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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

IRS Enforcement Efforts in Puerto Rico Gaining Steam - Wave of Cases Expected

Long-awaited enforcement actions may be coming soon for those who took advantage of the lucrative tax breaks offered by the Commonwealth of Puerto Rico without meeting the requirements. Prosecutions may also follow for...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

[Webinar] Bulls, Bears, and Blockchain - Special Edition: Former SEC Speaks - July 17th, 2:00 pm ET

Join BakerHostetler for our series of Fireside Chats about the latest developments impacting the capital markets and their participants, and the blockchain industry....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

Jury Finds Former NFT Marketplace Manager Guilty of 'Insider Trading' Wire Fraud Scheme and Money Laundering

On May 3, 2023, a jury found Nathaniel Chastain, a former manager of OpenSea (a major NFT marketplace), guilty of wire fraud and money laundering in connection with his attempts to conceal his use of confidential business...more

SEC Signals No End in Sight for Crypto Enforcement Ramp-Up

On March 29, Gensler testified before the U.S. House Appropriations Committee’s Financial Services and General Government Subcommittee during a hearing on the SEC’s Fiscal Year 2024 Budget Justification Annual Performance...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

Crypto Exchange Kraken Settles SEC Action and Agrees to Pay $30M Fine and Shutter U.S. Crypto Staking Service

The SEC’s Complaint - According to the SEC’s complaint, Kraken offered and sold its staking services to the general public in which participants could transfer crypto assets to Kraken in exchange for “advertised annual...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

US Crypto Exchange Consents to $100M DFS Settlement for AML Compliance Failures

On January 4, 2023, the New York State Department of Financial Services (“DFS”) announced that Coinbase, Inc., a major U.S. cryptocurrency exchange, will pay a $50 million penalty and invest an additional $50 million in its...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

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