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US Treasury Unveils Biden’s Proposed Tax Measures — Cryptocurrency Transfers Over $10,000 to Be Reported to IRS
20.5.2021
The U.S. Department of the Treasury has announced measures to crack down on tax evasion involving cryptocurrencies as part of President Joe Biden’s proposed tax compliance measures. Among the measures is a requirement for businesses that receive crypto assets with a fair market value of more...
US Treasury Secretary Janet Yellen Says ‘the Misuse of Cryptocurrencies Is a Growing Problem’
12.2.2021
Janet Yellen, the new U.S. Treasury Secretary, has warned about “a growing problem” from “the misuse of cryptocurrencies.” She emphasized that “cryptocurrencies have been used to launder the profits of online drug traffickers; they’ve been a tool to finance...
FinCEN Extends Crypto Rulemaking Review Period as Senate Confirms Janet Yellen
27.1.2021
The Financial Crimes Enforcement Network (FinCEN) has issued a notice extending the comment period for its crypto wallet proposal. The extension came shortly after the U.S. Senate confirmed Janet Yellen as the new U.S. Treasury Secretary. FinCEN Extends Comment Period for Crypto Wallet Rulemaking...
FinCEN to Impose New Regulation for Crypto Holdings at Foreign Exchanges
1.1.2021
The Financial Crimes Enforcement Network (FinCEN) has announced that it will soon propose new regulation affecting cryptocurrency holdings at foreign exchanges. This proposal is separate from the one FinCEN recently proposed on cryptocurrency wallets. FinCEN’s New Crypto Rules FinCEN,...
183 Violations: US Government Fines Bitgo for Allowing Users to Bypass Sanctions With Cryptocurrency
1.1.2021
The U.S. Office of Foreign Assets Control has fined Bitgo for failing to prevent users in sanctioned countries from using its crypto wallet service. The agency says Bitgo processed 183 cryptocurrency transactions that were “apparent violations of multiple sanctions programs.”...
OFAC Warns Americans Against Facilitating Ransomware Payments
5.10.2020
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) recently issued an advisory highlighting the sanctions risk American citizens face if they help facilitate ransomware payments. In the advisory, the OFAC says it will “continue to impose sanctions on those...
US Sanctions Russians Allegedly Using Cryptocurrency to Influence Presidential Election
12.9.2020
The U.S. has sanctioned several Russian nationals, a Ukrainian lawmaker, and their cryptocurrency addresses for interfering with the country’s electoral process. The Russians are allegedly employees of a troll factory that previously targeted presidential candidates. Operations to Interfere...
How They Will Attack Bitcoin: The Hypocritical Shock Campaign of US Monetary Policy
17.7.2019
On July 16, U.S. Department of the Treasury Secretary Steven Mnuchin gave a short press briefing discussing cryptocurrencies and the pressing need for regulation. A 28-minute slodge of alphabet agency soup, studded with calculated mentions of “terrorism” nearly every minute, casual...