News & Analysis as of November 15, 2024

Department of Justice (DOJ)

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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 -

Weekly Blockchain Blog - October 2024 #3

BakerHostetler on 10/21/2024

Crypto Companies Announce New Stablecoin Products and Partnerships - In recent press releases, U.S. crypto companies Paxos and Ripple announced new stablecoin products and partnerships. Paxos announced the launch of a new...more

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

FinCEN Proposes New Regulation To Enhance Transparency In Convertible Virtual Currency Mixing And Combat Terrorist Financing

K2 Integrity on 11/14/2023

Summary of What Has Happened and What Is Yet to Come - On 19 October 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rule Making (NPRM), pursuant to...more

Trade Matters - Lowenstein Sandler's Global Trade & National Security Newsletter - September 2023

Lowenstein Sandler LLP on 9/7/2023

1. OFAC Imposes Sanctions on Russian Elites Who Were Board Members of Alpha Group- On Aug. 11, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated four Russian individuals, Petr...more

The North Korean Crypto Threat

K2 Integrity on 10/17/2022

Executive Summary - The North Korean threat to the crypto ecosystem is the highest form of immediate risk to the crypto-economy driven by a regime that seeks to profit from its misuse to reinforce its regime and fuel all its...more

Top PHive Crypto Enforcement Notes: September Edition

Paul Hastings LLP on 9/7/2022

Greetings, and thank you for taking a look at our new monthly crypto enforcement newsletter. Our goal is to share five topics each month that we believe are of significance in the world of crypto enforcement—particularly as...more

Federal Court Authorizes Service of John Doe Summons Seeking Cryptocurrency User Identities

Mitchell, Williams, Selig, Gates & Woodyard,... on 8/23/2022

Back in 2005 when I was a trial attorney at the United States Department of Justice, I worked to enforce the John Doe summons on PayPal, Inc. in the federal district court in the Northern District of California, which summons...more

DOJ Targeting Crypto Industry for Enforcement

The Volkov Law Group on 8/15/2022

A basic truism — you do not want to become the subject of a Justice Department investigation. The wheels of justice — prosecutors and law enforcement — can cause real harm to organizations and individuals that violate the...more

DOJ Charges Six Individuals with NFT Fraud

Sheppard Mullin Richter & Hampton LLP on 7/22/2022

On June 30, the DOJ charged six individuals in four separate cases for a fraudulent NFT trading scheme. The first case alleged that an individual committed wire fraud and engaged in a conspiracy to commit international...more

Daily Financial Regulation Update -- Saturday, July 2, 2022

Paul Hastings LLP on 7/5/2022

Major Developments- Justice Department Announces Enforcement Action Charging Six Individuals with Cryptocurrency Fraud Offenses in Cases Involving Over $100 Million in Intended Losses...more

New Crypto Products Launch, Draft Digital Assets Bill Released, Regulators Address Stablecoins, DOJ Publishes Crypto Report, Hacks...

BakerHostetler on 6/10/2022

Fintech and Crypto Firms Announce Myriad New Crypto Product Launches - This week, a major global payments firm announced the launch of a stablecoin settlement solution that leverages technology by Fireblocks, a digital...more

Crypto Payment Initiatives Launch; Report Cites Evolving Crypto Views; G7, ECB, BIS Address Crypto Risks; DOJ, CFTC Target NFT...

BakerHostetler on 6/6/2022

New Cryptocurrency Payments Systems, Tokens and Trade Associations Launch - A leading global cryptocurrency platform has reportedly announced a partnership with a global e-commerce platform that would allow e-commerce...more

U.S. Government Steps Up Its Enforcement in the Digital Assets Space

Alston & Bird on 5/26/2022

Our Blockchain & Digital Assets Team offers a snapshot sample of significant recent developments by a panoply of federal agencies and departments that represent the expanding array of enforcement tools used by federal...more

Global Markets May Face Risk of Virtual Currency Abuse as Russian Actors Seek to Circumvent Sanctions

