News & Analysis as of September 13, 2024

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

The Shadow Financial System

White & Case LLP on 6/18/2024

The concept of the shadow financial system rose to international prominence in the aftermath of the 9/11 terrorist attacks. In an interview with a Pakistani newspaper a month later, Osama bin Laden stated that Al Qaeda were...more

U.S. Sanctions Enforcement: 2023 Trends and Lessons Learned

Morrison & Foerster LLP on 3/5/2024

Today’s alert—the second in our Sanctions 2023 Year in Review Series—provides an overview of U.S. sanctions enforcement in 2023, including the key lessons learned from the public enforcement actions issued by the U.S....more

Binance’s Paper Compliance Program Crumples Under OFAC Scrutiny in Largest OFAC Settlement in History

Sheppard Mullin Richter & Hampton LLP on 11/27/2023

On November 21, 2023, the U.S. Office of Foreign Assets Control (OFAC) announced its largest settlement in history with the virtual currency exchange Binance. This almost-billion dollar settlement is a part of a larger...more

FinCEN and OCC Address Cryptocurrency: Responsible Innovation and Pervasive Hype

Ballard Spahr LLP on 5/31/2022

On May 19, 2022, the Associate Director of the Enforcement and Compliance Division of the Financial Crimes Enforcement Network (“FinCEN”), Alessio Evangelista, spoke at the Chainalysis Links Conference in New York City on the...more

[Podcast] Blockchain University: Relationship Drama: Cryptocurrencies, Blockchain and the Law

BakerHostetler on 3/30/2022

Our fifth episode provides an overview of the key legal issues facing cryptocurrencies and blockchain in the U.S....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

Federal Regulators Move To Regulate Stablecoins Through Banking Laws Plus New Legislation

Skadden, Arps, Slate, Meagher & Flom LLP on 11/17/2021

The President’s Working Group on Financial Markets (PWG), together with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), released a much-anticipated Report on...more

President’s Working Group Releases Report on Stablecoins

Morrison & Foerster LLP on 11/5/2021

On November 1, 2021, the President’s Working Group on Financial Markets (PWG), along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) (together, the “Agencies”),...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

U.S. Federal Regulators Turn Up the Heat on Cryptocurrency Trading Platforms

Proskauer - The Capital Commitment on 8/27/2021

With new types of digital assets and related business on the rise, federal authorities have been busy investigating. Recently, the SEC, FinCEN and the CFTC have imposed some notable settlements involving cryptocurrency...more

FinCEN and CFTC Reach Groundbreaking $100 Million AML Settlement with BitMEX

Ballard Spahr LLP on 8/25/2021

Government Alleges Systemic and Deliberate AML Failures - Filings Describe Tools for CVC Exchanges to Use for Customer Due Diligence and Transaction Monitoring - The Financial Crimes Enforcement Network (“FinCEN”) and...more

Off‐Shore Crypto Exchange to Pay Up to $100 Million to Resolve Enforcement Action with U.S. Regulators

Orrick, Herrington & Sutcliffe LLP on 8/20/2021

The Financial Crimes Enforcement Network (FinCEN) and the Commodity Futures Trading Commission (CFTC) reached one of the largest-ever resolutions with a cryptocurrency exchange on August 10, 2021. BitMEX is virtual currency...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

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

State Regulations on Virtual Currency and Blockchain Technologies (Updated March 2021)

Carlton Fields on 4/19/2021

Introduction: There exists no uniformity with respect to how businesses that deal in virtual currencies (also known as "cryptocurrencies") such as Bitcoin are treated among the states. For these proprietors, often the first...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

What 2021 Has in Store for Stablecoin

Morgan Lewis on 1/12/2021

The year 2020 won’t soon be forgotten. Despite the challenges that the COVID-19 pandemic presented on a global scale, 2020 ushered in new ways of thinking about stablecoin, a type of cryptocurrency that attempts to peg its...more

FinCEN Proposes New Crypto Record-Keeping Rules; SEC and CFTC Issue Digital Asset Guidance; SEC Closes 2020 With Multiple...

BakerHostetler on 1/6/2021

FinCEN Proposed Rule Creates New Cryptocurrency Record-Keeping Requirements - On Dec. 18, 2020, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, published a notice of...more

DOJ Cryptocurrency Guidance Outlines Enforcement Partnerships (Part II of II)

The Volkov Law Group on 11/3/2020

DOJ’s Cyber Digital Task Force’s report, “Cryptocurrency: An Enforcement Framework,” provides a comprehensive on the growing partnerships between DOJ and other offices within the executive branch....more

DOJ Releases Cryptocurrency Guidance and Enforcement Framework (Part I of II)

The Volkov Law Group on 11/3/2020

Earlier this month, the Department of Justice (“DOJ”), through its Cyber Digital Task Force (hereinafter the “Task Force”), published its 83-page crypto guidance report titled “Cryptocurrency: An Enforcement Framework.”...more

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - October 2020

Skadden, Arps, Slate, Meagher & Flom LLP on 10/31/2020

Recent and significant regulatory and legislative events in the digital asset space demonstrate the evolving and expanding approach by U.S. and international regulators to the burgeoning digital asset markets. These...more

Major U.S. Firm Offers Cryptocurrency Services, Blockchain Solutions Launch Across Industries, CFTC Issues Crypto Guidance, FinCEN...

BakerHostetler on 10/26/2020

Major U.S. Payments Firm Launches Cryptocurrency Service as Adoption Grows - This week a major U.S. Internet payments firm announced the launch of “a new service enabling its customers to buy, hold and sell cryptocurrency...more

The CFTC Begins Policing AML Enforcement

Orrick, Herrington & Sutcliffe LLP on 10/22/2020

Financial institutions with anti-money laundering responsibilities under the Bank Secrecy Act (BSA) take note: there’s a new sheriff in town. The Commodity Futures Trading Commission recently finished its fiscal year with...more

Navy Awards Blockchain Contract, Crypto Loyalty Programs Advance, Australia Releases Blockchain Strategy, US Warns on Crypto AML...

BakerHostetler on 2/18/2020

Blockchain Enterprise Applications Continue to Emerge Across Industries - A press release late last week announced that blockchain startup SIMBA Chain has been awarded a five-year, $9.5 million contract with the U.S. Navy...more

Cryptocurrency and OFAC: Beware of the Sanctions Risks

Orrick - On the Chain on 1/24/2020

A recent federal criminal action shows the depth of the U.S. government’s concern about the use of cryptocurrency (or virtual currency) to violate economic sanctions laws and the lengths to which it will go to charge such...more

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