On Friday, July 18, President Donald J. Trump signed into law historic legislation to establish a legal framework for the payment stablecoin industry in the United States, S.1582, the Guiding and Establishing National...more
7/28/2025
/ Anti-Money Laundering ,
Consumer Protection Laws ,
Digital Assets ,
Enforcement ,
Financial Institutions ,
Financial Services Industry ,
New Legislation ,
OCC ,
Regulatory Requirements ,
Stablecoins ,
U.S. Treasury
On April 24, the Federal Reserve withdrew its prior guidance for banks related to their crypto-asset and dollar token activities and also announced related changes to its expectations for these activities....more
5/23/2025
/ Banking Sector ,
Cryptocurrency ,
Digital Assets ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
OCC ,
Popular ,
Regulatory Agencies ,
Regulatory Reform ,
Securities and Exchange Commission (SEC)
On May 12, 2025, Matthew Galeotti, Head of the Department of Justice’s (DOJ) Criminal Division, unveiled a comprehensive white collar enforcement strategy titled “Focus, Fairness, and Efficiency in the Fight Against...more
5/19/2025
/ Compliance ,
Compliance Monitoring ,
Cooperation ,
Corporate Misconduct ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Priorities ,
Foreign Corrupt Practices Act (FCPA) ,
National Security ,
Voluntary Disclosure ,
Whistleblowers ,
White Collar Crimes
On April 7, 2025, Deputy Attorney General Todd Blanche announced in a memorandum to all DOJ employees (the “Blanche Memorandum”) that the DOJ “will stop participating in regulation by prosecution” and “no longer pursue...more
On January 23, President Trump issued an EO, “Strengthening American Leadership in Digital Financial Technology.” The same day, the SEC published SAB 122 which rescinded the earlier staff interpretive guidance, SAB 121....more
For the 2025 proxy and annual reporting season, there are a number of key issues to consider and keep an eye on for further developments as preparations commence. This alert provides an overview of these issues and updates in...more
For nearly two decades since its enactment in 2005, PCAOB Rule 3502 prohibited any “person associated with a registered public accounting” firm from taking or omitting to take an action knowingly or recklessly in a way that...more
9/11/2024
/ Accounting Standards ,
Amended Rules ,
Auditors ,
Audits ,
Ethics ,
Liability ,
Negligence ,
PCAOB ,
Professional Liability ,
Proposed Rules ,
Sarbanes-Oxley ,
Securities and Exchange Commission (SEC)
On Aug. 7, the U.S. District Court for the Southern District of New York issued its judgment in U.S. Securities and Exchange Commission v. Ripple Labs, Inc., marking the end of district court- level proceedings in the highly...more
8/12/2024
/ Civil Monetary Penalty ,
Corporate Counsel ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Pending Litigation ,
Permanent Injunctions ,
Popular ,
Ripple ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Summary Judgment ,
Unregistered Securities
On Thursday, June 27, the Supreme Court, in a 6-3 decision, held that the Seventh Amendment entitles a defendant to a jury trial in instances where the SEC seeks civil penalties against that defendant for alleged securities...more
7/3/2024
/ Administrative Authority ,
Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Civil Monetary Penalty ,
Constitutional Challenges ,
Dodd-Frank ,
Enforcement Actions ,
Jury Trial ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Regulation ,
Seventh Amendment
Director of Enforcement of the U.S. Securities and Exchange Commission (SEC or Commission) Gurbir Grewal warns of the risks surrounding artificial intelligence (AI) related disclosures and puts investment advisers and public...more
On April 2 and 3, the U.S. Securities and Exchange Commission (SEC or Commission) presented its annual SEC Speaks program in conjunction with PLI, where senior members of the Commission provided updates on the current...more
The Securities and Exchange Commission’s (SEC or Commission) Division of Enforcement continues to be laser focused on executive perks and the manner in which they are disclosed by public companies. The SEC is expected to...more
The new flexible work environment created in the post-pandemic years poses unique challenges for companies and individuals who work outside a traditional office. The SEC knows this and is actively enforcing the securities...more
Chair Gensler Continues to Be Outspoken About the Risks of AI Technologies -
Chair Gensler’s warnings of the potential risks associated with the use of AI technologies in the securities industry recently continued with...more
