On October 15, 2021, the Financial Crimes Enforcement Network (“FinCEN”) released an important report on “Ransomware Trends in Bank Secrecy Act Data Between 1/2021 - 6/2021.” The report analyzes Suspicious Activity Report (“SAR”) data related to ransomware attacks in order to spot trends and offer insights.  We summarize its key takeaways.

New York’s Office of the Attorney General (“OAG”) ordered two cryptocurrency lending platforms to cease their operations in the state of New York within 10 days of October 18, 2021.

On October 19, 2021, the first U.S. Bitcoin-focused exchange-traded fund (“ETF”) will begin trading with approval from the Securities & Exchange Commission (“SEC”).

On October, 15, 2021, the CFTC ordered Tether to pay a $41 million monetary penalty and issued a cease and desist in connection with Tether’s misleading claims that it was fully backed by U.S. dollars. The CFTC also ordered Bitfitnex to pay a $1.5 million monetary penalty for illegal transactions that took place on its platform, and for violating a prior CFTC order. In addition to the monetary penalty, the order prohibits Bitfinex from further violations and requires the company to implement and maintain additional systems reasonably designed to prevent further unlawful commodity transactions.

Singapore Blockchain Fest is an interactive and innovative two-day event on Blockchain, Exchanges, Crypto currencies, Decentralized Finance (DeFi), NFTs, Mining, Gaming and Gambling, Online Payments, and Investment.

For the first time ever, “fintech partnerships for potential cryptocurrency-related activities and other services” are on its short list.

Stephen Gannon of the firm’s FinTech & Blockchain Practice talks about "DeFi and Regulation at the Crossroads" at the 2021 Wyoming Blockchain Stampede. Take a watch: https://www.youtube.com/watch?v=aS8MKTlOIzw.