Treasury

The U.S. Department of the Treasury released a report assessing the impacts of fintechs on competition in consumer finance markets. The report found that fintech firms are spawning new competition within the market but also are creating new risks for consumers and the market. Read on for more details. Read on »

Democrat senators and representatives sent letters to federal financial regulators pressing them for answers regarding each agency’s ethics guidelines as they relate to the “revolving door” of government employees becoming lobbyists or consultants as a result of their employment with the government. The specific concern relates to the number of ex-government employees that have left the public sector for crypto and fintech firms. Read on for more details. Read on »

Crypto think tank Coin Center has filed a lawsuit against the Department of Treasury and the Office of Foreign Assets Control (OFAC) over the decision to place sanctions on crypto mixer Tornado Cash. Coin Center claims Treasury and OFAC do not have the legal authority to sanction a smart contract like Tornado Cash. Read on for more details. Read on »

The Sixth Circuit Court of Appeals reinstated a lawsuit brought by Fannie Mae and Freddie Mac (GSEs) shareholders against the Federal Housing Finance Agency and the Department of the Treasury regarding the 2012 amendment to the 2008 conservatorship of the GSEs. The shareholders maintain that following a 2021 Supreme Court case, the FHFA’s unconstitutional removal restrictions inflicted harm. Read on for more details. Read on »

The White House released a fact sheet entitled the “First-Ever Comprehensive Framework for Responsible Development of Digital Assets” which provides insight into the federal government’s current assessment of the digital asset space. The fact sheet has been part of the White House and President Joe Biden’s efforts to develop regulatory standards for digital assets in the U.S. Read on for more details. Read on »

The U.S. Treasury Department has fined Washington-based crypto trading platform Bittrex $29.3 million for violating multiple sanctions, including those prohibiting U.S.-based companies from engaging in business with individuals operating in Iran, Sudan, Syria, Cuba and the Crimea region of Ukraine, as well as violating the Bank Secrecy Act (BSA). Read on for more details. Read on »

Secretary of the Treasury Janet Yellen announced the inaugural members of the Treasury Advisory Committee on Racial Equity. The committee will provide advice and recommendations to Yellen and Deputy Secretary Wally Adeyemo on efforts to advance racial equity in the economy and address acute disparities for communities of color. Read on for more details. Read on »

A federal judge in the U.S. District Court for the Southern District of New York has granted the Internal Revenue Service’s (IRS) ex parte petition for leave to serve summons to M.Y. Safra Bank following an investigation into the crypto trading platform SFOX. This comes as the IRS and the U.S. Department of Justice have begun cracking down on crypto dealers and trading platforms that are believed to not be in compliance with federal laws. Read on »

In March, President Joe Biden issued a “whole-of-government” executive order calling on all agencies to assess the future of cryptocurrency. This included the role that cryptocurrencies might have on the economy, the potential for a state-backed cryptocurrency and any laws and regulations that might be needed to ensure the usage of cryptocurrencies remains safe and legal.

The Treasury Department, under a six-month deadline, released three reports in response to this executive order.

Read on for more details.

Read on »

Following the Treasury Department’s sanctions of crypto mixer Tornado Cash, many U.S. residents and citizens were cut off from crypto assets on the crypto mixer on the Ethereum blockchain. Now, the Treasury has released procedures for these people to reclaim their crypto assets.

Read on for more details.

Read on »