Even those who are most suspicious of the rise of cryptocurrency will likely admit that the underlying blockchain technology and its potential uses are exciting. One use of this technology, decentralized finance, or DeFi, is...more
9/1/2021
/ Bitcoin ,
BitMEX ,
Blockchain ,
CFTC ,
Commodity Exchange Act (CEA) ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Ether ,
Financial Industry Regulatory Authority (FINRA) ,
Hackers ,
Popular ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC)
On June 15, the Securities and Exchange Commission announced a settlement with First American Financial Corporation for what the SEC found were inadequate disclosure controls and procedural violations, revealed in connection...more
As NFTs gain popularity, buyers and sellers should consider the potential issues related to federal anti-money laundering laws.
While non-fungible tokens (“NFTs”) have existed for several years, the market for NFTs grew...more
5/19/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Bitcoin ,
Blockchain ,
Compliance ,
Cryptocurrency ,
Customer Due Diligence (CDD) ,
FinCEN ,
Non-Fungible Tokens (NFTs) ,
Peer-to-Peer ,
Popular
Investigations into financial services companies are expected to heat up during the 117th Congress, with Democratic leadership already signaling interest -
With a newly seated Democratic majority in both chambers, we...more
3/1/2021
/ Congressional Committees ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Diversity and Inclusion Standards (D&I) ,
Environmental Social & Governance (ESG) ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
FinTech ,
Popular ,
Private Equity ,
Securities and Exchange Commission (SEC) ,
Tax Benefits
After Widespread Market Opposition in an Expedited First Round of Comments, FinCEN Solicits More Feedback on Rule Seeking to “Close Gaps” in Virtual Currency Anti-Money Laundering Rules
On January 14, in a surprise move,...more
1/18/2021
/ Administrative Procedure Act ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Biden Administration ,
Cryptocurrency ,
Financial Institutions ,
FinCEN ,
Notice of Proposed Rulemaking (NOPR) ,
Popular ,
Proposed Rules ,
Public Comment ,
Recordkeeping Requirements ,
Reporting Requirements ,
Travel Rule ,
U.S. Treasury ,
Uniform Commercial Code (UCC) ,
Virtual Currency
Recent Enforcement Actions and Guidance from DOJ, FinCEN, and OFAC Demonstrate the Increased Commitment — and Cooperation — of Federal Regulators to Police Digital Currencies, Including Their Use in Ransomware Attacks -
Amid...more
11/16/2020
/ Bitcoin ,
Cryptocurrency ,
Cyber Attacks ,
Department of Justice (DOJ) ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
Enforcement Guidance ,
FinCEN ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Ransomware ,
Securities and Exchange Commission (SEC)
In June 2017, the Supreme Court held in Kokesh v. SEC that SEC disgorgement is a penalty, rather than an equitable remedy, and thus subject to the five-year statute of limitations codified in 28 U.S.C. § 2462. More than two...more
9/17/2019
/ Commercial Insurance Policies ,
Criminal Prosecution ,
Disgorgement ,
Enforcement Actions ,
Enforcement Authority ,
Indemnification ,
Kokesh v SEC ,
Penalties ,
Popular ,
Securities and Exchange Commission (SEC) ,
Statute of Limitations
Stepping outside of SWIFT -
Since its inception more than a decade ago, cryptocurrency has been viewed as a way to supplant traditional global methods of exchanging money. Today, as virtual currencies proliferate,...more
2/19/2019
/ Corruption ,
Cryptocurrency ,
Digital Currency ,
Economic Sanctions ,
Initial Coin Offering (ICOs) ,
International Emergency Economic Powers Act (IEEPA) ,
Iran ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
SDN List ,
Securities and Exchange Commission (SEC) ,
Self-Regulatory Organizations ,
SWIFT ,
Virtual Currency
Since at least July 2017, when the Securities and Exchange Commission (SEC) announced it expected initial coin offerings (ICOs) to either register under U.S. securities laws or qualify for an exemption, crypto-market...more
On October 16, 2018, the U.S. Securities and Exchange Commission (“SEC”) issued an investigative report advising public companies that internal accounting controls should “reasonably safeguard company and, ultimately,...more