‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInAttorney General William P. Barr Announces Publication of Cryptocurrency Enforcement Framework | OPA | Department of Justice
“At the FBI, we see first-hand the dangers posed when criminals bend the important technological promise of cryptocurrency to illicit ends,” said FBI Director Christopher Wray. “As this Enforcement Framework describes, we see criminals using cryptocurrency to try to prevent us from ‘following the money’ across a wide range of investigations, as well as to […]
T.I. Charged by SEC for Role in Fraudulent Cryptocurrency Scheme – Rolling Stone
The Securities and Exchange Commission announced Friday it has charged T.I. for the rapper’s role in a fraudulent cryptocurrency scheme. The SEC implicated five Atlanta-area people — including Clifford “T.I.” Harris — for promoting FLiK and CoinSpark, “two unregistered and fraudulent initial coin offerings (ICOs)” led by film producer Ryan Felton, in the summer of […]
Crypto faces ‘The man who took on Wall Street’ | Modern Consensus.
Eleven cryptocurrency issuers and exchanges including Tron, Block.one, and Binance were hit with class action lawsuits over their initial coin offerings last week. The cases were filed on April 3, the last day possible under the statute of limitations. That was a year to the day after the U.S. Securities and Exchange Commission issued its […]
US Congressman Introduces Crypto-Currency Act of 2020 | Cointelegraph
A United States congressman is the latest working to clarify and determine which U.S. regulator is responsible for which digital assets. On March 9, Representative Paul Gosar (R-AZ) introduced the “Crypto-Currency Act of 2020,” a bill that looks to choreograph a wide range of digital assets to answer to the appropriate regulator. via US Congressman […]
Russia updates crypto regulations after string of scandals | The FCPA Blog
With plans to launch its own cryptocurrency later this year, Russia has updated its anti-bribery and AML laws to aid its burgeoning digital economy while dealing with corruption risks associated with the new technology amid reports the Federal Security Service (FSB) allegedly tried to extract a bribe worth $1 million in bitcoin from a media […]
Qatar bans cryptocurrencies after updating its AML laws | The FCPA Blog
Following Qatar’s AML regulatory updates, the Qatar Financial Center Regulatory Authority (QFCRA) via twitter announced that all services involving cryptocurrencies have been banned throughout the Qatar Financial Center until further notice. The QFCRA — with 500 firms and $20 billion in combined total assets under management– operates its own legal, regulatory and tax infrastructure. via […]
SEC Charges Orchestrator of Cryptocurrency Scheme Ensnaring Physicians
The SEC alleges that Michael W. Ackerman, along with two business partners, raised at least $33 million by claiming to investors that he had developed a proprietary algorithm that allowed him to generate extraordinary profits while trading in cryptocurrencies. According to the SEC’s complaint, physicians in particular made investments in two entities, Q3 Trading Club […]
SEC commissioner’s crypto enforcement proposal could impact landmark case v. Telegram – Reuters
On Feb. 19, U.S. District Judge Kevin Castel of Manhattan will hear competing motions for summary judgment in the Securities and Exchange Commission’s most significant enforcement action to date against a blockchain developer. The SEC will argue that entrepreneurs from the encrypted messaging app Telegram breached securities laws when they raised nearly $2 billion to […]
Faegre Baker Sued by Crypto Fund Manager
Faegre Baker Daniels is being sued for legal malpractice by a company that says the firm provided “erroneous” legal services relating to the launch and operation of a fund set up to acquire and manage crypto assets. *** The complaint alleges that the law firm provided “inaccurate analysis and advice” to Digital Capital’s predecessor, Crypto […]
SEC’s Settlements With Some Cryptocurrency Firms Showing Cracks – WSJ
The firms collectively raised about $40 million through illegal sales of digital tokens during the height of the cryptocurrency boom in 2017, when over $5.4 billion was raised. In exchange for paying lower fines, the companies were supposed to meet the Securities and Exchange Commission’s fundraising rules. The agency touted the pacts as a template […]