{"id":106693,"date":"2020-11-06T23:35:20","date_gmt":"2020-11-06T20:35:20","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/law-decoded-new-administration-and-the-dojs-continued-flex-in-crypto-oct-30-nov-6\/"},"modified":"2020-11-06T23:35:20","modified_gmt":"2020-11-06T20:35:20","slug":"law-decoded-new-administration-and-the-dojs-continued-flex-in-crypto-oct-30-nov-6","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/law-decoded-new-administration-and-the-dojs-continued-flex-in-crypto-oct-30-nov-6\/","title":{"rendered":"# Law Decoded: New administration and the DoJ\u2019s continued flex in crypto, Oct. 30\u2013Nov. 6"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ee3243cb7e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ee3243cb7e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/law-decoded-new-administration-and-the-dojs-continued-flex-in-crypto-oct-30-nov-6\/#Editors_note\" >Editor&#8217;s note<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/law-decoded-new-administration-and-the-dojs-continued-flex-in-crypto-oct-30-nov-6\/#Deals_with_the_DoJ\" >Deals with the DoJ<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/law-decoded-new-administration-and-the-dojs-continued-flex-in-crypto-oct-30-nov-6\/#Visas_Plaid_acquisition_comes_under_fire\" >Visa\u2019s Plaid acquisition comes under fire<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/law-decoded-new-administration-and-the-dojs-continued-flex-in-crypto-oct-30-nov-6\/#Is_the_Cayman_Islands_coming_in_from_the_cold\" >Is the Cayman Islands coming in from the cold?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/law-decoded-new-administration-and-the-dojs-continued-flex-in-crypto-oct-30-nov-6\/#Further_reads\" >Further reads<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Law Decoded: New administration and the DoJ\u2019s continued flex in crypto, Oct. 30\u2013Nov. 6 <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjAtMTEvNDhiM2RiMGMtZjlkNC00MTdhLWEyNTAtODM5YWJkMjhmYjhmLmpwZw==.jpg\" \/><\/p>\n<div data-v-5a136f3a=\"\"><em>Every Friday, Law Decoded delivers analysis on the week\u2019s critical stories in the realms of policy, regulation and law.\u00a0<\/em><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Editors_note\"><\/span>Editor&#8217;s note<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Are you over the election? I\u2019m over the election. But you can bet that as soon as I finish writing this week\u2019s Law Decoded, I will compulsively check up on what\u2019s h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ening in Georgia and Pennsylvania. And it seems that I\u2019m not alone.<\/p>\n<p>Despite the election highjacking the entire <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> cycle, crypto has not been completely left in the corner. Likely most notable, Bitcoin is hitting highs it hasn\u2019t seen since January 2018. Given that BTC price typically reacts positively to fears of political instability, that\u2019s not entirely surprising. <\/p>\n<p>More specific to regulators\u2019 interactions with crypto are continued enforcement measures. Taking the lead on this internationally has been the United States Department of Justice. Law Decoded has talked extensively about the DoJ over the past month, and for good reason. They\u2019ve taken huge steps to get out in front of what they perceive as illegal crypto usage ever since releasing a framework for enforcement in virtual currencies at the beginning of October. <\/p>\n<p>While we may be looking at some legal tantrums and recounts, Biden looks to have won the White House. The DoJ is run by the Attorney <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a> \u2014 currently Trump appointee Bill Barr. While the regulator is hardly going to back-pedal its new capacities to monitor crypto, Barr has been at the forefront of that fight, as well as other anti-tech measures to ban end-to-end encryption and Section 230. The attitudes of any Biden nominee who will replace Barr will, consequently, be critical.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"\/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Deals_with_the_DoJ\"><\/span>Deals with the DoJ<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Department of Justice filed to seize a massive stockpile of tokens that had originated with the Silk Road, following an investigation by the IRS and Chainalysis.<\/p>\n<p>The hoard of cryptocurrencies are worth a total of $1 billion and were in the control of an unnamed hacker, who the DoJ\u2019s filing enigmatically refers to as \u201cIndividual X.\u201d Mr. X had apparently signed those tokens over to the DoJ as of Nov. 3, which was the same day that they moved. <\/p>\n<p>Per the complaint, back in 2013 Individual X stole at least 69,471 Bitcoin from Ross Ulbricht, the founder of Silk Road currently serving a double-life sentence. Since then, apart from a 101 BTC transfer to defunct exchange BTC-e, those coins have mostly sat untouched, going through a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of splits and skyrocketing in value. <\/p>\n<p>Some speculation suggests that the hacker in question just made a huge deal to stay out of jail. The complaint specifies that Ross Ulbricht knew their online identity, which may mean that Ulbricht turned over their info in order to get some leniency for his own sentence. $1 billion can probably persuade the justice system to get mighty merciful.