Paper Explores Benefits of DeFi for FX; Australian Bank Launches Stablecoin -
A recent industry paper found that DeFi can reduce costs and enhance transparency in foreign exchange (FX) markets. The paper concludes that...more
1/23/2023
/ Blockchain ,
Bureau of Industry and Security (BIS) ,
Cryptocurrency ,
Decentralized Autonomous Organization (DAO) ,
Decentralized Finance (DeFi) ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
FinCEN ,
Online Platforms ,
Securities and Exchange Commission (SEC) ,
Stablecoins
New Data Published on 2022 Crypto Exchange Trading Volume, NFT Royalties -
According to recent reports, Binance, currently the world’s largest cryptocurrency exchange by trading volume, controlled 92 percent of global...more
1/16/2023
/ CFTC ,
Criminal Investigations ,
Criminal Prosecution ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Data-Sharing ,
Department of Justice (DOJ) ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Royalties
Crypto Apps Launch New Features, Custody Firm Achieves CCSS Certificate -
According to recent reports, Uniswap V3 was the most used Ethereum contract in 2022, seeing over 15.5 million transactions throughout 2022 and using...more
1/9/2023
/ Cryptoassets ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Fraud ,
Fundraisers ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Risk Alert ,
Risk Assessment ,
Scams ,
Securities and Exchange Commission (SEC) ,
Unregistered Securities
New Crypto Payment Products Launch, Reports Publish Crypto Market Data
A recent press release announced that MetaMask, the popular Ethereum (ETH) Network crypto wallet provider, will integrate its self-custodial wallets...more
New Research and Surveys Address CBDCs, Institutional Crypto Investment -
Staff from the board of governors of the U.S. central bank recently published a research paper addressing central bank digital currencies (CBDCs)....more
12/5/2022
/ Banking Sector ,
Bitcoin Mining ,
Central Bank Digital Currency (CBDCs) ,
Cryptoassets ,
Cryptocurrency ,
Data Collection ,
Decentralized Autonomous Organization (DAO) ,
Digital Assets ,
Digital Wallets ,
Financial Industry Regulatory Authority (FINRA) ,
Fraud ,
Initial Coin Offering (ICOs) ,
Intellectual Property Protection ,
Money Laundering ,
Non-Fungible Tokens (NFTs) ,
Office of Foreign Assets Control (OFAC) ,
Securities and Exchange Commission (SEC) ,
USPTO
New Crypto Products Launch; Singapore Completes DeFi Pilot with Major Banks -
In a press release published this week, a major U.S. cross-border payments and money transfer company announced a new service in its existing...more
11/7/2022
/ Blockchain ,
CFTC ,
Crypto Exchanges ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Ethereum ,
Hackers ,
IRS ,
New Guidance ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Risk Management ,
Royalties
The continued growth of the market for nonfungible tokens (NFTs) in 2022 has helped shape the zeitgeist of what has been referenced colloquially by some as the “fourth industrial revolution,” defined largely by network effect...more
10/27/2022
/ Blockchain ,
Cryptocurrency ,
Cyber Threats ,
Digital Assets ,
Financial Crimes ,
FinTech ,
Hackers ,
Insider Trading ,
Market Manipulation ,
Money Laundering ,
Non-Fungible Tokens (NFTs) ,
Phishing Scams ,
Popular ,
Risk Management ,
Scams ,
Terrorism Funding
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,...more
10/17/2022
/ AML/CFT ,
Anti-Money Laundering ,
Anti-Terrorism Financing ,
Banking Sector ,
Biden Administration ,
Digital Assets ,
Executive Orders ,
FATF ,
Financial Transactions ,
Regulatory Reform ,
Risk Mitigation ,
Virtual Currency
Crypto Products Launch, Reports Detail CBDC Pilots and Bank Crypto Exposure -
Last week, Circle Internet Financial, the issuer of USD Coin (USDC), announced plans “to make USDC available on five additional blockchain...more
10/10/2022
/ Blockchain ,
Central Bank Digital Currency (CBDCs) ,
Corporate Bonds ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
FinTech ,
Fraud ,
FSOC ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
U.S. Treasury
Exchange Reaches Agreement to Sell Assets; New Crypto Products Launch -
In a press release this week, Voyager Digital, a cryptocurrency exchange that recently filed for Chapter 11 bankruptcy, announced that it selected the...more
10/3/2022
/ Bitcoin ,
Blockchain ,
CFTC ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Digital Currency ,
Financial Conduct Authority (FCA) ,
FinTech ,
Fraud ,
IRS ,
John Doe Investigation ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Scams ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury ,
UK
On September 16, 2022, the U.S. Department of the Treasury published a report, “The Future of Money and Payments” (Report), in response to the President’s March 2022 Executive Order on Ensuring Responsible Development of...more
10/3/2022
/ AML/CFT ,
Biden Administration ,
Central Bank Digital Currency (CBDCs) ,
Digital Assets ,
Executive Orders ,
Information Reports ,
Money Services Business ,
Payment Systems ,
Public Policy ,
Stablecoins ,
U.S. Treasury
Non-Fungible Marketing: Brands Continue to Launch NFTs -
A South Korean technology company has reportedly launched a weeklong promotion in the metaverse. According to reports, the virtual events occurred across multiple...more
9/26/2022
/ AML/CFT ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Department of Justice (DOJ) ,
Digital Assets ,
