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Crypto Products Launch in Payments, Data Management, Wireless Networks; FASB Updates Crypto Accounting Rules; Crypto Enforcement...

Crypto Initiatives Focus on Latin America; New Tether Policy Aligns with OFAC - According to a press release, earlier this month Circle Internet Financial announced a partnership with Nubank, one of Latin America’s largest...more

DSIR Deeper Dive: 2023 Crypto Threat Landscape

Following one of the most turbulent years in crypto history, 2023, in contrast, unfolded as a year of reprieve, including from crypto threats. According to a July 12, 2023, report from blockchain analytics firm Chainalysis,...more

Ripple Decision Makes Waves Finding Some XRP Sales Not Securities

On July 13, 2023, the U.S. District Court for the Southern District of New York issued its highly anticipated summary judgment decision in the U.S. Securities and Exchange Commission’s (SEC) action against Ripple Labs, Inc....more

New Crypto and NFT Products Launch; Proposed Crypto Legislation Published; Crypto Enforcement Actions Continue; Wallet Provider...

New Products Launch for Crypto Futures, Wallets, Stablecoins and Settlement - According to a recent press release, a leading global options exchange has received the necessary approval from the U.S. Commodity Futures...more

U.S. Treasury Dept. Publishes Risk Assessment Addressing Illicit Finance Risks of DeFi

Background and Scope - The Assessment was drafted by Treasury’s Office of Terrorist Financing and Financial Crimes (“TFFC”), in consultation with multiple U.S. agencies, including the Departments of Homeland Security,...more

U.S. District Court Signals That In Certain Cases, NFTs May Qualify as Securities

Dapper Labs was founded in 2018 shortly after the debut of its first NFT collection, “CryptoKitties,” which was so successful it created a bottleneck of transactions on the decentralized Ethereum Network. Seeking faster...more

DOJ, CFTC and SEC Bring Separate Actions for the Same Conduct: Alleged Digital Asset Manipulation and Fraud Scheme on Mango...

Mango Markets is a decentralized cryptocurrency exchange that allows users to purchase and borrow cryptocurrencies and cryptocurrency-related financial products. Mango Markets is run by the Mango Decentralized Autonomous...more

New Congressional Subcommittees Foreshadow Pending Digital Asset Legislation

Two congressional committees of the U.S. House of Representatives commenced the new year by announcing the creation of new subcommittees for the 118th Congress that are expected to analyze issues concerning cryptocurrency and...more

DeFi, Stablecoin Products Launch; FASB to Allow Fair Value for Crypto Accounting; SEC Addresses Crypto IRAs; DOJ Enforcement...

DeFi, Stablecoin Products Launch; Bitcoin Network Spikes Due to NFTs - According to reports, a new decentralized finance (DeFi) protocol recently launched that allows users to deposit the stablecoins USDC or DAI in a...more

Crypto Market Data Published; Digital Assets RFI Issued; BIS Addresses DeFi; NY DFS Issues Crypto Guidance; SEC Brings Crypto...

Reports Address Crypto Ownership, Stablecoins and Dapp Adoption - Recent reports provide new data on various areas of the digital asset market. In one report, a survey published by a cryptocurrency trading platform found...more

Crypto Payment Products, DeFi Networks and Price Indices Launch; CBDC Report and NFT Royalty Data Published; FinCEN, FTC Address...

Payments Firms Launch Crypto Products, New DeFi Price Indices Announced - A U.S. fintech company recently announced the launch of a fiat-to-crypto on-ramp, which facilitates fiat-to-crypto payments using “a customizable...more

IRS Warns: Hundreds of Crypto Criminal Tax Cases Coming Soon; Hiring of 300 Special Agents Means More to Follow

Takeaways: ..2022 IRS Criminal Investigation Annual Report highlights significant prosecutions and identifies cryptocurrency as an area of top priority heading into 2023. ..Criminal Investigation Chief Jim Lee...more

Stunning Collapse of Global Cryptocurrency Exchange FTX Leads to Bankruptcy

In a sudden and stunning collapse, FTX, the world’s second largest cryptocurrency exchange, run by 30-year-old Sam Bankman-Fried along with more than 130 entities affiliated with FTX, filed for Chapter 11 bankruptcy...more

CBDC Report Published; Crypto and NFT Initiatives Launch; OFAC Redesignates Tornado Cash; SEC and CFTC Target Crypto Fraud; FTX...

CBDC Report Published, Blockchain Settlement and Payment Initiatives Launch - This week the New York branch of the U.S. central bank published a report on the Phase I results of Project Cedar, “a multiphase research effort...more

US District Court Finds LBRY Tokens Are Securities

Takeaways: ..The Court granted the U.S. Securities and Exchange Commission’s (the SEC) motion for summary judgment, holding that LBC tokens are securities and that the offers and sales of the tokens by LBRY, Inc. (LBRY)...more

Top NFT-Related Cybersecurity, Phishing, Hacking and Other Risks in 2022

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

Major U.S. Crypto Exchange Consents to $29 Million Penalty for Historic BSA and OFAC Violations

​​​​​​​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...more

SEC Chair Stands Firm: ‘Vast Majority' of Cryptocurrency Tokens Are Securities

Takeaways - ..U.S. Securities and Exchange Commission (SEC, or Commission) Chair Gary Gensler reaffirmed his view that the “vast majority” of cryptocurrency tokens are securities, and recent agency enforcement actions...more

Developer Arrested Following OFAC Sanctions of the Tornado Cash Protocol

Takeaways - ..The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued the first-ever smart contracts sanction, and its decision to sanction a nonperson may be challenged in court. ..The U.S....more

DOJ Calls on International Partners to Improve Investigative Efficiency in Response to President Biden's Executive Order on Risks...

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

New Stablecoins, Cryptocurrency Products and NFT Initiatives Launch; Ukraine Sells Donated NFT; SEC and OSC Bring Crypto...

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

Financial Firms and Crypto Networks Launch Initiatives; Nonprofit Challenges Crypto Tax Provision; Crypto Enforcement Continues;...

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

Proposed Federal Crypto Legislation Supported by Digital Asset Ecosystem; Consumer Advocacy Groups Balk

On June 7, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced S. 4356, the Responsible Financial Innovation Act (Lummis-Gillibrand Bill). If enacted, the legislation would create a regulatory framework...more

New Crypto Products Launch, Draft Digital Assets Bill Released, Regulators Address Stablecoins, DOJ Publishes Crypto Report, Hacks...

Fintech and Crypto Firms Announce Myriad New Crypto Product Launches - This week, a major global payments firm announced the launch of a stablecoin settlement solution that leverages technology by Fireblocks, a digital...more

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