K2 Integrity on 3/14/2022

The United States, the United Kingdom, and European Union have led a broad international coalition imposing a sweeping and unprecedented range of economic and financial sanctions against Russia and Belarus in response to...more

Sound the Alarm: DOJ’s New Criminal and Civil Tools to Combat Crypto-Cyber Threats Should Prompt Investment in Cyber Compliance

Vinson & Elkins LLP on 10/28/2021

As a strong signal that it intends to increase its focus on illicit crypto transactions, the Department of Justice (“DOJ”) announced the creation of an enforcement team, the National Cryptocurrency Enforcement Team (“NCET”),...more

DOJ Trumpets New Multi-Faceted Cryptocurrency Task Force: What this Means for You

Bracewell LLP on 10/27/2021

In keeping with the United States government’s expanding scrutiny of cryptocurrency markets, the DOJ recently announced the creation of a National Cryptocurrency Enforcement Team (the “NCET”). The NCET endeavors to add a...more

DOJ Creates Cryptocurrency Enforcement Team

Troutman Pepper on 10/21/2021

On October 6, Deputy Attorney General Lisa O. Monaco announced the creation of a National Cryptocurrency Enforcement Team (NCET) to handle criminal misuses of cryptocurrency. According to the press release, NCET will focus...more

The Cryptocurrency Market – Prepare for an Uptick in Enforcement Activity

Dechert LLP on 10/20/2021

Key Takeaways - The federal government has the cryptocurrency market in its crosshairs. Specifically, the DOJ, SEC and CFTC have all continued to make announcements and show interest in regulating cryptocurrency and enforcing...more

National Cryptocurrency Enforcement Team Turns Up the Crypto Heat

Wilson Sonsini Goodrich & Rosati on 10/19/2021

Earlier this month, the U.S. Department of Justice (DOJ) announced the creation of a National Cryptocurrency Enforcement Team (NCET) to "tackle complex investigations and prosecutions of criminal misuses of cryptocurrency,...more

Department of Justice Announces National Cryptocurrency Enforcement Team

McGuireWoods LLP on 10/15/2021

On October 6, 2021, the U.S. Department of Justice (DOJ) announced its plans for increased scrutiny of the cryptocurrency market with the creation of a National Cryptocurrency Enforcement Team (NCET) to pursue criminal...more

DOJ Announces Renewed Focus on Export Control and Sanctions Enforcement

Morrison & Foerster LLP on 10/15/2021

In a keynote address at the Global Investigations Review Connect: New York conference on October 5, Principal Associate Deputy Attorney General John Carlin provided insights into future Department of Justice (“DOJ” or the...more

Treasury Actions to Counter Ransomware

Orrick, Herrington & Sutcliffe LLP on 10/13/2021

On September 21, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced several actions focused on disrupting criminal digital finance infrastructure, including virtual currency...more

DOJ Targets Cryptocurrency Fraud

BakerHostetler on 10/13/2021

On October 6, 2021, the U.S. Department of Justice (“DOJ”) announced the creation of a National Cryptocurrency Enforcement Team (“NCET” or “Team”) to tackle investigations and prosecutions of criminal misuses of...more

DOJ’s New National Cryptocurrency Enforcement Team Portends Wave of Criminal Scrutiny

Perkins Coie on 10/11/2021

On October 6, 2021, Deputy Attorney General Lisa O. Monaco announced that the U.S. Department of Justice (DOJ) is stepping further into the cryptocurrency fray by creating the National Cryptocurrency Enforcement Team (NCET)....more

Market Updates in CBDCs, Crypto Funds, BD-ATS Platforms and Stablecoins; DOJ and CFTC Enforcement Continues; DeFi Error Releases...

BakerHostetler on 10/4/2021

CBDCs Explored by the U.K., New Zealand and Major Payments Network - This week, the Bank of England and Her Majesty’s Treasury announced the members appointed to its central bank digital currency (CBDC) Engagement and...more

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