In the U.S., all eyes are on Joe Biden’s planned appointees, while Europe is seeing progress under a new AML regime. Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor’s note In the United States, as President Donald Trump stonewalls any efforts at transitioning…
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With the election taking all the air out of the room, we look at what new appointments at the DoJ could mean. Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor’s note Are you over the election? I’m over the election. But you can…
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The lightchain-vs.-darkchain dichotomy is counterproductive, and a healthy graychain will produce more valuable crypto assets like Bitcoin. In the last month, we’ve seen the United States Federal Reserve come after BitMEX for failing to identify customers, crypto intelligence firm CipherTrace report that most crypto exchanges are not collecting enough user info, and the so-called “FinCEN…
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We are now starting to see the crossover of regulation in the digital asset market and digitalization of the traditional market. From what started as something of a “technological experiment” with Bitcoin (BTC) over a decade ago, the crypto asset industry has become a significant driver for change in global financial markets. Cryptocurrency exchanges started…
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The age-old question quis custodiet ipsos custodes crops up in force in today’s Law Decoded. The United States is girding its loins for an election that has cast a pall over a far longer timeframe than we ever should have let it. But, then again, what did you expect when so many people spent so…
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Regulators are addressing the growing threat of transnational cybercrimes in the financial industry. The United States faces a growing threat of transnational cybercrime, particularly against its financial system. In what may be the largest prosecution of its kind in U.S. history, the U.S. Department of Justice has charged Texas tech billionaire Bob Brockman in a…
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With new changes to the Travel Rule up for discussion and a bevy of new cases in the courts, it’s time to look at how U.S. AML law is shifting to cope with crypto. The ease of laundering money in the U.S. before 1970 boggles the mind. Prior to the Bank Secrecy Act (BSA) of…
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The proposed change would cut down FinCEN’s longstanding $3,000 threshold. The Financial Crimes Enforcement Network (FinCEN) and Federal Reserve are looking to get more information on smaller transactions than ever before. According to a notice of proposed rulemaking published on Friday, the agencies want to lower the $3,000 threshold established in 1995 to $250 for international transactions,…
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FinCEN has fined the operator of early crypto mixers Helix and Coin Ninja for Bank Secrecy Act violations. The founder and operator of some of the first “mixing” services in crypto will have to cough up $60 million to United States regulators, even as he faces continued criminal charges. The U.S. Treasury’s Financial Crimes Enforcement…
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He stated that he does not “question the reliability and traceability of all blockchain technology,” but denounced crypto. French Finance Minister Bruno Le Maire, who once said Facebook’s Libra token would risk the “monetary sovereignty of states,” is continuing his criticism of cryptocurrencies. In an Oct. 19 tweet, Le Maire claimed some cryptocurrencies are associated…
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