News & Analysis as of

Art Office of Foreign Assets Control (OFAC)

BakerHostetler

Regulator Seeks Comments on DeFi; Crypto Firms Announce Products, Licenses, DAO Application Updates; NFT Boom Continues; OFAC Adds...

BakerHostetler on

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

Sheppard Mullin Richter & Hampton LLP

Tokenized Art Legal Issues

The tokenization of physical and digital art has many advantages. Some of the advantages create potential complexities under US law. Each situation is fact specific, but the following is a summary of some of the areas for...more

Cohen & Gresser LLP

Congress Votes on Federal Oversight for Antiquities and Heightened Scrutiny of the Art Market

Cohen & Gresser LLP on

On January 1, 2021, the Senate and the House of Representatives voted to override President Trump’s veto of the National Defense Authorization Act (NDAA) of 2021. The NDAA introduces legislation that allows federal oversight...more

Patterson Belknap Webb & Tyler LLP

OFAC Issues Advisory on Sanctions Risks Arising from High-Value Artwork Transactions

In many ways, the market for valuable art remains one that depends on long-standing relationships and a high degree of familiarity between market participants. The importance of relationships in the art business makes sense....more

Sullivan & Worcester

U.S. Senate Report Takes a Swing at Money Laundering in the Art Market But Strikes Out on Substance

Sullivan & Worcester on

A recent report by the U.S. Senate Permanent Subcommittee on Investigations (headlined by Chairman Senator Rob Portman, Republican of Ohio, and Ranking Member Tom Carper, Democrat of Delaware) has drawn widespread attention...more

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