Crypto Firms Announce Initiatives in Payments, Mining, DAOs and More -
Recent reports provided details on new developments across the cryptocurrency market...more
Financial Services Firms Expand Cryptocurrency Custody Services -
According to recent reports, the cryptocurrency custody arm of a major international bank has launched its institutional cryptocurrency custody services in...more
9/18/2023
/ Blockchain ,
Bureau of Industry and Security (BIS) ,
CFTC ,
Crypto Exchanges ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Enforcement Actions ,
FBI ,
Hackers ,
IOSCO ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Ripple ,
Scams ,
Securities ,
Securities and Exchange Commission (SEC) ,
Theft ,
Virtual Currency ,
Wash Trades
SWIFT Publishes Blockchain Pilot Findings; Firms Announce USDC Integrations -
According to a recent press release, the Society for Worldwide Interbank Financial Telecommunication (Swift) recently published a report with...more
9/11/2023
/ Accounting Standards ,
AML/CFT ,
Asia Pacific ,
Bitcoin ,
Blockchain ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
ETFs ,
Fair Market Value ,
FASB ,
FATF ,
Financial Stability Board ,
Hong Kong ,
Information Reports ,
International Monetary Fund ,
Popular ,
Securities and Exchange Commission (SEC)
The settlements announced by the SEC and CFTC on Monday are a continuation of the regulators’ focus on off-channel communications by employees of registered entities....more
8/11/2023
/ Books & Records ,
Bring Your Own Device (BYOD) ,
Broker-Dealer ,
CFTC ,
Civil Monetary Penalty ,
Commodity Exchange Act (CEA) ,
Data Preservation ,
Data Retention ,
Electronic Communications ,
Enforcement Actions ,
Financial Services Industry ,
Hedge Funds ,
Mobile Apps ,
Private Equity ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Settlement ,
Swap Dealers
Chair Gensler’s Public Statements Warning of AI’s Impact on Securities Industry -
In his speech before the National Press Club, Chair Gensler focused on the tremendous opportunities AI technology presents but cautioned...more
8/8/2023
/ Analytics ,
Artificial Intelligence ,
Bias ,
Broker-Dealer ,
Compliance ,
Conflicts of Interest ,
Data Privacy ,
Intellectual Property Protection ,
Investment Adviser ,
Machine Learning ,
Proposed Rules ,
Public Statements ,
Securities and Exchange Commission (SEC)
Long-awaited enforcement actions may be coming soon for those who took advantage of the lucrative tax breaks offered by the Commonwealth of Puerto Rico without meeting the requirements. Prosecutions may also follow for...more
7/27/2023
/ Criminal Investigations ,
Department of Justice (DOJ) ,
Enforcement ,
Enforcement Actions ,
Investigations ,
IRS ,
Puerto Rico ,
Relief Measures ,
Residency Requirements ,
Tax Avoidance ,
Tax Exemptions ,
Technology Sector ,
Voluntary Disclosure
On July 13, 2023, the U.S. District Court for the Southern District of New York issued its highly anticipated summary judgment decision in the U.S. Securities and Exchange Commission’s (SEC) action against Ripple Labs, Inc....more
Join BakerHostetler for our series of Fireside Chats about the latest developments impacting the capital markets and their participants, and the blockchain industry....more
7/12/2023
/ Administrative Proceedings ,
Artificial Intelligence ,
Blockchain ,
Capital Markets ,
Cybersecurity ,
Digital Assets ,
Enforcement ,
Popular ,
SEC Commissioner ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Webinars
On May 3, 2023, a jury found Nathaniel Chastain, a former manager of OpenSea (a major NFT marketplace), guilty of wire fraud and money laundering in connection with his attempts to conceal his use of confidential business...more
5/25/2023
/ Commodities ,
Confidential Information ,
Corporate Counsel ,
Criminal Convictions ,
Criminal Prosecution ,
Digital Assets ,
Fraud ,
Insider Trading ,
Jury Verdicts ,
Material Nonpublic Information ,
Misappropriation ,
Money Laundering ,
Non-Fungible Tokens (NFTs) ,
Securities ,
Wire Act ,
Wire Fraud
On May 1, 2023, the New York State Department of Financial Services (DFS or Department) issued a consent order (Consent Order), imposing a $1.2 million fine on bitFlyer USA, a cryptocurrency trading platform and custodial...more
5/17/2023
/ BitLicense ,
Compliance ,
Consent Order ,
Crypto Exchanges ,
Cryptocurrency ,
Cybersecurity ,
Enforcement Actions ,
Enforcement Priorities ,
Financial Regulatory Agencies ,
Licenses ,
Licensing Rules ,
NYDFS
On March 29, Gensler testified before the U.S. House Appropriations Committee’s Financial Services and General Government Subcommittee during a hearing on the SEC’s Fiscal Year 2024 Budget Justification Annual Performance...more