Please note, this is a summary to the article previously published on PYMNTS.com. Cryptocurrency crimes are under the microscope as the U.S. Department of Justice (DOJ) steps up enforcement efforts with the formation of the National Cryptocurrency Enforcement Team (NCET), according to a press release on Thursday (Oct. 7). The…
The past few weeks have ushered in signs of what’s likely to come from the SEC’s Division of Enforcement under the Biden Administration, including a greater number of investigations and a tougher path to “bad boy” waivers for issuers. The SEC’s enforcement program plays a critical role in the agency’s…
***This article was originally published in CoinDesk and can be found here – https://www.coindesk.com/bitmex-risks-for-defi In October, the Commodity Futures Trading Commission (CFTC) and the U.S. Department of Justice (DOJ) filed enforcement actions against the entities and individuals that own and operate the Bitcoin Mercantile Exchange (BitMEX), a trading platform for cryptocurrency…
On August 27, 2019, the Federal Trade Commission (FTC) announced it had reached a $30 million settlement with an Illinois-based operator of for-profit post-secondary schools and related subsidiaries resolving allegations that the company used lead generators who engaged in deceptive conduct to market its schools in violation of Section 5(a) of the Federal Trade Commission…
On October 8, 2020, the Attorney General’s Cyber Digital Task Force announced the release of a publication entitled Cryptocurrency: An Enforcement Framework (the “Enforcement Framework”). The Enforcement Framework describes the DOJ’s three areas of focus for illicit activity involving cryptocurrency: (1) financial transactions associated with the commission of crimes; (2)…
Never one to hold back, especially when it comes to crypto and blockchain matters, SEC Commissioner Peirce recently explained her views on the SEC’s settlement with Telegram and the agency’s approach to regulating the crypto and blockchain ecosphere generally. Simply put, Peirce disagreed with the Telegram settlement. In her words:…
In a recent decision in Securities and Exchange Commission v. Telegram Group Inc. and TON Issuer Inc., the United States District Court for the Southern District of New York granted a motion for a preliminary injunction by the United States Securities and Exchange Commission (“SEC”), thereby preventing the distribution to purchasers of…
2019 was a year of significant regulatory and legal developments in digital currency + blockchain. The SEC issued its most comprehensive guidance to date with its Framework for “Investment Contract” Analysis of Digital Assets, followed that up with three “no action” letters for projects that in its view complied with…
On July 26, 2019, the Internal Revenue Service (“IRS”) published a release announcing that it has begun to send notices to virtual currency traders that potentially failed to: (i) report income and pay the resulting tax from virtual currency transactions; or (ii) properly report their virtual currency transactions. In its…
On February 27, 2019, the Department of Justice (“DOJ”) announced the indictment of Randall Crater, founder and principal operator of My Big Coin Pay Inc. (“My Big Coin”) by a federal grand jury sitting for the District of Massachusetts for his alleged participation in a scheme to defraud investors by…