The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), on August 8, 2022, sanctioned virtual currency mixer Tornado Cash. OFAC alleged that it had been “used to launder more than $7 billion worth of virtual currency since its creation in 2019 [, including] over $455 million stolen by the Lazarus Group[,]” a Democratic People’s Republic of Korea (DPRK) state-sponsored hacking group that OFAC identified for sanctions in 2019, in what the agency characterized as the largest known virtual currency heist to date.[1]
Blockchain Week in Review: Week of February 28, 2022
Weekly Fintech Focus
- Treasury Releases National Risk Assessments
- SEC Probing NFT Market
- Russia/Ukraine Sanctions Overview
- Summary of Industry Responses
- BitConnect Founder Flees India After Being Indicted In $2B Ponzi Scheme
- UK Government to Crackdown on Illegal Cryptocurrency Activity
- Swiss City of Lugano to Make Bitcoin and Tether ‘De Facto’ Legal Tender
Continue Reading Blockchain Week in Review: Week of February 28, 2022
Updated 1.2022 – Digital Asset SEC Timeline
Perkins Coie LLP is pleased to bring you this updated Digital Asset SEC Timeline.
The Digital Asset SEC Timeline serves as an interactive compilation of select SEC guidance, enforcement actions, and speeches relating to the application of the federal securities laws to digital assets. Beginning with the release of the DAO Investigative Report in
Virtual Currency Legal Report: Week of January 7, 2022
Weekly Fintech Focus
- U.S. Congress to Hold Oversight Hearing on the Mining of Cryptocurrency
- NY DFS to Hire New Deputy Superintendent
- Recent Federal Regulator Announcements Signal Changes in Senior Leadership at the SEC, CFTC, and FDIC
- CFTC Fines Crypto Betting Service Polymarket $1.4M for Unregistered Swaps
- Australian Open Offers NFT Sales Alongside 2022 Tournament
- ESMA Releases Request for Evidence Regarding Regulation on Distributed Ledger Technology
Continue Reading Virtual Currency Legal Report: Week of January 7, 2022
Blockchain Legal Report: Week of December 17, 2021
Weekly Blockchain Focus
- Senate Holds Hearing on Stablecoins
- Senate Confirms New Commodities Futures Trading Commission Chair
- U.S. National Credit Union Administration Clarifies Ability of Federally Insured Credit Unions to Partner With Third-Party Digital Asset Service Providers
- IRS Revises Language on Form 1040
- Ninety Percent of Bitcoin’s Total Supply Mined
- Chinese Court Declares Mining Contract Void
Continue Reading Blockchain Legal Report: Week of December 17, 2021
Crypto and ESG Both on the Radar: SEC Outlines a Strong Enforcement Approach
In a clear reference to cryptocurrencies and tokens, U.S. Securities and Exchange Commission Chair Gary Gensler outlined a vigorous enforcement approach in his keynote remarks at the annual Securities Enforcement Forum.
The following update provides analysis of the agency’s new enforcement approach and its implications.
OFAC Releases New Detailed Guidance for the Digital Currency Industry
On October 15, 2021, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) released guidance on sanctions compliance for the digital currency industry, the agency’s most detailed statement to date on its expectations for participants in this rapidly growing industry. This guidance expands on the five pillars of OFAC’s 2019 Framework by
OFAC Issues Second Ransomware Advisory and Designates Virtual Currency Exchange for Sanctions
Agency’s Focus on Cryptocurrency and Blockchain Continues
On September 21, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) released an updated advisory to “highlight the sanctions risks associated with ransomware payments”—almost one year after issuing the first such guidance—and simultaneously imposed sanctions on SUEX, a virtual currency exchange accused
Updated 09.16.2021: Digital Asset SEC Timeline
Perkins Coie LLP is pleased to bring you this updated Digital Asset SEC Timeline.
The Digital Asset SEC Timeline serves as an interactive compilation of select SEC guidance, enforcement actions, and speeches relating to the application of the federal securities laws to digital assets. Beginning with the release of the DAO Investigative Report in
Updated 07.21.2021: Digital Asset SEC Timeline
Perkins Coie LLP is pleased to bring you this updated Digital Asset SEC Timeline.
The Digital Asset SEC Timeline serves as an interactive compilation of select SEC guidance, enforcement actions, and speeches relating to the application of the federal securities laws to digital assets. Beginning with the release of the DAO Investigative Report in