News & Analysis as of September 13, 2024

Virtual Currency › Criminal Prosecution

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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 -

Práctica IRS Divulgación Voluntaria

Foodman CPAs & Advisors on 7/15/2024

Los contribuyentes que intencionalmente han no han cumplido con obligaciones tributarias o relacionadas con impuestos pueden resolver su incumplimiento y limitar su exposición a un proceso penal presentando una solicitud a la...more

IRS Voluntary Disclosure Practice

Foodman CPAs & Advisors on 7/15/2024

Taxpayers that have willfully failed to comply with tax or tax-related obligations may be able to resolve their non-compliance and limit their exposure to criminal prosecution by filing an application to the IRS Voluntary...more

Weekly Blockchain Blog - June 2024 #4

BakerHostetler on 6/24/2024

Crypto Companies Announce Licenses, Acquisitions, New Products - According to recent reports, a major Chicago-based digital asset trading desk recently obtained a BitLicense from the New York Department of Financial...more

Crypto: Give Unto Caesar What Is Caesar’s

Cadwalader, Wickersham & Taft LLP on 5/22/2024

Earlier this year the U.S. Department of Justice (“DOJ”) brought USA v. Ahlgren, its first crypto case with tax evasion allegations unrelated to another crime, demonstrating the DOJ’s willingness to pursue stand-alone crypto...more

Weekly Blockchain Blog - April 2024 #5

BakerHostetler on 4/29/2024

Hong Kong Approves Crypto ETFs; Crypto Security, Payments Products Launch - According to recent reports, the Hong Kong Securities and Futures Trading Commission has conditionally approved the launch of the first spot...more

No Further Warnings - Prosecutors Bring First Pure Legal Digital Asset Tax Indictment; More Criminal Cases to Come

BakerHostetler on 2/23/2024

After years of explicitly warning taxpayers that failing to report or underreporting income from transactions involving digital assets would lead to criminal charges, federal prosecutors are now beginning to follow through on...more

U.S. Department of Justice Report Outlines Key Action Items to Address Criminal Activity Related to Digital Assets

Davis Wright Tremaine LLP on 10/3/2022

A U.S. Department of Justice (DOJ) report released on September 16, 2022, will have a significant impact on the U.S. Government's ability to investigate and prosecute offenses involving digital assets....more

[Webinar] Recent Trends in the U.S. Department of Justice’s International Criminal Investigations - September 8th, 9:00 am - 10:00...

Paul Hastings LLP on 7/26/2022

Discussion with two former senior prosecutors on how to handle cases involving Japanese multinational corporations - It is not unusual for the U.S. Department of Justice to investigate non-U.S. multinational corporations...more

Eleven of the IRS's Enforcement Priorities During the 2021 Tax Season

Oberheiden P.C. on 4/13/2021

It is tax season once again. While the Internal Revenue Service (IRS) has extended this year’s filing deadline to May 17, 2021 for individuals, businesses must still file by April 15, and all U.S. taxpayers must ensure that...more

Can You Go To Jail for Failing to Disclose Virtual Currency on a Tax Return or as Part of an Offer for a Collection Alternative?

Freeman Law on 11/18/2020

Virtual currency, such as Bitcoin, continues to be a topic of interest for the IRS. Indeed, for the 2019 tax year, the IRS added for the first time a unique question to Schedule 1, Additional Income and Adjustments to...more

Superman29 - Welcome to the Phantom Zone

Polsinelli on 8/10/2020

In a lesson to everyone that the use of foolish monikers will come back to haunt you, Kais Mohammad, 36, a.k.a. “Superman29,” has met his Kryptonite - the U.S. Department of Justice. ...more

Two Chinese Nationals Charged with Money Laundering Over $100 Million in Cryptocurrency for North Korea

Ballard Spahr LLP on 3/12/2020

Case Sheds Light on Latest Methods to Evade Detection: “Peeling” Chains - On March 2, the U.S. government sanctioned and indicted two Chinese nationals for helping North Korea launder nearly $100 million in stolen...more

U.S. man charged with operating darknet-based bitcoin 'mixer' that laundered $300 million

