The FBI is anticipating a rise in scams involving cryptocurrency related to the COVID-19 (coronavirus) pandemic; it’s, therefore, warning the public to be on the lookout. “Fraudsters are leveraging increased fear and uncertainty during the COVID-19 pandemic to steal your money and launder it through the complex cryptocurrency ecosystem,” the FBI said in a statement. […]

On April 3, 11 class action lawsuits were filed in the Southern District of New York against four crypto-asset exchanges and seven digital token issuers. The plaintiffs allege that the defendants offered and sold billions of dollars of unregistered tokens and other financial instruments to investors in violation of federal and state securities laws.  According […]

On November 15, at the Chainalysis Blockchain Symposium, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco spoke about the issue of “regulatory clarity,” the value of Bank Secrecy Act (BSA) data, FinCEN’s Funds Travel Rule, Stablecoins and Anonymity-Enhanced Cryptocurrencies (AECs) and opportunities for private sector engagement with FinCEN. They were his most extensive remarks since […]

Last week, the leaders of the U.S. Commodity Futures Trading Commission, the Financial Crimes Enforcement Network, and the U.S. Securities and Exchange Commission (the “Agencies”) issued a joint statement to remind persons engaged in activities involving digital assets of their anti-money laundering and countering the financing of terrorism (AML/CFT) obligations under the Bank Secrecy Act […]

The immediate suspension of the website, OhioCrypto.com, was announced by Ohio Treasurer Robert Sprague in a meeting of the State Board of Deposit in Columbus, Ohio, earlier this month. The State Board of Deposit, at the recommendation of Treasurer Sprague, has asked the Ohio Attorney General for a formal opinion on whether the payment method […]

Facebook’s move to roll out an entirely new cryptocurrency—a stablecoin known as Libra—has been the subject of speculation for years. Now, the cryptocurrency in question has emerged, and brought with it a host of new possibilities, questions, and even speculations to go along with it. Some have even suggested that Libra may ultimately pose a […]

Selecting a location for any startup company is a major step in setting up shop. States are selected on a wide range of criteria such as tax laws, overall quality of life for employees, or even—particularly for small businesses—the state in which their founders currently live. One state is proving especially friendly for those in […]

Just a year ago, the Banking Department of the Vermont Department of Financial Regulation issued a position that was to prove difficult for money transmitter operations. The position in question focused on money transmission law and noted that the law did “…not exempt a payment processor an agent of a payee from licensure.” This law […]

Rhode Island is out to be the ultimate testing ground for those working in the blockchain space, including a voucher valued at $50,000 for any entrepreneur.

We anticipate that in June the FATF will adopt a final version of its Interpretative Note, along with updated guidance to further assist countries and industry with their obligations.