RHC’s parent, Robinhood Markets Inc., publicly disclosed the investigation in securities filings a year ago, and NYDFS has been active in licensing and regulating companies involved with digital assets for a number of years. On August 1, 2022, NYDFS imposed a $30 million fine on Robinhood Crypto, LLC (RHC) for violations of the Department’s anti-money laundering (AML) and cybersecurity rules. They highlight regulators’ concerns about money laundering and other suspicious transactions using cryptocurrencies, and the need for robust compliance and cybersecurity programs. Treasury Department’s Office of Foreign Assets Control (OFAC) demonstrate a continued scrutiny by both regulators of activity in the cryptocurrency industry. Recent actions by the New York State Department of Financial Services (NYDFS or Department) and the U.S. Treasury and New York Enforcement Actions Reveal Continued Focus on the Cryptocurrency Industry and Regulators’ Priorities The FTC Joins Banking Regulators and the SEC in Scrutinizing Cryptocurrency Activities.

The Fed Aligns With the OCC and FDIC on Banks’ Cryptocurrency Activities as Senators Question the OCC’s Approach, Citing Risks.

Bloom and Dragonchain Cases Highlight Important Factors the SEC Considers in Treating Digital Tokens as Securities.

Treasury and New York Enforcement Actions Reveal Continued Focus on the Cryptocurrency Industry and Regulators’ Priorities.

In this issue of The Distributed Ledger, we describe these developments and what they mean for companies in this space. A flurry of legal and enforcement activity has arisen over the last two weeks across a wide range of areas in the Web3 space, including actions by the Securities and Exchange Commission, the Office of Foreign Assets Control, the Commodity Futures Trading Commission and the New York Department of Financial Services.

Dragon chain blockchain north carolina