White House Releases Framework for Digital Assets
The pieces of the puzzle are coming together on President Biden’s initiative to foster digital asset innovation yet mitigate risk.
Home »
digital assets
OFAC Sanctioned Crypto Mixer for Laundering Stolen Crypto
The US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned crypto mixer, Tornado Cash, adding 38 Ethereum wallet addresses to the Specially Designated Nationals (SDN List). Crypto mixers are programs that mix various cryptocurrencies in private pools before transferring it to designated receivers. OFAC found… Read More »OFAC Sanctioned Crypto Mixer for Laundering Stolen Crypto
Robinhood’s Crypto Unit Fined for Major Compliance Issues
Last week, the New York State Department of Financial Services (“NYDFS”) fined Robinhood’s crypto trading unit $30 million. The crypto retail trading platform failed to implement controls reasonably designed to prevent cybersecurity and money-laundering violations. In addition to the penalty, Robinhood must retain an independent… Read More »Robinhood’s Crypto Unit Fined for Major Compliance Issues
List of NFT ‘Red Flags’
The Joint Chiefs of Global Tax Enforcement published some of the first guidance to combat NFT-related fraud. The Joint Chiefs are a group of tax officials from the US, UK, Australia, Canada and the Netherlands. The guidance includes a list of “red flags” that highlight the risk… Read More »List of NFT ‘Red Flags’
SEC Doubles Size of Crypto Unit
SEC Chair Gary Gensler continues to turn up the heat on the crypto market. On May 3, 2022 the Securities and Exchange Commission announced the allocation of 20 additional positions to the unit responsible for protecting investors in crypto markets and from cyber-related threats. The newly renamed… Read More »SEC Doubles Size of Crypto Unit
SEC Announces its 2022 Examination Priorities
For those who may have missed it, on March 30, the @Securities and Exchange Commission’s Division of Examinations announced its 2022 examination priorities. In line with President Biden’s March 9 Executive Order on Crypto, examinations will include emerging technologies, and crypto assets. As stated by SEC Chair… Read More »SEC Announces its 2022 Examination Priorities
Secretary Yellen Remarks on Biden Administration’s Approach to Digital Assets
On April 7th Secretary of the Treasury Janet L. Yellen delivered remarks on digital assets policy, innovation, and regulation at American University. Consistent with President Biden’s recent Executive Order, Secretary Yellen pointed out the need to focus on the opportunities that digital assets bring, as… Read More »Secretary Yellen Remarks on Biden Administration’s Approach to Digital Assets
CFPB Plans To Target FinTechs
The Consumer Financial Protection Bureau (CFPB) announced earlier this week that it intends to leverage a largely unused legal provision to examine nonbank financial companies and seeks comments on updated procedures. The CFPB believes using this inactive authority will enable them to hold nonbanks to the same… Read More »CFPB Plans To Target FinTechs
