perkins Coie

Blockchain and the Law - Overview of token sales and bitcoin property rights

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On March 29, 2017, Perkins Coie partner Dax Hansen and associate Josh Boehm were invited to the Cyber Initiative at Stanford Law School to deliver a presentation on several cutting-edge legal issues relating to blockchain...more

Katten Muchin Rosenman LLP

Recent Key Bitcoin and Virtual Currency Regulatory and Law Enforcement Developments

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In recent months, US federal and state regulators have continued to focus on Bitcoin and the adoption of a regulatory framework for it and other "virtual currencies," as well as the enforcement of existing securities laws to...more

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