Tagged: us department of treasury

February 28, 2022 @ 10:36 am By JD Alois  |  

The US Department of Treasury has issued a statement today following a flurry of international actions over the weekend that sought to cut off Russia from global markets while freezing assets of certain individuals and other entities. Treasury said the actions were taken following the… Read More

February 11, 2022 @ 5:43 pm By JD Alois  |  

In a bit of good news for the crypto mining sector and staking platforms, it is being reported that crypto miners and stakers will not have to report transactions to the US Internal Revenue Service (IRS). The news was posted by Bloomberg who stated it… Read More

February 5, 2022 @ 12:26 pm By JD Alois  |  

Yesterday, the US Department of Treasury issued a statement on illicit activity in the “high-value art market.” More specifically, activities that include money laundering and terrorist financing risks. The study found that while there is some evidence of money laundering risk in the high-value art… Read More

November 14, 2021 @ 9:37 pm By JD Alois  |  

The US Department of Treasury has announced it will work with Israel in a partnership to combat the threat of ransomware. The two countries also affirmed a commitment to encouraging “robust Fintech innovation,” while also reinforcing the necessity of working together to combat cyber threats…. Read More

November 4, 2021 @ 11:17 am By JD Alois  |  

Deputy Secretary of the Treasury Wally Adeyemo delivered a presentation today at the LINKS Conference by Chainalysis. Adeyemo outlined the risk and concerns that policymakers have when dealing with the burgeoning digital asset or cryptocurrency markets. While voicing his opinion on these risks, Adeyemo did… Read More

September 21, 2021 @ 12:01 pm By JD Alois  |  

Ransomware attacks have become quite prevalent with nefarious actors targeting domestic firms, frequently demanding ransom in crypto. Today, the US Department of Treasury has announced a group of actions designed to mitigate ransomware activity including designating crypto exchange SUEX OTC as a “complicit financial service”… Read More

July 20, 2021 @ 10:23 am By JD Alois  |  

Yesterday, the U.S. Presidents Working Group (PWG) on Financial Markets met to discuss stablecoins with an expectation of a recommendation in the coming months. The meeting was convened by the Secretary of the Treasury Janet L. Yellen. According to a readout distributed by Treasury, during… Read More

April 11, 2021 @ 3:36 pm By JD Alois  |  

Several months ago, FinCEN submitted for publication in the Federal Register its Notice of Proposed Rulemaking (NPRM) regarding certain transactions that involve virtual currency or digital assets. FinCEN or the Financial Crimes Enforcement Network is a bureau of the US Department of the Treasury that… Read More

March 30, 2021 @ 11:00 am By Ariel Glasner and Amit Roitman  |  

President Joe Biden’s young administration is poised to deliver heightened – and perhaps unprecedented – regulatory scrutiny of the exploding Fintech industry.  The groundwork for a more active regulatory regime has been set over the course of the past decade.  Prior administrations harnessed existing enforcement… Read More

March 12, 2021 @ 10:57 am By JD Alois  |  

While there is a good amount of discourse regarding the risk of digital assets and the ability for bad actors to use crypto to launder money or perhaps finance illicit activities FinCEN recently indicated their attention in a more tactile direction. Earlier this week, FinCEN… Read More

February 25, 2021 @ 10:14 pm By JD Alois  |  

The US Department of Treasury has issued a statement on the Financial Action Task Force’s (FATF) second plenary meeting during the German Presidency of the global regulatory agency. According to Treasury, FATF advanced its work on several issues, including finalizing a non-public report on terrorist… Read More

January 26, 2021 @ 8:00 pm By JD Alois  |  

FinCEN has submitted for publication in the Federal Register an Extension Notice, which will extend the comment period on its Notice of Proposed Rulemaking (NPRM) regarding certain transactions involving virtual currency or digital assets. FinCEN, part of the US Department of Treasury, came under criticism… Read More

January 25, 2021 @ 10:45 pm By JD Alois  |  

Dr. Janet Yellen was unanimously voted out of committee the Senate Finance Committee on January 22nd and approved by the Senate today in a vote of 84 for the nomination and 15 against (and one not voting). In being approved, Yellen became the first female… Read More

January 22, 2021 @ 2:48 pm By JD Alois  |  

Earlier this week, Dr. Janet Yellen, former Chair of the US Federal Reserve and soon to be the Secretary of the Treasury, testified at a hearing before the Senate Finance Committee in regards to her nomination. In advance of the hearing, Dr. Yellen submitted an… Read More

January 5, 2021 @ 10:05 am By JD Alois  |  

FinCEN, part of the US Department of Treasury, is in the process of creating rules that will impact the digital asset ecosystem. FinCEN is seeking to address the illicit activity in the “convertible virtual currency” (CVC) sector and the “anticipated growth” of “legal tender digital… Read More

December 29, 2020 @ 10:36 pm By JD Alois  |  

As the most recent stimulus package dealing with COVID-driven economic damage became law, funds are being distributed across the country. Earlier this evening, the US Treasury Department and the Internal Revenue Service commenced delivering the second round of Economic Impact Payments to millions of Americans… Read More

December 13, 2020 @ 7:17 pm By JD Alois  |  

Russian hackers have apparently breached defenses at the US Department of Treasury monitoring emails for months, according to a report. Treasury was not alone, according to Reuters, the US Department of Commerce reportedly issued a statement on the breach to their systems: “We have asked… Read More

December 10, 2020 @ 11:52 am By JD Alois  |  

The US Department of Treasury has published the annual FSOC report. The Financial Stability Oversight Council convenes every year to review potential systemic risks to the financial services industry. FSOC members include the top financial services regulators including the SEC, the Fed, the OCC, etc…. Read More

December 10, 2020 @ 11:16 am By JD Alois  |  

The US Department of Treasury has posted the annual Financial Stability Oversight Council (FSOC) report and financial innovation is a prominent part of the document. FSOC was established by the Dodd-Frank Act and is charged with three primary purposes: To identify risks to the financial… Read More

October 20, 2020 @ 8:29 pm By JD Alois  |  

The Financial Crimes Enforcement Network (FinCEN) has targeted Larry Dean Harmon, of Akron, Ohio, the founder of Helix and Coin Ninja in a first enforcement action targeting a crypto mixer. In a release, FinCEN said Harmon and his operations were assessed a $60 million civil… Read More