U.S. Treasury Dept. Publishes Risk Assessment Addressing Illicit Finance Risks of DeFi

By Kevin Edgar on April 24, 2023 Posted in Blockchain, Cybersecurity

The Federal Policy team’s Kevin Edgar co-authored an analysis of the U.S. Treasury’s recent report on how bad actors are increasingly exploiting decentralized finance services for criminal activities. Kevin and members of BakerHostetler’s Digital Assets and Data Management Group explain Treasury’s key findings – and why DeFi users should be careful. Read the full alert.… Continue Reading

Crypto Exchange Kraken Settles SEC Action and Agrees to Pay $30M Fine and Shutter U.S. Crypto Staking Service

By Teresa Goody Guillén, Veronica Reynolds, Michelle Tanney and J'Naia Boyd on February 16, 2023 Posted in Blockchain

According to the SEC’s complaint, Kraken offered and sold its staking[1] services to the general public in which participants could transfer crypto assets to Kraken in exchange for “advertised annual investment returns of as much as 21%” (the Kraken Staking Program). The SEC alleges that this Kraken Staking Program enabled Kraken to achieve a competitive … Continue Reading

Proposed Federal Crypto Legislation Supported by Digital Asset Ecosystem; Consumer Advocacy Groups Balk

By Kevin Edgar on June 16, 2022 Posted in Technology

New bipartisan Senate legislation aims to create a regulatory framework for federal oversight of digital assets. But would the proposal balance innovation and consumer protection? Will Congress act on this crypto legislation? The Federal Policy team’s Kevin Edgar co-authored an analysis of the bill, what it would do and how it would affect stakeholders. Read … Continue Reading