News & Analysis as of September 26, 2024

Cryptocurrency

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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 -

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

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

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

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

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

Cryptocurrencies And The Securities And Exchange Commission

Cole Schotz on 8/4/2021

As previously discussed, in addition to the State Regulations and FinCen Rulings pertaining to Digital Assets and Cryptocurrencies, there are a host of other federal agencies with regulations that affect the industry. The...more

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

BakerHostetler on 8/2/2021

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

Digital Assets And Financial Crimes Enforcement Network Rulings

Cole Schotz on 7/6/2021

In recent months notable investors, wealth managers, and banks have begun to explore (if they were not already invested in) bitcoin and other cryptocurrencies. Many banks are beginning to offer cryptocurrency investment...more

The Anti-Money Laundering Act and Crypto Collide: Non-Fungible Tokens

King & Spalding on 5/19/2021

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

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - April 2021

Skadden, Arps, Slate, Meagher & Flom LLP on 4/19/2021

This issue discusses a variety of legal, regulatory and enforcement developments in the digital asset space in the U.S. and Europe....more

Financial Firms Launch New Crypto Products, NFTs Trending, Crypto Exchange Acquires Broker-Dealer, SEC, DOJ, IRS and CFTC Actions...

BakerHostetler on 4/5/2021

US Institutional Financial Firms, and Fintech Startups, Launch Crypto Products - A major U.S. financial services corporation announced this week that it would begin to settle transactions over the Ethereum Network in USD Coin...more

US Firms Launch Bitcoin Products, Seek Approvals; Federal and State Agencies Take Enforcement Actions Against Cryptocurrency...

BakerHostetler on 3/22/2021

US Firms Launch Bitcoin Products, Seek Approvals, Advocate for Crypto Rules - According to reports, in an internal memorandum issued earlier this week, a major U.S. investment bank informed its financial advisers that it is...more

Talking Custody of Digital Assets

Nelson Mullins Riley & Scarborough LLP on 3/4/2021

I had the pleasure of presenting at Bank Director Magazine's Inspired By Acquire or Be Acquired: What Officers and Directors Need to Know Now virtual conference, along with Rick Levin, earlier this month. Our...more

SEC Action Could Have Rippling Effects on Future of Cryptocurrency

Snell & Wilmer on 2/24/2021

Many investors, traditional and progressive, are looking hard at cryptocurrency investments as a way to diversify their portfolios. However, there are still multiple known “unknowns” about this new market, including the...more

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