After years of explicitly warning taxpayers that failing to report or underreporting income from transactions involving digital assets would lead to criminal charges, federal prosecutors are now beginning to follow through on...more
2/23/2024
/ Bitcoin ,
Capital Gains ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
FinTech ,
Income Taxes ,
Indictments ,
IRS ,
Required Forms ,
Tax Evasion ,
Tax Returns ,
Virtual Currency
Key Takeaways -
..A court approved the issuance of a John Doe summons by the IRS to a bank aimed at identifying individuals who are potentially avoiding their income tax obligations relating to cryptocurrency...more
9/29/2022
/ Banks ,
Bitcoin ,
Crypto Exchanges ,
Digital Assets ,
IRS ,
John Doe Investigation ,
Ponzi Scheme ,
Summons ,
Tax Avoidance ,
Tax Liability ,
Tax Returns ,
Virtual Currency
Key Takeaways:
..The IRS issued its fourth John Doe summons against digital asset platform sFOX, seeking information regarding user identity and transaction activity over $20,000.
..The use of John Doe summonses...more
8/22/2022
/ Bitcoin ,
Criminal Liability ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Currency ,
IRS ,
John Doe Investigation ,
Summons ,
Tax Evasion ,
Tax Liability ,
Virtual Currency
A well-known digital currency investment services company announced the launch of its first European exchange-traded fund (ETF), according to a press release this week. The ETF, which will be traded on multiple foreign...more
5/23/2022
/ Bitcoin ,
Bitcoin Mining ,
Blockchain ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Economic Sanctions ,
Evasion ,
Exchange-Traded Products ,
FinCEN ,
Investment Funds ,
Office of Foreign Assets Control (OFAC) ,
Partnerships ,
Popular ,
Risk Assessment ,
Scams ,
Securities and Exchange Commission (SEC) ,
U.S. Commerce Department
A large U.S.-based financial services company launched its crypto services arm last week, providing consumers with a platform to buy and sell cryptocurrencies and non-fungible tokens (NFTs). According to reports, the...more
3/21/2022
/ Bitcoin ,
Blockchain ,
Cryptoassets ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Currency ,
Digital Wallets ,
Ethereum ,
Extradition ,
Financial Services Industry ,
Foreign Exchanges ,
Non-Fungible Tokens (NFTs) ,
Ransomware ,
Retirement Plan
US Firm Acquires Crypto Co., Swiss Digital Asset Exchange Gains License - In a recent press release, a major U.S. financial services firm announced its acquisition of CipherTrace, a blockchain analytics and cryptocurrency...more
NCUA Seeks Comment on DeFi, Crypto Firms Launch Products, Gain Licenses - The National Credit Union Administration (NCUA), a federal agency that charters and regulates federal credit unions, recently published a notice of...more
USDC Expands to 10 New Blockchains, Crypto Payment Initiatives Launch - The Centre Consortium recently announced that USDC, a stablecoin that is backed 1:1 by U.S. dollars, will soon be added to 10 additional blockchain...more
7/12/2021
/ Bitcoin ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
Financial Markets ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Stablecoins ,
Virtual Currency