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In current months, the increased focus on cryptocurrency regulation and enforcement at both the federal and state levels demonstrates the digital currency’s place as a longtime component of the financial landscape. At the identical time, the cryptocurrency industry has change into extra attuned to and engaged with authorities. Development on this space seems prone to proceed. Below we talk about a few of the latest notable legislation, crypto-crawler regulation and enforcement developments on this industry.
On August 10, 2021, the U.S. Senate handed a $1 trillion bill geared toward increasing infrastructure funding over the next eight years. To assist pay for these expenditures, the Senate included a provision imposing reporting requirements on cryptocurrency "brokers," with estimates that such reporting would enable the inner Income Service to collect a further $28 billion in tax revenue over 10 years. But the broad definition of broker - any person accountable for frequently providing any service effectuating transfers of digital assets on behalf of one other particular person - sparked significant backlash all through the cryptocurrency group, resulting in a number of days of proposals and counterproposals amongst legislators.
Whereas the original definition remained in place, the controversy marked probably the most serious consideration of a cryptocurrency problem by either chamber of Congress.
On September 21, 2021, the U.S. Treasury Department’s Office of Foreign Belongings Management (OFAC) issued an updated advisory concerning the sanctions dangers of facilitating ransomware payments utilizing cryptocurrencies. OFAC’s advisory reminds organizations that it applies a strict liability standard when imposing civil penalties for sanctions violations. Thus, organizations could also be liable for making a ransomware payment even in the event that they have no idea that the recipient has been designated a malicious cyber actor by OFAC.
If a fee is made to a sanctioned entity, the advisory famous that OFAC would consider in its enforcement response: (1) whether the group took meaningful steps to reduce the chance of extortion by a sanctioned actor, Is Ardella a crypto-Jewish surname? citing practices highlighted in the Cybersecurity and Infrastructure Safety Agency’s (CISA) September 2020 Ransomware Guide; and (2) whether the group reported the attack "to applicable U.S. OFAC, law enforcement, and different relevant companies, including whether or not an apparent violation of U.S.
On the identical day, OFAC additionally issued its first-ever sanctions in opposition to a crypto change, designating the alternate SUEX as a malicious cyber actor.
In keeping with the Treasury Department’s press release, over 40% of SUEX’s identified transactions are related to illicit actors, and SUEX was sanctioned for providing material help to the threat posed by criminal ransomware actors. Beneath OFAC’s sanctions, all of SUEX’s property and interests in property which might be topic to U.S. U.S. individuals usually are prohibited from participating in transactions with the change.
Further, entities through which SUEX owns 50% or more additionally are blocked.
