On April 18, 2019, the Financial Crimes Enforcement Network ("FinCEN") announced its first enforcement action against a peer-to-peer virtual currency exchanger. See FinCEN Penalizes Peer-to-Peer Virtual Currency Exchanger for Violations of Anti-Money Laundering Laws, Fin. Crimes Enforcement Network (April 18, 2019) [hereinafter FinCEN Release], https://www.fincen.gov/news/news-releases/fincen-penalizes-peer-peer-virtual-currency-exchanger-violations-anti-money. The enforcement action was against Eric Powers ("Powers") for violations of the Bank ...
As the 116th Congress continues its work in the first session, several new and revived bills have been introduced concerning blockchain and cryptocurrencies. Two of these bills seek to add a formal definition to important terms in the realm of blockchain and cryptocurrencies. Both of these bills has bipartisan support and seeks to add a more formal definition to well-known terms.
The first bill, called the "Blockchain Promotion Act," was introduced in February and has bipartisan sponsors from both the Senate and the House of Representatives. It calls for the Department of Commerce ...
The Financial Stability Board ("FSB") recently released a Crypto-assets Regulators Directory providing background and mandate information for the principal regulatory agencies touching upon digital-asset issues in its constituent jurisdictions.
The Directory covers the FSB’s G20 members, plus Hong Kong, Singapore, Spain, and Switzerland, together with a number of international financial institutions (e.g., the IMF, World Bank, OECD, Basel Committee, and International Organization of Securities Commissions). The Directory will be distributed at this week’s G20 ...
Late last week, the SEC issued a no-action letter widely hailed as its first on a blockchain-based digital token for private jet services. In its TurnKey Jet letter, the Commission Staff indicated it would not recommend enforcement action over the operation of a private, permissioned, centralized blockchain network and smart-contract infrastructure for clearing and payment using a utility-token effectively functioning as a pre-paid jet card (or streetcar token).
See TurnKey Jet, Inc. (Apr. 3, 2019), here.
And the request, here.
CoinDesk reports that the no-action process took ...