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Recent Developments in Crypto Regulation and Enforcement
The year 2024 has witnessed significant updates in the realm of cryptocurrency regulation and enforcement, shaping the global digital asset landscape.
A notable judicial decision emerged from the Court of Appeals for the Fifth Circuit, which ruled that the Treasury Department’s Office of Foreign Assets Control (OFAC) exceeded its authority by sanctioning Tornado Cash’s immutable smart contracts. This judgment has far-reaching implications for the crypto industry.
Additionally, the Federal Deposit Insurance Corporation (FDIC) faced scrutiny following a lawsuit revealing its communication with financial institutions to halt crypto-related activities pending regulatory review.
The Commodity Futures Trading Commission (CFTC) announced record enforcement results in 2024, recovering over $17.1 billion. This is largely attributed to the resolution of the FTX case. Furthermore, the CFTC published guidelines for identifying fraudulent crypto trading sites and charged a Washington pastor with a $5.9 million fraudulent scheme targeting inexperienced digital asset investors.
In parallel, Congressional committees released a report on financial surveillance, criticizing the federal use of the Bank Secrecy Act. Concurrently, the Department of Justice (DOJ) secured convictions and sentences for multiple individuals involved in various crypto-related frauds, including Ponzi schemes and tax evasion cases.
OFAC sanctioned individuals and entities linked to Russian sanctions evasion and North Korean money laundering activities. The Internal Revenue Service (IRS) highlighted notable cases, including the first indictment for unpaid crypto taxes and a settlement with Binance, within its fiscal year report.
International developments include the European Central Bank’s release of a digital euro progress report and the UK’s Financial Conduct Authority outlining a crypto roadmap. In the United States, New York’s financial authorities approved Ripple’s RLUSD stablecoin and Anchorage Digital’s BitLicense application.
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Source: Blockchain.News
