Regulatory and Legislative Developments

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Weekly Focus:

  • Bipartisan crypto bill passes House of Representatives
  • Fed leaves interest rates unchanged, while Chairman Powell says equity markets are a “bit frothy”
  • Paxos becomes third federally regulated crypto bank (& raises $300 million)
  • Wyoming DAO law to go into effect in July
  • DOJ announces arrest of Bitcoin Fog founder who allegedly laundered $335M in crypto
  • Turkey bans cryptocurrency payments, sets up central custodian
  • South Korea set to tax crypto trading gains

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Continue Reading Blockchain Week in Review: Week of April 30, 2021

The Commodity Futures Trading Commission (CFTC) Settlements Timeline serves as an interactive compilation of select CFTC guidance, enforcement actions, and speeches relating to the application of the federal securities laws to digital assets. Beginning with the Order filed in September, 2015 by the CFTC requiring Coinflip and its chief executive officer Francisco Riordan to cease …

The AMLA 2020 includes sweeping reforms updating and modernizing U.S. anti-money laundering laws, many of which have implications beyond financial institutions regulated under the Bank Secrecy Act.

This multipart series will discuss key takeaways, including (1) new corporate beneficial ownership disclosure requirements; (2) enhanced whistleblower program; (3) expanded subpoena authority over foreign financial institutions accessing …

Weekly Focus:

  • The Regulation Process for FinCEN’s New Beneficial Ownership Reporting Requirement Launches
  • The Department of Treasury Sanctions Individuals for Laundering Cryptocurrency for Lazarus Group
  • Guilty Plea in DeepDotWeb Criminal Proceedings
  • Japan Announces Plans to Adopt FATF Travel Rule for Crypto
  • Canadian Securities Organizations Unveil Guidance on Treatment of Cryptocurrencies

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Continue Reading Blockchain Week in Review: Week of April 2, 2021

Weekly Focus:

  • Securities Fraud on the Dark Web Using Bitcoin
  • Germany Securities Settlement Bridge
  • South Korea Implements AML Regulations
  • India’s New Crypto Reporting Regulations
  • Bank of Jamaica Announces Central Bank Digital Current Pilot Program

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Continue Reading Blockchain Week in Review: Week of March 26, 2021

Weekly Focus:

  • BitMEX CEO to Surrender on AML Charges
  • Twitter Scammer Agrees to Three Years’ Jail Time
  • Irish Central Bank Expanding AML Enforcement to Cryptocurrency Companies
  • European Regulators Warn Investors of “High Risk,” Non-Regulated Crypto Assets
  • UK Watchdog ASA Banned Advertisement for Cryptocurrency Company
  • Visa to Allow Merchants to Accept Bitcoin as Payment

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Continue Reading Blockchain Week in Review: Week of March 19, 2021

Weekly Focus:

  • Congress Members Propose Legislation Aimed at Better Clarifying Digital Asset Regulation
  • SEC Division of Examinations Risk Alert Signal Continued Focus on Digital Assets
  • Federal Reserve Publishes White Paper on Central Bank Digital Currency
  • BitPay, Inc. Reaches Settlement with OFAC
  • Coinbase Announces Filing of Registration Statement
  • Wisdom Tree Files Bitcoin ETF Proposal

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Continue Reading Blockchain Week in Review: Week of March 12, 2021

Weekly Focus:

  • The nominee for chairman of the Securities and Exchange Commission, Gary Gensler, testifies before the Senate Banking Committee.
  • The NY attorney general issues industry alerts citing risks in cryptocurrency investments and emphasizing registration requirement for industry members.
  • IRS clarifies and limits virtual currency disclosure question on Form 1040.
  • Kentucky legislature advances crypto mining incentives bills.
  • Kings of Leon to release its next album as an NFT.

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Continue Reading Blockchain Week in Review: Week of March 5, 2021

Weekly Focus:

  • Tesla buys $1.5 billion in Bitcoin
  • BNY Mellon launches crypto custody unit
  • OCC welcomes new crypto company
  • Iowa introduces smart contracts bill
  • Rhode Island introduces blockchain act
  • BitMEX publishes data storage framework for FATF ‘Travel Rule’
  • Bank of Korea says CBDCs are fiat currency
  • Central Bank of Nigeria issues prohibition on crypto trading

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Continue Reading Blockchain Week in Review: Week of February 12, 2021

Weekly Focus:

  • Federal Regulation Actions Frozen Pending Review from New Administration
  • New Administration Appoints New Agency Leads
  • OCC Issues Ruling Permitting National Banks to Use Certain Blockchain Technologies
  • CFPB Finalizes Rule on the Role of Supervisory Guidance
  • Federal banking regulators issue FAQs on SAR filing obligations.
  • Dutch Gambling Regulator Fines Virtual Coin Gaming Company

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Continue Reading Blockchain Week in Review: Week of January 22, 2021