On October 11, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) announced settlements of over $24 million and $29 million, respectively, with Bittrex, Inc., a crypto trading platform based in Bellevue, Washington, for violations of the Bank Secrecy Act.
In late May of this year, the United States Department of Justice indicted and arrested Nathaniel Chastain, a former OpenSea employee, charging Mr. Chastain with wire fraud and money laundering in connection with what the government alleges to be the first ever NFT-centered insider trading scheme.
With the passing of Queen Elizabeth II, the crypto space has been flooded with memecoins and NFTs portraying the Queen.
Earlier this year, actor and producer Seth Green had his Bored Ape “Fred Simian” NFT stolen through a phishing scam.
In Spring 2022, Yuga Labs, the creator of the widely popular Bored Ape Yacht Club NFT collection, launched a sale of virtual land deeds for its metaverse project, Otherside.
Following our previous blog post on the changes of the EU’s anti-money laundering laws and its associated implications, the U.S. competent authority administering sanction programs, the Office of Foreign Assets Control (“OFAC”), has recently surprised the cryptocurrency and NFT community by designating a cryptocurrency mixer “Tornado Cash” as a sanctioned target.
In late July the House Financial Services Committee made tentative plans to consider legislation to regulate stablecoins and require the Federal Reserve to study development of a central bank digital currency.
As we have all undoubtedly heard by now, NFTs are the latest craze – and they are everywhere! The architecture industry is no exception.
On August 8, 2022, the District of Columbia Department of Insurance, Securities and Banking (the Department”) issued a Bulletin on money transmission (the “Bulletin”).
On August 8, the U.S. Department of the Office of Foreign Assets Control (“OFAC”) sanctioned “notorious” virtual currency “mixer” Tornado Cash, which allegedly has been used to launder more than $7 billion worth of virtual currency since its creation in 2019.
The regulations implementing the CCPA require that a business verify the identity of a consumer that submits a specific-information access request to a “reasonably high degree of certainty.”
The Financial Industry Regulatory Authority (FINRA) in November 2022 released a targeted exam letter pertaining to communications for crypto products and services.
It has been a long and heated debate as to whether NFTs and certain cryptocurrencies can be deemed as securities under applicable laws and precedents.
In a prior post, we wrote about the importance of reviewing the terms governing the sale of an NFT to determine what rights, if any, are included in the sale in order to commercially exploit the asset associated with the NFT, and the confusion that emerges in interpreting such terms through the lens of copyright law.
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