Tagged: us department of treasury

US Department of Treasury Targets Russian Sanction Evaders Including Crypto Mining Operation Bitriver

US Department of Treasury Washington DC

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

Secretary of the Treasury Janet Yellen Discusses, CBDCs, Stablecoins, & Digital Asset Innovation

Janet Yellen 4.7.22

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

US Department of Treasury Sanctions Hydra Market, Garantex, Along with 100 Crypto Wallets Associated with Dark Web Marketplace: $25 Million in Bitcoin Seized

US Department of Treasury

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

Secretary of Treasury Yellen Issues Statement on Digital Asset Executive Order

Janet Yellen 2

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

Here is FinCEN Alert on Russian Sanctions and Evasion, Includes “Virtual Currency Exchanges”

Washington DC Department of Treasury

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

White House Report: Executive Order on Crypto Regulation Expected this Week

The White House Washington DC

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

US Department of Treasury Has Contacted Crypto Firms About Possible Cyber Attacks by Russia

hacked

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

US Department of Treasury: Sanctions Restrict Russia’s Access to Billions Following Premeditated and Unprovoked Invasion of Ukraine

US Department of Treasury Washington DC

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

Crypto Miners, Staking Platforms Won’t Have to Report Transactions to IRS: Report

IRS Internal Revenue Service Bitcoin Cryptocurrency

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

US Department of Treasury Reports on Money Laundering in the Art Market, NFTs May Present New Risk

US Department of Treasury

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

US Department of Treasury to Work with Israel on Ransomware Threat, Partner on Fintech

US Department of Treasury

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

Deputy Secretary of the Treasury Wally Adeyemo Outlines Risks and Concerns Regarding Cryptocurrency

Wally Adeyemo

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

US Department of Treasury Targets Crypto Exchange for Facilitating Ransomware, Laundering

Janet Yellen 2

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

US Presidents Working Group on Financial Markets Discusses Stablecoins

US Department of Treasury Washington DC

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

Expert Slams FinCEN Proposed Rules on Virtual Currency and Other Digital Assets as a Mistake and Lose-Lose

Wrong Way neonbrand unsplash

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

Pushing Through the Fintech Frontier: Financial Regulators Poised to Expand Fintech and Cryptocurrency Oversight


Joe Biden Press Conference 2020

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

FinCEN Worries that Art and Antiquities May Be Utilized by Nefarious Actors to Launder Funds

Vatican City Art Painting Italy Old Master

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

US Department of Treasury Comments on FATF Guidance on Virtual Assets

US Department of Treasury

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

FinCEN Extends Comment Period on Digital Asset Transactions in Small Win for Crypto Industry

US Department of Treasury Washington DC

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

Dr. Janet Yellen Becomes First Woman US Secretary of the Treasury

Janet Yellen

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

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