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??How much money do you really need to start a Crypto company in the US? Thinking about launching a crypto company in the US? It sounds exciting, but the regulatory maze can be a real headache. If you want to offer financial services to US citizens or operate here, you’ll need to get the right licenses. Even the big guns like Binance, Kraken, and Coinbase have faced serious challenges. Just look at Binance; they recently admitted to breaking registration rules and ended up paying a jaw-dropping $4.3 billion in penalties. That’s a tough lesson in regulatory risks! ?What you need to know about the rules Crypto companies in the US have to follow rules at both the federal and state levels: ?Federal level: To keep things above board with anti-money laundering (AML) and counter financing of terrorism (CFT) laws, you need to register as a Money Services Business (MSB). ??How to Register as an MSB: ??Get access to the BSA E-Filing System. ??Create an account. ??Fill out FinCEN Form 107, giving all the details about your business. ??Wait for the thumbs-up from FinCEN. ?State level: After you’re registered federally, you’ll need a Money Transmitter License (MTL) in every state where you plan to operate. Each state has its own rules, which can make this step pretty complicated. ??Let’s talk costs Now, let’s get to the money side of things. The costs for these licenses can add up quickly: ??Application fees: Texas: $10,000 California: $5,000 Delaware: $403 ??License renewal fees: California: $2,500 Delaware: $230 ??Surety bonds: You’ll need to secure a surety bond to cover your financial obligations. This usually means paying 1% to 3% of the total bond amount. For example, Colorado requires a $1,000,000 bond. If you’re looking to get licensed in all states, you could be looking at around $112,000 in application fees and a surety bond of over $10,000,000. Ouch! Starting a crypto company in the US can be lucrative, but the regulatory landscape requires serious prep and investment. If you’re ready to dive in, understanding the licensing process and costs is key. Got questions? Let’s chat about how to navigate these challenges together! #StalirovCoBlog #itlawyer #stalirovco #CryptoBusiness #US #BlockchainRegulation #Startups #FinTech #MSB

US District Court Decision Boosts Binance US Security and Regulatory Compliance: A Win for the Crypto Community The order from the US District Court for the District of Columbia allowing Binance US to invest corporate assets with third-party advisors, invest customer fiat funds in US Treasury bills, and transfer assets to non-affiliated third-party custodians, with the stipulation that these entities are not affiliated with Binance International and must maintain control within the US, can have several positive impacts on the crypto community, some of which I have highlighted here: 1. Increased Trust and Security- Ensuring that the entities managing funds are not affiliated with Binance International can help address concerns about the commingling of funds and potential conflicts of interest. This separation can enhance trust in Binance US as a more independent and regulated entity. Additionally, investing customer fiat funds in US Treasury bills, which are considered one of the safest investments, can provide additional security and assurance to customers about the safety of their funds. 2. Enhanced Financial Management- Allowing corporate assets to be managed by third-party advisors can lead to more efficient and effective asset management and ensure better financial health for the company. To top it up, the ability to invest in different financial instruments, like US Treasury bills, provides diversification, which can help mitigate risks associated with holding assets in a single type of investment. 3. Transparency and Accountability: The measures to keep control within the US and the involvement of non-affiliated custodians can increase transparency and accountability. This certainly will act as a catalyst to boost customer confidence in the platform, potentially attracting more users. 4. Institutionalization of Crypto Assets: By involving established financial practices and instruments, the order helps in the institutionalization of crypto assets. This can lead to greater acceptance and integration of cryptocurrencies into the broader financial system. A key point to remember here is the role of Courts which are playing a crucial role in shaping the crypto environment through their interpretations and enforcement of laws, setting precedents, and providing clarity on regulatory issues. #CryptoLaw #Web3 #Courts #BlockchainLaw #DigitalAssets #SmartContracts #Web3Legal #CryptocurrencyRegulation #web3lawyer

The US Court of Appeals for the Second Circuit has shone a light on secondary crypto sales from Coinbase’s platform, finding that these secondary sales did not transgress the Securities Exchange Act. That finding was, it seems, very case specific as it was arrived at after carefully scrutinising Coinbase’s User Terms/Contracts and deciding there was insufficient evidence of transaction specific contracts requisite for rescission under section 29. The Court did determine there was potential liability for Coinbase in selling unregistered securities but here the secondary trading, viewed through the prism of its contracts, was not a violation. The salutary lesson to be learnt is the critical importance of contractual documentation as a factor in ensuring compliance is achieved. Nothing kills a business quicker than non-compliance #crypto. #regulation #experts https://lnkd.in/edNeiB63

Hawaii Crypto Firms Now Exempted from Money Transmitter License in a Recent Regulatory Shift Hawaii crypto firms have recently seen a significant shift in regulatory requirements, specifically regarding the state’s Money Transmitter License (MTL) mandate. On June 30, 2020, the Hawaii Depart Author: Rameesha Sajwar https://lnkd.in/eK94k2Vp #Crypto #hawaiicryptofirms #moneytransmitterlicense #regulatorychangesincrypto