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Visas_Plaid_acquisition_comes_under_fire\"><\/span>Visa\u2019s Plaid acquisition comes under fire<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Last week, Cointelegraph reported on news that the DoJ was looking into Visa\u2019s $5.3 billion acquisition of Plaid, initially announced back in January. This week, the agency filed a formal complaint, kicking off an antitrust lawsuit that, if successful, would cancel that acquisition.<\/p>\n<p>Antitrust considerations have picked up in a big way lately over concerns that data usage has constituted a new means of illegal market domination, one that the Sherman Act of 1890 could hardly have prepared for. Major tech firms are having to answer questions about how they prioritize content and share consumer information. <\/p>\n<p>Plaid is a widespread <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tor, enabling interoperation between digital systems that handle financial information \u2014 the sort of personal knowledge that people are sort of touchy about keeping private. The DoJ alleges that Visa is trying to gobble up a potential competitor. But, independently, Plaid is facing a rash of class action lawsuits over its own misuse of client data, which is particularly egregious because most people sending their data through Plaid never even know they\u2019re doing so. Which may be part of what Visa had its eyes on. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_the_Cayman_Islands_coming_in_from_the_cold\"><\/span>Is the Cayman Islands coming in from the cold?  <span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>New legislation on the Cayman Islands has begun to tighten anti-money laundering controls in the country\u2019s crypto market, and especially heighten registration of local crypto exchanges. <\/p>\n<p>The Cayman Islands\u2019 legislative body initially began considering a comprehensive crypto overhaul back in April, but the first provisions are just now rolling out.<\/p>\n<p>Like many other British Overseas Territories and Crown dependencies, the Cayman Islands has a long history as a hotbed of tax evasion, offshoring and money laundering. It looks to be trying to rehabilitate that image, at least somewhat. The European Union only took the country off their blacklist in October, though it has yet to be added to the white list. The U.S. still identifies the jurisdiction as \u201chigher risk.\u201d <\/p>\n<p>The issue is, most of these offshore havens make a lot of their revenues by hosting financial services that the U.K. proper, EU or U.S. wouldn\u2019t allow. So how much motivation with the Cayman Islands actually have to clean up their act? <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Further_reads\"><\/span>Further reads<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Chris Giancarlo and Daniel Gorfine of the Digital Dollar Project <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.marketwatch.com\/story\/the-future-of-money-should-be-cashless-with-a-digital-dollar-giving-quicker-easier-and-cheaper-access-to-your-savings-2020-11-05\">opine<\/a> on a cashless future for MarketWatch. <\/p>\n<p>The Volkov Law Group finishes their analysis of the DoJ\u2019s <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.jdsupra.com\/legalnews\/doj-cryptocurrency-guidance-outlines-56866\/\">crypto enforcement framework<\/a> from last month. <\/p>\n<p>Brookings\u2019 Techstream runs down <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.brookings.edu\/techstream\/the-techstream-newsletter-election-day-misinformation\/\">misinformation<\/a> seen during the week of the presidential election. <\/p>\n<\/div>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/new-administration-and-the-doj-s-continued-flex-in-crypto\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Law Decoded: New administration and the DoJ\u2019s continued flex in crypto, Oct. 30\u2013Nov. 6 &#8221; Every Friday, Law Decoded delivers analysis on the week\u2019s critical stories in the realms of policy, regulation and law.\u00a0 Editor&#8217;s note Are you over the election? I\u2019m over the election. But you can bet that as soon as I&#8230;<\/p>\n","protected":false},"author":1,"featured_media":106694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/48b3db0c-f9d4-417a-a250-839abd28fb8f.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74859,78420,77456,71391,70288,70934,67874],"class_list":["post-106693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-aml","tag-silk-road","tag-visa","tag-department-of-justice","tag-elections","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/106693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=106693"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/106693\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/106694"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=106693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=106693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=106693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}