US: CRYPTOCURRENCY: AN ENFORCEMENT FRAMEWORK

On 8 October, a release on Mondo Visione reported the release by the US Attorney General’s Cyber-Digital Task Force of this Framework which  provides a comprehensive overview of the emerging threats and enforcement challenges associated with the increasing prevalence and use of cryptocurrency; details the important relationships that the DoJ has built with regulatory and enforcement partners both within the US Government and around the world; and outlines the DoJ response strategies. 

Part I provides a detailed threat overview, cataloging the 3 categories into which most illicit uses of cryptocurrency typically fall – financial transactions associated with the commission of crimes; money laundering and the shielding of legitimate activity from tax, reporting, or other legal requirements; and crimes, such as theft, directly implicating the cryptocurrency marketplace itself. 

Part II explores the various legal and regulatory tools at the US Government’s disposal to confront the threats posed by cryptocurrency’s illicit uses It highlights the strong and growing partnership between the DoJ, SEC, the Commodity Futures Commission, and agencies within the US Treasury, among others, to enforce federal law in the cryptocurrency space.

Part III contains a discussion of the ongoing challenges the government faces in cryptocurrency enforcement — particularly with respect to business models (employed by certain cryptocurrency exchanges, platforms, kiosks, and casinos), and to activity (like “mixing” and “tumbling,” “chain hopping” and certain instances of jurisdictional arbitrage) that may facilitate criminal activity.    

https://mondovisione.com/media-and-resources/news/us-attorney-general-william-p-barr-announces-publication-of-cryptocurrency-en/

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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