This article contains affiliate marketing links.
If we’ve learned anything in 2022, it’s that we can’t trust our crypto to remain on centralized exchanges. Between the collapse of Celsius, Voyager, BlockFi, and FTX, investors have collectively lost billions of dollars this year. Millions of dollars could’ve been saved if most investors held their crypto in…
On December 16, FinCEN issued a notice of proposed rulemaking (NPRM) entitled “Beneficial Ownership Information Access and Safeguards, and Use of FinCEN Identifiers for Entities.” The NPRM is intended to implement the Corporate Transparency Act (CTA) and, in particular, to govern which entities may access corporate beneficial ownership information (BOI) that certain entities will soon…
There’s no question that Bitcoin and other cryptocurrencies have gotten a bad rap over the years. The year 2022 in particular has been a rough one as the house of cards has fallen for various crypto platforms, leading to a brutal bear market.
All the while, questions remain over the sustainability of Bitcoin and…
This article contains affiliate marketing links.
We’re a few months deep into a crypto bear market spurred by a series of cascading events starting in May 2022. Anyone who’s been in crypto long enough knows how rough bear markets can be. The excitement and collective euphoria are gone. Regulators are kicking us while we’re down.…
Reports of FTX Group’s demise has been inescapable since news first broke of potential insolvency and misuse of customer funds. This blog post provides some background on the situation as well as some thoughts on what is likely to come next. Please see our blog post here on the enforcement storm that is…
With the collapse of FTX and Alameda so close on the heels of Celsius, one thing is clear – the regulatory and enforcement storm so many anticipated coming to crypto is now here. Unfortunately, regardless of what the facts surrounding FTX and Alameda ultimately turn out to be, incidents like this serve to reinforce the…
Unpacking three key competition issues for digital asset innovators and investors: M&A, interlocking directorates, and interoperability.
By Kelly Fayne, Anna Rathbun, and Evan Omi
In a sea of regulatory hurdles and issues, antitrust and competition laws may be low on the list of concerns of digital asset innovators and investors. But competition in…
On October 11, 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) announced enforcement actions against Bittrex, Inc. (Bittrex), a privately-owned digital asset trading platform based in Bellevue, Washington, for apparent violations of anti-money laundering (AML) laws and of multiple sanctions programs. A settlement of over $24 million was announced by OFAC and a $29 million fine was announced by FinCEN. FinCEN will credit payment of the OFAC settlement amount toward Bittrex’s potential liability with FinCEN, meaning Bittrex will pay just over $29 million in total. Joint enforcement action between OFAC and FinCEN is uncommon—the settlements mark the first instance of parallel enforcement actions by OFAC and FinCEN in the digital asset sector.
The parallel settlements provide insight into certain sanctions and AML risks in the digital asset sector and illustrate how OFAC and FinCEN rules intersect and overlap in part: for example, that OFAC violations can trigger suspicious activity report filing obligations.
What’s the SEC’s reach on emerging blockchain technologies and what does that mean for crypto in the United States? In the newest SpeakBold Fireside Chat, Stronghold’s Sarah Lane sits down with Digital Currency & Blockchain Technology partner Karen Ubell to discuss.
The post Crypto Lawyer Karen Ubell on Crypto Regulation, the SEC, and…
Mitzi Chang, a partner and co-chair of the Fintech and Digital Currency & Blockchain Technology practices, was recently featured as a guest on Hsu Untied, a unique podcast with Richard Hsu. Hsu Untied is a 2-time award-winning podcast started by Richard Hsu for entrepreneurs, venture capitalists, best-selling authors, lawyers, athletes, TED speakers, and…
