On July 1, the Securities and Exchange Commission (SEC) Division of Corporation Finance issued guidance outlining disclosure expectations for crypto asset exchange-traded products, including both spot and derivative-based...more
Crypto Product News: BTC/ETH ETNs, Custody, Insurance, Tokenized Treasuries - The London Stock Exchange (LSE) recently published a market notice addressing applications for Bitcoin and Ether exchange traded notes (ETNs),...more
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
Product Integrations and Data Indicate Increased Interest in DeFi - MetaMask, a web3 Ethereum Network cryptocurrency wallet, recently announced a new integration with a major U.S. payments and fintech firm....more
On 14 September 2022, K2 Integrity hosted a webinar on considerations in the digital assets space. K2 Integrity Board Member Christopher Brummer and AML/CFT experts Mariano Federici and Alex Levitov discussed the current...more
Traditional Financial Firms Expand Reach into Cryptocurrency Sphere - Early this week, a major investment bank announced that it plans to launch a digital asset custody platform later this year. This announcement follows...more
Reports Address Crypto M&A and Metaverse, New Crypto Products Launch - A Big Four accounting firm recently released its “2021 Global Cryptocurrency Mergers and Acquisition and Fundraising Report.” Key takeaways from the...more
U.S. Developments - Tesla buys $1.5 billion in Bitcoin - In a 10-K filing with the Securities and Exchange Commission (SEC) on Monday, Tesla announced that it had bought $1.5 billion worth of bitcoin. Tesla said the...more
On October 8, 2020, the Attorney General’s Cyber-Digital Task Force (“the Task Force”) issued its Cryptocurrency Enforcement Framework (the “Report”), which offers background on virtual assets, enforcement milestones, and...more
Fifth Circuit Limits Privacy on Digital Asset Transactions - On June 30, the United States Court of Appeals for the Fifth Circuit (Fifth Circuit) ruled that FBI agents who subpoenaed a cryptocurrency exchange for records...more
A Director of Enforcement at the Financial Conduct Authority (FCA) has set out some of the key challenges the regulator expects in its new role as AML/CTF (anti-money laundering/counter terrorist financing) supervisor for...more
Treasury Secretary Steven Mnuchin remarked before a hearing of the Senate Finance Committee three weeks ago that “significant new requirements at FinCEN” for cryptocurrencies would be introduced quickly, in response to...more
U.S. Developments - U.S. Regulatory Developments - Bill Addressing Tax Treatment of Crypto Transactions Introduced to the House - On January 16, 2020, Congresswoman Suzan DelBene (WA) and Congressman David Schweikert...more
Blockchain Developments in Interbank Settlement, Capital Markets, Cryptocurrency Payments - According to reports this week, a major German bank has joined the emerging payments initiative, built on the Quorum blockchain, of...more
U.S. Regulatory - Kik Files Answer to SEC Complaint - On August 7, Canadian messaging company Kik Interactive Inc. (“Kik”) filed its answer to the U.S. Securities and Exchange Commission’s (“SEC”) complaint filed in the...more
BROKER-DEALER - Division of Trading and Markets and FINRA Staffs Issue Joint Statement on Broker-Dealer Custody of Digital Asset Securities - On July 8, in response to questions raised by market participants regarding...more
U.S. Developments - Facebook Announces Formation of Calibra and Launch of Libra - On June 18, 2019, Facebook announced the launch of Libra, a new cryptocurrency designed to have a stable value and be widely accepted...more
U.S. Developments - Regulatory Developments - SEC Chair’s Recent Comments on Digital Assets - Securities and Exchange Commission (“SEC”) Chairman Jay Clayton touched on digital asset issues during two recent...more
U.S. Developments - SEC Remarks on International Virtual Currency Enforcement - On December 5, 2018, Steven Peikin, Co-Director of the Division of Enforcement at the U.S. Securities and Exchange Commission (“SEC”), gave a...more
FATF Issues Virtual Currency Guidance - On October 19, the Financial Action Task Force (“FATF”) published the outcomes of its Plenary meeting. Included in the outcomes of the meeting were new recommendations related to the...more
SEC Launches FinHub, FATF Revises Cryptocurrency Guidance - On Oct. 18, the Securities and Exchange Commission (SEC) announced the creation of the Strategic Hub for Innovation and Financial Technology (FinHub). ...more
• The U.S. Securities and Exchange Commission (SEC) staff made official statements regarding when a token may or may no longer be a security • The SEC continued to bring actions related to cryptocurrency offerings against...more
U.S. Developments - Regulatory Updates - CFTC Issues Customer Advisory Urging Public to Use Caution When Buying Virtual Currencies - On July 16, 2018, the U.S. Commodity Futures Trading Commission (“CFTC”) issued...more