Fraud ,
Hackers ,
Information Reports ,
Non-Fungible Tokens (NFTs) ,
Office of Foreign Assets Control (OFAC) ,
SDN List ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury
On Sept. 16, 2022, the White House released a Fact Sheet providing key findings and action items arising from the nine reports addressing digital assets that have been submitted to the president to date consistent with the...more
9/23/2022
/ Biden Administration ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Digital Assets ,
Environmental Protection Agency (EPA) ,
Executive Orders ,
Financial Services Industry ,
Financial Stability Board ,
Innovation ,
Non-Fungible Tokens (NFTs) ,
OECD ,
U.S. Commerce Department ,
U.S. Treasury
Ethereum Network Completes Transition to Proof of Stake Consensus -
After years of development and delays, Ethereum’s long-awaited “merge” occurred this week, changing the network’s consensus mechanism from proof-of-work...more
9/19/2022
/ Biden Administration ,
Blockchain ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement ,
Enforcement Actions ,
Ethereum ,
Executive Orders ,
Impact Assessments ,
Non-Fungible Tokens (NFTs) ,
Office of Foreign Assets Control (OFAC) ,
Ponzi Scheme ,
Popular ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC)
NFT Initiatives Launch in Ticket Sales, Social Media and College Football -
According to a recent press release, a major ticket sales and distribution company announced that event organizers who sell tickets on its platform...more
9/12/2022
/ Banking Regulators ,
Blockchain ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
Fraud ,
Hackers ,
Non-Fungible Tokens (NFTs) ,
OCC ,
Popular ,
Sports
CryptoPunk Sold at $2.6M, USPTO to Address NFTs, Court Approves NFT Service -
A rare NFT from the CryptoPunk collection recently sold for approximately $2.6 million, the fifth-largest sale in the collection’s history....more
7/18/2022
/ Biden Administration ,
Bureau of Industry and Security (BIS) ,
Copyright Office ,
Digital Assets ,
Enforcement ,
Financial Regulatory Agencies ,
FSB ,
Information Reports ,
Intellectual Property Protection ,
IOSCO ,
Non-Fungible Tokens (NFTs) ,
Stablecoins ,
U.S. Treasury ,
UK ,
USPTO
Key Takeaways -
..In June 2022, the DOJ issued a Report recommending increased cooperation amongst international law enforcement to combat crimes involving digital assets.
..The Report identified characteristics...more
6/30/2022
/ Banking Sector ,
Biden Administration ,
Central Bank Digital Currency (CBDCs) ,
Criminal Investigations ,
Cross-Border ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Executive Orders ,
FATF ,
Information Reports ,
Law Enforcement
New Fiat-Pegged Stablecoins Launch, BIS Publishes New Findings on CBDCs -
Late last week, a global fintech firm and issuer of the dollar-pegged stablecoin, USD Coin (USDC), announced that it was preparing to issue a...more
6/27/2022
/ Auction ,
Canada ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
Financial Services Industry ,
FinTech ,
Non-Fungible Tokens (NFTs) ,
Stablecoins ,
Startups ,
Ukraine
Firms Announce New Crypto Initiatives; Data Published on Crypto and NFT Use -
Late last week, a major U.S. cryptocurrency custodian announced “a groundbreaking, industry-first custody exchange network giving institutions...more
6/20/2022
/ Australia ,
Blockchain ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
FinTech ,
First Amendment ,
Fourth Amendment ,
Non-Fungible Tokens (NFTs) ,
Scams ,
Securities and Exchange Commission (SEC) ,
Stablecoins
Non-fungible tokens (NFTs) are the latest advancement in the ongoing evolution of the blockchain market. To help put this new phenomenon into context, the BakerHostetler Blockchain team has prepared a series of papers that...more
Last week a fintech company reportedly teamed with a local digital asset exchange in the Philippines to develop a blockchain-based solution for cross-border remittances. According to reports, the partnership aims to increase...more
Our fifth episode provides an overview of the key legal issues facing cryptocurrencies and blockchain in the U.S....more
3/30/2022
/ Bank Secrecy Act ,
Banking Sector ,
Biden Administration ,
Blockchain ,
Central Bank Digital Currency (CBDCs) ,
CFTC ,
Commodities ,
Cryptocurrency ,
Derivatives ,
Digital Assets ,
Digital Currency ,
Executive Orders ,
FinCEN ,
IRS ,
Money Transmitter ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
Unregistered Securities ,
Virtual Currency
This week a U.S. investment bank announced the public launch of its digital asset division. According to a press release, “the new division offers full-service trade execution and custody solutions on a platform that provides...more
On March 9, 2022, President Joe Biden signed the Executive Order on Ensuring Responsible Development of Digital Assets (EO) and the White House released a corresponding fact sheet summarizing related key policy objectives. As...more
This week, President Joe Biden signed “Executive Order on Ensuring Responsible Development of Digital Assets” (EO). According to a fact sheet published with the EO, the EO calls for measures to accomplish the following...more
3/14/2022
/ Anti-Money Laundering ,
Banking Sector ,
Biden Administration ,
Bitcoin ,
CFTC ,
Department of Justice (DOJ) ,
Digital Assets ,
Economic Sanctions ,
Enforcement Actions ,
Executive Orders ,
FinCEN ,
Russia ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
Virtual Currency