Tag Archives: cryptocurrency

This is the eighth part in our 2023 series examining important trends in white collar law and investigations. Up next: anti-corruption.

Key Takeaways:

• As we predicted in our March 2022 post, 2022 was a year of heavy cryptocurrency enforcement, with a spike in actions by the U.S. Securities and Exchange Commission (the “SEC”) and the U.S. Commodity Futures Trading Commission (the “CFTC”) against companies and individuals involved in cryptocurrency.…

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This is the fifth part in our 2023 series examining important trends in white collar law and investigations. Up next: ESG.

Takeaways:

• The SEC’s Division of Enforcement set record-highs in total money relief ordered and total civil penalties assessed in fiscal year 2022.
• The SEC will likely focus its enforcement efforts on securing the cryptocurrency industry’s compliance with the registration requirements of the Securities Act of 1933 and ensuring statements made by investment advisers and issuers concerning their ESG-compliance are both truthful and not misleading.…

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This is the second part in our 2023 series examining important trends in white collar law and investigations. Up next: health care enforcement.

The days of decreased IRS enforcement activity may be coming to a close.  Although the overall volume of civil audits and criminal investigations has declined in recent years, last year’s Inflation Reduction Act, signed into law by President Biden on August 16,… More

On August 1, 2022, the New York Department of Financial Services (“DFS” or the “Department”) secured its first enforcement win against a cryptocurrency platform, Robinhood’s crypto trading arm Robinhood Crypto, LLC.

Robinhood Crypto is a wholly-owned subsidiary of Robinhood Markets, Inc. (RHM).  RHM allows users to trade stocks on a commission-free basis through its broker-dealer subsidiary, Robinhood Financial, LLC (RHF).  Robinhood Crypto allows RHF customers to trade cryptocurrencies using customers’ U.S.… More

Key Takeaways:

• The U.S. Securities and Exchange Commission (“SEC”) and U.S. Department of Justice (“DOJ”) have brought the first-ever insider trading actions involving cryptocurrency against a former manager of Coinbase, one of the largest U.S. crypto asset trading platforms, and two tippees for sharing or trading upon confidential information relating to the planned listing of various cryptocurrencies on Coinbase.
• The SEC’s securities fraud charges are based on its longstanding position that certain cryptocurrencies are investment contracts and therefore “securities” subject to the SEC’s jurisdiction.…

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Key Takeaways:

• The U.S. Securities and Exchange Commission’s (SEC’s) Division of Enforcement (Enforcement) announced that it will nearly double the size of its Crypto Assets and Cyber Unit, making the Unit one of the largest within Enforcement.
• The decision reflects the SEC’s increasing prioritization of cryptocurrency and cybersecurity enforcement.
• Issuers of digital assets, crypto exchanges and lending platforms, and other industry participants should expect more frequent investigations and enforcement actions.…

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This is the third post in this year’s series examining important trends in white collar law and investigations. Our previous post discussed trends in anti-corruption. Up next: State AG enforcement trends.

• While the volume of IRS enforcement actions has waned, it may soon increase.
• Even at current relatively low audit and investigation levels, the IRS remains aggressive in the cases it does pursue.…

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The U.S Department of the Treasury’s Office of Foreign Assets Control (OFAC) has published guidance to aid members of the virtual currency industry (ranging from tech companies to brokers to users) in complying with OFAC requirements. OFAC defines “virtual currency” to encompass non-sovereign, non-fiat currencies that can be used as a store of value or as a medium of exchange—a category inclusive of most cryptocurrencies, including common tokens such as Bitcoin or Ether.… More