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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’

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

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