Tagged: us department of treasury

April 20, 2022 @ 4:39 pm By JD Alois  |  

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has moved once again to take action against Russian entities as part of the growing sanctions against the rogue nation and its unprovoked war against Ukraine. In the first action of its kind,… Read More

April 7, 2022 @ 3:16 pm By JD Alois  |  

Speaking at American University today, Secretary of the Treasury Janet Yellen addressed the emerging sector of digital assets as well as stablecoins and central bank digital currencies (CBDCs). Secretary Yellen reflected on the growth of digital assets, rising from just $14 billion to around $3… Read More

April 6, 2022 @ 11:57 am By JD Alois  |  

Yesterday, the U.S. Department of the Treasury sanctioned dark web marketplace Hydra Market, labeling it a pernicious site for malicious cybercrime services, dangerous drugs, ransomware, and other illicit activity. Hydra Market is said to be based in Russia. Also sanctioned, Garantex is a crypto exchange… Read More

March 9, 2022 @ 9:54 am By JD Alois  |  

Secretary of Treasury Janet Yellen has issued a commend on the Executive Order published today that addresses the fast-growing digital asset industry. Secretary Yellen said that President Joe Biden’s order calls for a coordinated approach to digital asset policy: “This approach will support responsible innovation… Read More

March 8, 2022 @ 10:45 am By JD Alois  |  

Yesterday, FinCEN, the enforcement branch of the US Department of Treasury, posted an Alert on “Increased Vigilance for Potential Russian Sanctions Evasion Attempts.” Russia, along with Belarus, have been targeted with economic sanctions designed to pressure these countries following the unprovoked invasion of Ukraine. FinCEN… Read More

March 8, 2022 @ 9:14 am By JD Alois  |  

Multiple reports are claiming that the White House will issue an Executive Order on cryptocurrency at some point this week. The news follows days of concern from some policymakers that Russia and its elites may leverage crypto to evade the growing list of economic sanctions…. Read More

March 3, 2022 @ 5:34 pm By JD Alois  |  

The US Department of Treasury has been contacting cryptocurrency platforms cautioning them about the possibility of cyber-attacks emanating from Russia following Russia’s unprovoked war against Ukraine. According to a report by Reuters, a person with knowledge of the conversations said following the sanctions leveled against… Read More

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