News & Analysis as of September 19, 2024

FinCEN › Bitcoin

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The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -

Pending Changes to Anti-Money Laundering Program Requirements for MSBs and Other Financial Institutions

Wilson Sonsini Goodrich & Rosati on 8/20/2024

Money services businesses (MSBs), a category which includes money transmitters (e.g., PayPal and other payment facilitators), as well as administrators and exchangers of convertible virtual currencies (e.g., Bitcoin...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2024

Troutman Pepper on 8/8/2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

PA Department of Banking and Securities: Virtual Currency is “Money”

Ballard Spahr LLP on 5/14/2024

On April 20, 2024, the Pennsylvania Department of Banking and Securities (“DoBS”) issued a policy statement (“Policy Statement”) to “clarify” that the Department’s interpretation of the term “money” in the Pennsylvania Money...more

Broker Dealer Regulatory Digest - March 2024

Davis Wright Tremaine LLP on 3/28/2024

Editor's Note: The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - February 2024 # 4

Troutman Pepper on 2/27/2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

DSIR Deeper Dive: 2023 Crypto Threat Landscape

BakerHostetler on 10/6/2023

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

Cryptocurrency: Legal Developments and Outlook

King & Spalding on 9/25/2023

Federal and state regulators have taken an increased interest in regulating cryptocurrencies, digital assets, and the larger blockchain ecosystem. This landscape is opaque and rapidly evolving, and many industry participants...more

Cryptocurrencies Mirrored a New Gold Rush, Then Ended Up Similarly: With Scammers Going to Jail

Kohn, Kohn & Colapinto LLP on 8/23/2023

Despite the excitement that surrounded original cryptocurrencies like Bitcoin, the dust eventually settled, revealing that only a few early investors got rich and many others lost their life savings. But it was not long...more

Take Two: The Lummis-Gillibrand Crypto Assets Bill 2.0

Cadwalader, Wickersham & Taft LLP on 8/2/2023

On July 12, Senator Kirsten Gillibrand, a Democratic senator from New York who sits on the Senate Banking Committee, and Senator Cynthia Lummis, a Republican senator from Wyoming who sits on the Agriculture Committee, joined...more

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

BakerHostetler on 12/12/2022

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

Crypto Products Launch; FSB, OECD Address Crypto Regulation and Tax; US Exchange Fined $24M; DOJ and SEC Actions Continue; Major...

BakerHostetler on 10/17/2022

New Crypto Products Launch in Custody, Cloud Collaborations and Stablecoins - This week, a major U.S. financial institution announced that its Digital Asset Custody platform is now live in the United States. According to...more

Grayscale Investments Petitions D.C. Circuit For Review Of SEC’s Decision To Disapprove Proposed Bitcoin Exchange-Traded Product

Goodwin on 7/14/2022

On June 29, 2022, Grayscale Investments, LLC petitioned the U.S. Court of Appeals for the District of Columbia for review of the U.S. Securities and Exchange Commission’s June 29, 2022 final order disapproving of an October...more

Karakurt Extortion Group Auctions Data for Ransom

Robinson+Cole Data Privacy + Security Insider on 6/16/2022

On June 2, 2022, CISA (the Cybersecurity and Infrastructure Security Agency), the FBI, the Department of the Treasury and the Financial Crimes Enforcement Network issued a joint Cybersecurity Alert warning companies of the...more

Crypto Products and Mining Initiatives Launch; Sports and Spirits Firms Embrace Blockchain; US Agencies Seek Crypto Input, Address...

BakerHostetler on 5/23/2022

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

Banks and Retailers Embrace Crypto, Bitcoin Environmental Costs Debated, New NFT Initiatives Launch, Various Agencies Address...

BakerHostetler on 5/9/2022

According to reports, a major U.S.-based global investment bank has allowed a borrower to use bitcoin as collateral for a cash loan, for the first time in the bank’s history. In other financial news, according to reports, the...more

Blockchain Week in Review - March 2022

Perkins Coie on 3/18/2022

...Treasury Releases National Risk Assessments - The U.S. Department of the Treasury (Treasury) issued the 2022 National Risk Assessments (NRAs) on (1) money laundering, (2) terrorist financing, and (3) proliferation...more

Executive Order Addresses Digital Assets; Banks and Restaurants Launch Crypto Initiatives; FinCEN Issues Alert; SEC, CFTC and DOJ...

BakerHostetler on 3/14/2022

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

Cryptocurrency Exchange Founders Plead Guilty to Bank Secrecy Act Violations

Faegre Drinker Biddle & Reath LLP on 3/4/2022

On February 24, 2022, two of three founders of an off-shore cryptocurrency derivatives exchange, the Bitcoin Mercantile Exchange or “BitMEX,” pled guilty to violating the Bank Secrecy Act (BSA) by failing to maintain an...more

2021 Digital Asset Regulatory Lookback (US Edition)

Latham & Watkins LLP on 1/25/2022

Popular and institutional interest in digital assets, decentralized applications, NFTs, and blockchain technology skyrocketed, and regulators sprinted to catch up. For the digital asset markets, 2021 was a banner year....more

Blockchain Legal Report: December 2021

Perkins Coie on 12/17/2021

Senate Holds Hearing on Stablecoins - The United States Senate Committee on Banking, Housing, and Urban Affairs held a hearing on stablecoins on Tuesday, December 14, 2021, featuring testimony from a cross section of law,...more

OFAC Warns FFIs And Crypto Sector On Ransomware Attacks

Foodman CPAs & Advisors on 12/14/2021

During the first half of 2021, 68 different ransomware attacks extracted approximately $600 million from victims across the United States. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) says that the...more

How Will Virtual Currency Be Taxed?

Foodman CPAs & Advisors on 11/17/2021

Despite the confusing interpretations by US regulators, non-compliance with crypto tax rules can cost taxpayers dearly. Unfortunately, the answer to “how is virtual currency taxed” depends on who you ask....more

Treasury Department Steps Up Its Counter-Ransomware Efforts and Simultaneously Issues New Sanctions Compliance Guidance for...

Proskauer - Blockchain and the Law on 10/28/2021

Recently, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, released a report on ransomware trends stating that during the first half of 2021, 68 different ransomware variants...more

How to Use Cryptocurrencies

Cole Schotz on 10/13/2021

Uses of Cryptocurrency Overview- As previously detailed, there are a number of regulations surrounding Cryptocurrencies which vary by location (State Regulations) and by federal agency (FINCEN Regulations, IRS Regulations,...more

Cryptocurrencies And The Commodity Futures Trading Commission

Cole Schotz on 8/10/2021

As previously discussed, there are quite a few regulatory schemes surrounding Digital Assets and Cryptocurrencies. In addition to the FinCen Rulings, each State has its own regulations. The Internal Revenue Service (“IRS”)...more

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FinCEN › Bitcoin

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