Anyone who thought blockchain would keep their cryptocurrency transactions private from the IRS needs to think again. According to the First Circuit’s recent holding, cryptocurrency users do not have a Fourth Amendment...more
10/8/2024
/ Blockchain ,
Coinbase ,
Criminal Investigations ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Enforcement ,
Enforcement Authority ,
Fourth Amendment ,
HIPAA Privacy Rule ,
Investigations ,
Investors ,
IRS ,
John Doe Investigation ,
Law Enforcement ,
Personal Data ,
Summons ,
Third-Party
After years of explicitly warning taxpayers that failing to report or underreporting income from transactions involving digital assets would lead to criminal charges, federal prosecutors are now beginning to follow through on...more
2/23/2024
/ Bitcoin ,
Capital Gains ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement Actions ,
FinTech ,
Income Taxes ,
Indictments ,
IRS ,
Required Forms ,
Tax Evasion ,
Tax Returns ,
Virtual Currency
Crypto Firms Announce Initiatives in Payments, Mining, DAOs and More -
Recent reports provided details on new developments across the cryptocurrency market...more
Key Takeaways -
..A court approved the issuance of a John Doe summons by the IRS to a bank aimed at identifying individuals who are potentially avoiding their income tax obligations relating to cryptocurrency...more
9/29/2022
/ Banks ,
Bitcoin ,
Crypto Exchanges ,
Digital Assets ,
IRS ,
John Doe Investigation ,
Ponzi Scheme ,
Summons ,
Tax Avoidance ,
Tax Liability ,
Tax Returns ,
Virtual Currency
NY DFS Approves Crypto Platform, Prepaid Crypto Card to Launch in Argentina -
According to a press release this week, the New York State Department of Financial Services (NY DFS) has authorized two subsidiaries of Zero...more
8/15/2022
/ Consent Order ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
MasterCard ,
Money Laundering ,
NYDFS ,
Office of Foreign Assets Control (OFAC) ,
Prepaid Payment Products ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury ,
Virtual Currency
Firms Announce New Crypto Initiatives; Data Published on Crypto and NFT Use -
Late last week, a major U.S. cryptocurrency custodian announced “a groundbreaking, industry-first custody exchange network giving institutions...more
6/20/2022
/ Australia ,
Blockchain ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
FinTech ,
First Amendment ,
Fourth Amendment ,
Non-Fungible Tokens (NFTs) ,
Scams ,
Securities and Exchange Commission (SEC) ,
Stablecoins
Key Takeaways -
..Taxpayers could be criminally and civilly liable under state False Claims Act statutes for underreporting income linked to virtual currency.
..While the federal False Claims Act explicitly excludes tax...more
5/24/2022
/ Criminal Prosecution ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement ,
False Claims Act (FCA) ,
Infrastructure Investment and Jobs Act (IIJA) ,
IRS ,
Popular ,
Reporting Requirements ,
Tax Avoidance ,
Tax Fraud ,
Whistleblowers
A well-known digital currency investment services company announced the launch of its first European exchange-traded fund (ETF), according to a press release this week. The ETF, which will be traded on multiple foreign...more
5/23/2022
/ Bitcoin ,
Bitcoin Mining ,
Blockchain ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Economic Sanctions ,
Evasion ,
Exchange-Traded Products ,
FinCEN ,
Investment Funds ,
Office of Foreign Assets Control (OFAC) ,
Partnerships ,
Popular ,
Risk Assessment ,
Scams ,
Securities and Exchange Commission (SEC) ,
U.S. Commerce Department
Financial Messaging Network Launches Experiments in Stablecoin Sector - A global messaging network used by financial institutions to send and receive financial information recently announced that it is exploring the tokenized...more
US and Swiss Financial Firms Announce Decentralized Exchange, Digital Bond - A major U.S. fintech and digital payments company recently released a white paper detailing tbDEX, a new decentralized protocol for exchanging...more
12/8/2021
/ Banking Sector ,
Banks ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Financial Markets ,
IRS ,
Non-Fungible Tokens (NFTs) ,
OCC ,
Popular ,
Virtual Currency
Blockchain Payment Pilots Launched by Media, Government and Crypto Firms - A leading social media and technology company recently launched pilots of its crypto wallet, which is intended to allow users to send and receive...more
CBDCs Explored by the U.K., New Zealand and Major Payments Network - This week, the Bank of England and Her Majesty’s Treasury announced the members appointed to its central bank digital currency (CBDC) Engagement and...more
Alcohol, Athletics, and Art: NFT Adoption Continues to Expand - To celebrate National Rum Day, a privately held liquor label has reportedly launched a platform from which it will auction a specially designed non-fungible...more
Crypto Adoption Index Published, Regulators Address Crypto Across Globe - The 2021 Chainalysis Global Crypto Adoption Index was published on Wednesday, providing an in-depth review of cryptocurrency adoption around the...more
Crypto Firms Pursue Bank Charters, Traditional Financial Firms Integrate Crypto - This week, the Wyoming Division of Banking granted a new Special Purpose Depository Institution (SPDI) bank charter to Commercium Financial...more
NCUA Seeks Comment on DeFi, Crypto Firms Launch Products, Gain Licenses - The National Credit Union Administration (NCUA), a federal agency that charters and regulates federal credit unions, recently published a notice of...more
US Stablecoin Issuers Publish New Details on US Dollar Reserves - This week, Circle, the issuer of USDC – a cryptocurrency “stablecoin” with each unit backed 1:1 by U.S. dollars – published its latest reserve attestation...more
USDC Expands to 10 New Blockchains, Crypto Payment Initiatives Launch - The Centre Consortium recently announced that USDC, a stablecoin that is backed 1:1 by U.S. dollars, will soon be added to 10 additional blockchain...more
7/12/2021
/ Bitcoin ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
Financial Markets ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Stablecoins ,
Virtual Currency
NFT Initiatives Continue, Cryptocurrency Advertising Restrictions Ease - In New Dehli, a blockchain-powered platform is hosting an exhibition displaying 27 art pieces by Bengal-born artist Lalu Prasad Shaw. According to a...more