Federal regulatory agencies are closely monitoring crypto-asset developments and banking organizations’ participation in the crypto-asset industry. This GT Alert covers the guidance issued by the FDIC, CFPB, and the Federal
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Cryptocurrency
IRS Targets Customers of Cryptocurrency Prime Dealer SFOX in Latest John Doe Summons
On Aug. 15, 2022, a federal court in the Central District of California authorized the Internal Revenue Service (IRS) to serve a John Doe summons on OX Labs Inc. d/b/a…
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OFAC Sanctions Cryptocurrency Mixing Service for Allegedly Facilitating Money Laundering
On Aug. 8, 2022, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed economic sanctions on Tornado Cash, a popular cryptocurrency mixing service that allows customers to…
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Greenberg Traurig contributes UK chapter to Chambers’ Blockchain Guide 2022
GT attorneys Leith Ben Ammar, Claire Broadbelt, Miles Daly, Matt Hancock, Emma L. Menzies, Thai Nguyen, and Nickie Pickernell co-authored the UK Chapter of…
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MICA Regulation: The EU Parliament’s Position on ‘Proof-of-Work’ Mechanism
The latest negotiations on the EU’s crypto-assets Markets in Crypto-Assets Regulation (MiCAR) have seen the European Parliament Committee on Economic and Monetary affairs (ECON Committee) refusing to order a ban…
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DOJ Signals Concerted Effort to Prosecute Alleged Cryptocurrency Fraud
On June 30, 2022, the U.S. Department of Justice (DOJ) announced criminal charges against six defendants in four separate criminal cases involving alleged fraud in the offering of cryptocurrency investment…
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EU Adopts Pilot Regime for Market Infrastructures Based on Blockchain and Other DLTs
On June 2, 2022, Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on distributed ledger technology (the Regulation) was published in the Official Journal of the European…
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New York’s Proposed Moratorium on Cryptocurrency Mining Operations
On June 2, 2022, the New York Senate passed Senate Bill S6486D (the Bill), which would amend the state’s environmental conservation law and set forth a two-year moratorium on certain…
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The Responsible Financial Innovation Act: A Comprehensive Proposal to Regulate Digital Assets
On June 7, 2022, U.S. Sens. Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced the Lummis-Gillibrand Responsible Financial Innovation Act (RFIA), a bill that would create the first comprehensive regulatory…
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California State Assembly Introduces Legislation to Establish Digital Financial Assets Law
On June 7, 2022, California State Assembly Banking and Finance Committee Chair Timothy Grayson introduced legislation, Assembly Bill (AB) 2269, sponsored by the Consumer Federation of California, that will…
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