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Articles by Jason Somensatto
Treasury just withdrew crypto surveillance rule proposals long opposed by Coin Center
Today, the Department of Treasury is clearing two long-pending cryptocurrency rules off the books that Coin Center has fought against for years: the Financial Crime Enforcement Network’s (FinCEN’s) proposed rules targeting so-called “unhosted wallets” and cryptocurrency mixing. Both threatened to dramatically expand financial surveillance of cryptocurrency users, and Coin Center repeatedly urged Treasury to abandon them.
The proposed BRCA changes are a tough pill to swallow
The Senate is scheduled for a pivotal vote on the Clarity Act tomorrow, and in an effort to secure the 60 votes needed for passage, the drafters have made last-minute revisions to the Blockchain Regulatory Certainty Act (BRCA). The revised language would still provide important protections for non-controlling blockchain developers under the Bank Secrecy Act (BSA), but it removes the BRCA’s explicit protection against criminal liability under 18 U.S.C. § 1960.
The US Risks Its Position as a Stablecoin Leader
Stablecoins are the backbone of the crypto economy. Transactions involving USD-backed stablecoins reached nearly $6.87 trillion in 2022, surpassing the volumes of Mastercard and PayPal. Despite the crypto winter, stablecoin activity has remained resilient, reflecting approximately 40% of all value transacted on blockchain networks. In other words, stablecoins have emerged as an innovation with product-market fit. Jason Somensatto is the Head of North America Policy at Chainalysis.
State of Crypto Week 2023
Opinion Regulatory Clarity Won’t Bring an End to Crypto Risk Even comprehensive crypto legislation won’t stop people from making bad investment decisions, says EY's blockchain leader. By Paul BrodyOct 24, 2023 Opinion The U.S. Risks Its Position as a Stablecoin Leader USD stablecoin transactions are rising fast, but most of the growth is happening outside of the United States, says Jason Somensatto, Head of North America Policy at Chainalysis.
Response to the CFTC about Ethereum and 0x – 0x Blog
For those unaware, the U.S. Commodity Futures Trading Commission (CFTC) recently solicited input from the public about Ethereum and its primary use cases. The 0x Core Team thought this would be a good opportunity to provide information about how Ethereum allows for the development of 0x and open finance protocols generally. We submitted a letter to the CFTC last week to that effect, which we have reprinted below.
How are Cryptocurrency Investments Different than Securities Investments?
The technology behind Bitcoin has led to a proliferation of new cryptocurrencies and, in turn, a proliferation of speculative investors purchasing those cryptocurrencies. Some of these investments share more similarities with an equity investment in a company than an investment in a traditional currency. Additionally, many of these new cryptocurrencies were initially distributed to early investors through a crowd sale similar to an IPO.
Are Digital Assets Securities? – Regulators Weigh In | JD Supra
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Regulatory Risks Facing Cryptocurrency Trading Platforms
What does it mean for a cryptocurrency trading platform to be compliant with U.S. laws? The answer is not as clear as some may expect and hinges on such questions as how tokens on the platform are legally categorized and how trading is conducted. What is clear from recent developments is that multiple U.S. regulators are scrutinizing whether trading platformsare complying with various regulatory schemes.
Financial Derivatives Intermediaries Who Trade Virtual Currencies Face the NFA’s Enhanced Reporting Requirements
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The DAO Report: Understanding the Risk of SEC Enforcement
Jason Somensatto is counsel at Morvillo LLP where he focuses his practice on internal investigations, government enforcement actions and white-collar criminal matters. In this opinion piece, Somensatto discusses the impact of a new SEC ruling on the use of blockchain-based tokens for fundraising, arguing that entrepreneurs should not ignore their legal risks.
The DAO Report: Understanding the Risk of SEC Enforcement - CoinDesk
Jason Somensatto is counsel at Morvillo LLP where he focuses his practice on internal investigations, government enforcement actions and white-collar criminal matters. In this opinion piece, Somensatto discusses the impact of a new SEC ruling on the use of blockchain-based tokens for fundraising, arguing that entrepreneurs should not ignore their legal risks.
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