Coinbase says that a 15-day notice-and-comment period for FinCEN’s new crypto rules is not enough. Coinbase, one of the largest cryptocurrency exchanges in the United States, is advocating extension for the industry’s feedback deadline to newly proposed crypto rules by the Treasury’s Financial Crimes Enforcement Network, or FinCEN. In a Dec. 21 blog post, Coinbase’s…
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The Australian crypto ecosystem has flourished despite the pandemic, with a booming DeFi sector, a five year blockchain roadmap and the embrace of the technology by banks and the finance sector. For a country of 25 million people, Australia punches well above its weight both economically and in the world of blockchain. Australians have long…
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The crypto industry is ending 2020 on a high note, while major social media platforms face a phalanx of lawmakers and lawsuits. Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Law Decoded will be going on a break next week for the holidays but…
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Rumored upcoming crypto wallet regulation gains further opposition, this time from Cynthia Lummis, a recently elected Wyoming senator. As per recent rumors, United States Secretary of the Treasury, Steven Mnuchin, could drop a stringent piece of crypto-related legislation before his expected exit at 2020’s end. The ruling could potentially severely limit or ban self-custodied digital…
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Lawyers of the alleged $4 billion Bitcoin launderer appeal to the court, arguing that Alexander Vinnik was just an employee at BTC-e. The defense team of Alexander Vinnik, an alleged Bitcoin launderer who was sentenced to a five-year prison term, disagrees with the court’s decision. According to a Dec. 18 report by Russian news agency Kommersant,…
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Pierre Rochard has made an “urgent” plea to lawmakers to instead create a strategic Bitcoin reserve and fill it with BTC seized by law enforcement. Bitcoin influencer Pierre Rochard has called on lawmakers to prevent more than $1.6 billion worth of seized Bitcoin from being auctioned, proposing instead that confiscated coins be put into a…
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This year’s Form 1040 requires all U.S. taxpayers to answer a question about whether they traded or acquired “virtual currency” during the year. Crypto users in the U.S. have taken to Twitter to express their confusion and frustration over the wording of a question about virtual currencies on this year’s tax return form. On Dec.…
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Massachusetts plans to sue Robinhood for alleged violation of state laws and regulations not related to crypto. Massachusetts securities regulators are reportedly preparing to file a complaint against a major cryptocurrency-friendly trading platform, Robinhood. According to a Wednesday report by the Wall Street Journal, Massachusetts regulators alleged that Robinhood’s marketing illegally targeted inexperienced investors. According to…
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Attorney General William Barr tendered his resignation to President Trump last night, opening up the conversation as to how a Biden-appointed successor will handle crypto. In a tweet Monday evening, President Trump announced the departure of William Barr from the office of Attorney General. The announcement comes the same day that the Electoral College convened…
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Bitcoin will come to the rescue if the fiat system fails, says the incoming senator from Wyoming. An unprecedented year, 2020 has sent the global economy into a tailspin in an effort to compensate for COVID-19-related difficulties. If the traditional system collapses, Bitcoin will become vital, according to United States Senator-elect Cynthia Lummis. “If we…
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