Hogan Lovells on 2/18/2020

The U.S. Department of Justice (DoJ) has indicted a man from Ohio for running Helix, a darknet-based cryptocurrency laundering service that is alleged to have laundered bitcoins worth $300 million....more

Michigan man sentenced to prison and ordered to repay $210,000 in crypto scam

Hogan Lovells on 2/10/2020

A man from Michigan has been ordered to repay about $210,000 for his role in a cryptocurrency scam. The fraudster solicited investments from two people, promising them large returns, but he used the investment proceeds to buy...more

Blockchain Week in Review - January 2020 #2

Perkins Coie on 1/24/2020

U.S. Developments - U.S. Regulatory Developments - Bill Addressing Tax Treatment of Crypto Transactions Introduced to the House - On January 16, 2020, Congresswoman Suzan DelBene (WA) and Congressman David Schweikert...more

BitBlog Weekly Summary

Polsinelli on 10/2/2019

This summary covers the last two weeks which includes news about continued enforcement actions by the U.S. Securities and Exchange Commission (“SEC”) involving fraudulent digital asset transactions, dismissal of a securities...more

Bridging the Week - May 2019 #2

Katten Muchin Rosenman LLP on 5/14/2019

Last week may not have been the best of times or the worst of times (to borrow from Charles Dickens), but it was undoubtedly a time that three United States financial services regulators issued important guidance on disparate...more

Blockchain Week in Review - April 2019 #5

Perkins Coie on 5/9/2019

U.S. Developments - Regulatory Updates - SEC Suspends Trading for Crypto Exchange and Mining Company - On April 29, 2019, the U.S. Securities and Exchange Commission (“SEC”) announced that it was suspending trading for...more

Blockchain Week in Review - April 2019 #4

Perkins Coie on 5/7/2019

U.S. Developments - New York Attorney General Announces Filing in Connection with Tether, Bitfinex Investigation - On April 25, 2019, New York Attorney General Letitia James announced that her office obtained a court...more

Blockchain Week in Review - January 2019 #2

Perkins Coie on 1/15/2019

U.S. Developments - Regulatory Updates - Texas Clarifies that Stablecoins Backed by Sovereign Currency Qualify as “Money” Under Money Transmission Statute - The Texas Department of Banking recently issued a Supervisory...more

First Punch: Floyd Mayweather and DJ Khaled Settle with SEC Over Unlawful Touting of ICOs

Proskauer - Blockchain and the Law on 12/5/2018

The SEC recently announced its settlement of charges against boxer Floyd Mayweather and producer DJ Khaled for their failure to disclose payments they received for promoting Initial Coin Offerings (ICOs) on their social media...more

Federal Court Evaluates When Cryptocurrency May Constitute a Security in a Criminal Case

Winstead PC on 11/12/2018

The regulatory framework for virtual currencies is evolving, as federal and state regulators and courts wrestle with the circumstances in which cryptocurrencies are securities. For instance, the staff of the Securities and...more

Belgium Gaming Commission Loot Box Report – Extends Beyond Game Companies to Licensors and Game Platforms

Sheppard Mullin Richter & Hampton LLP on 5/15/2018

We previously reported, that the Belgian Gaming Commission has recommended criminal prosecution against certain game companies due to the allegedly illegal use of loot boxes. This report follows previous reports on findings...more

Bridging the Weeks - March 2018 #3

Katten Muchin Rosenman LLP on 3/26/2018

The Department of Justice and the Securities and Exchange Commission opposed a motion to dismiss filed by a defendant named in a criminal indictment, charging him with offering and selling two types of digital tokens issued...more

IRS Increases Focus on Criminal Prosecution of Cryptocurrency Tax Evasion: What You Need to Know before Tax Day

Blank Rome LLP on 3/13/2018

Blockchain Technology & Digital Currencies March 2018 (No. 1) In 2017, the world witnessed virtual currency investors become millionaires seemingly overnight with cryptocurrencies, such as Bitcoin, climbing from $830 to...more

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Virtual Currency › Criminal Prosecution

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