On May 22, 2023, the Federal Trade Commission announced its first monetary settlement with celebrity endorsers for a combined $1.7 million.
New York Attorney General Proposes Sweeping Crypto Legislation
On May 5, 2023, New York Attorney General Letitia James released proposed legislation that seeks to regulate all facets of the cryptocurrency industry. Entitled the “Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act,” if enacted the draft bill would substantially expand New York’s oversight of crypto enterprises conducting business in the Empire State.
ETH Staking Data Published; USDC Transfer Protocol Launches; OFAC Adds Public Keys to SDN List; DOJ Targets Crypto Market Manipulation
In this issue:
• ETH Staking Data Published, USDC Cross-Chain Transfer Protocol Launches• IRS Modifies 2014 Virtual Currency Guidance• OFAC Adds 20 Cryptocurrency Public Keys to SDN List• DOJ Actions Target Crypto Market Manipulation and Money Laundering
ETH Staking Data Published, USDC Cross-Chain Transfer Protocol Launches
New data
SEC Steps up Oversight of Crypto Exchanges
On April 14, 2023, by a 3-2 party-line vote the US Securities and Exchange Commission reopened the public comment period and provided supplemental information on amendments proposed in January 2022 to the definition of “exchange” under Rule 3b-16.
New Crypto and DeFi Products Launch; SEC Charges Crypto Exchange; States Bring Enforcement Actions; Bitcoin Public Key Added to SDN List; Hacks Continue
In this issue:
• European Bank Launches Stablecoin; Financial Firms Expand Crypto Products• Ethereum ‘Unstaking’ Data Published; New DeFi Products Launch• SEC Charges U.S. Crypto Exchange with Multiple Securities Law Violations• States Bring Crypto Enforcement Actions, Assess Supervisory Costs• OFAC Adds New Bitcoin Public Key to SDN List• DeFi Protocol
U.S. Treasury Dept. Publishes Risk Assessment Addressing Illicit Finance Risks of DeFi
Background and Scope
The Assessment was drafted by Treasury’s Office of Terrorist Financing and Financial Crimes (“TFFC”), in consultation with multiple U.S. agencies, including the Departments of Homeland Security, Justice, and State; the Commodity Futures Trading Commission (“CFTC”); Office of the Comptroller of the Currency; and the Securities and Exchange Commission (“SEC”). The TFFC also
CBDC Pilot Announced; Ethereum Upgrade Completed; U.S. Treasury Department Addresses DeFi Risks; Studies Analyze Crypto Taxation, Crime; Hacks Continue
• Montenegro Announces CBDC Pilot, BIS Compares CBDCs to Stablecoins• Ethereum Network Completes ‘Shanghai’ Upgrade• U.S. Treasury Publishes DeFi Risk Assessment; Banque De France Analyzes DeFi• Study Analyzes 2022 Crypto Tax Compliance Across Various Countries• EU Report Analyzes Cryptocurrency Use on Darknet Markets• Hackers Drain Millions from
NFT Service Brings Litigation Into the Metaverse!
As reported on the Hunton Insurance Recovery Blog, blockchain technology has been touted as inherently reliable for years. More recently, collectors of NFTs have explored expanded uses for that novel technology. Some courts have bought in and, in doing so, recently authorized a use that perhaps no one had imagined when NFTs first entered the
U.S. Exchange Closes, Swiss Bank Expands Crypto Offerings; NFA Issues Digital Asset Commodities Rule; Crypto Enforcement Continues; Market Data Published
In this issue:• Crypto Exchange Ends U.S. Operations, Swiss Bank to Expand Crypto Offerings• National Futures Association Rule Addresses Digital Asset Commodity Activities• DOJ, Courts and State Securities Regulators Cripple Cryptocurrency Frauds• Cryptocurrency Crime and Anti-Money Laundering Report Published
Crypto Exchange Ends U.S. Operations, Swiss Bank to Expand Crypto Offerings
By Joanna
Zero Knowledge EVMs Launch; U.S. Central Bank Publishes Custodia Denial Order; CFTC Charges Binance Exchange; SEC, DOJ Bring Enforcement Actions
In this issue:• “Z” Doors Are Open: Rival Zero Knowledge EVMs Launched by Matter, Polygon• U.S. Central Bank Publishes Order Denying Custodia Bank Application• CFTC Charges Binance Alleging Numerous Commodity Exchange Act Violations• SEC Charges Crypto Exchange; DOJ Charges Crypto ATM; Do Kwon Arrested
“Z” Doors Are Open: Rival Zero Knowledge EVMs