UK regulators have proposed a bill that would categorize crypto and digital assets as personal property. The current lack of regulation around crypto has made it difficult for legal professionals to determine digital asset ownership during divorces and other disputes. Gaining further regulatory clarity should also make it easier to safeguard consumers and businesses from crypto fraud. Read more: https://ow.ly/jeFp50TmZtf #crypto #digitalassets #regulation #UK

?? SEC vs. Cumberland DRW: Crypto Showdown ?? In the latest clash between the U.S. Securities and Exchange Commission (SEC) and the crypto world, Chicago-based trading firm Cumberland DRW is in the hot seat! The SEC has charged Cumberland for allegedly operating as an unregistered dealer in the digital asset market, claiming they’ve traded over $2 billion in crypto assets without following proper registration rules. But is the SEC overreaching, or is this a much-needed crackdown to protect investors? Cumberland isn’t backing down, calling the charges “frustrating” and highlighting the lack of regulatory clarity in the crypto space. With the SEC also taking on Coinbase, Binance, and other crypto giants, this battle could reshape the future of digital assets. Who’s really playing by the rules here? Catch the full story here- https://bit.ly/4dUEe9Z #crypto #sec #cumberlanddrw #cryptoregulation #digitalassets #securitieslaw #cryptomarket #insights #trending #news Security Exchange Commission

The United States Securities and Exchange Commission set a new record for penalties and fines from its enforcement actions in the fiscal year 2024, primarily due to a massive settlement with crypto firm Terraform Labs. The agency collected $8.2 billion in financial remedies, the highest amount in SEC history, despite a 26% decline in the number of cases. Over half of the total came from the SEC's court win against Terraform and former CEO Do Kwon, who paid a $4.47 billion settlement after being found liable for fraud. Without Terraform's fine, the SEC would have collected $3.72 billion, its worst year for financial remedies since 2013. The SEC's total fines and penalties for 2024 jumped by 65.5% from 2023, with $2.1 billion in penalties and a record $6.1 billion in disgorgement. The record year caps outgoing SEC Chair Gary Gensler's nearly four-year tenure, as he will resign on Jan. 20, 2025, the same day President-elect Donald Trump will be sworn in. The US crypto industry is hoping the SEC's crackdown will end as Trump promised to ease regulatory enforcement on the space. ?? Breaking: SEC hits historic $8.2B in enforcement penalties! Terraform Labs case accounts for more than half at $4.5B. The crypto world continues to evolve with increased regulatory oversight. What are your thoughts on the future of crypto regulation? ?? #CryptoNews #SECRegulation #TerraformLabs #Cryptocurrency #FinancialRegulation #BlockchainNews #CryptoTwitter #DoKwon #TerraLuna #FinTech #CryptoRegulation #WallStreet #InvestorProtection #CryptoMarkets #DigitalAssets #DeFi #CryptoInvestor #RegulatoryCompliance #FinancialNews #InvestmentNews ?? Major crypto regulatory update: SEC sets new record: $8.2B in enforcement Terraform Labs settlement: $4.5B Total crypto cases in 2024: 11 Disgorgement amount: $6.1B Stay informed, stay compliant ?? #SEC #CryptoRegulation #BusinessNews #FinanceNews #TradingCommunity #InvestorEducation #CryptoUpdates #BlockchainTechnology #FinancialMarkets #CryptoAssets #RegulatoryNews #ComplianceMatters #CryptoWorld #DigitalCurrency #InvestmentCommunity #WealthManagement #TradingEducation #MarketNews #CryptoLife #BlockchainNews Gary Gensler SEC Crypto enforcement SEC cryptocurrency Terra Luna crash Crypto regulations 2024 SEC penalties Terraform Labs settlement Crypto compliance Digital asset regulation SEC enforcement actions Cryptocurrency legal cases Blockchain regulation SEC disgorgement Crypto investor protection Financial regulatory news

?? SEC vs. Cumberland DRW: The Crypto Battle Heats Up! ?? In a bold move, the SEC has charged Cumberland DRW, a major player in the crypto trading space, for allegedly operating as an unregistered dealer in digital assets. With over $2 billion in crypto trades at stake, the SEC claims Cumberland failed to follow the proper regulations—but Cumberland is pushing back, calling the charges "frustrating" and pointing to the lack of clear guidelines in the evolving crypto landscape. Is this a necessary step to protect investors or is the SEC overstepping its boundaries in the crypto world? With the agency also targeting big names like Coinbase and Binance, this showdown could shape the future of digital assets. Don’t miss the full breakdown of this legal clash and what it means for the crypto market! Catch the details in our latest blog- https://bit.ly/4dUEe9Z #crypto #sec #cumberlanddrw #cryptoregulation #digitalassets #securitieslaw #cryptonews #financialregulation #insights #trending #news

Crypto's new 1099-DA form explained in a single (made-up) conversation between the IRS and a small DeFi protocol: IRS: “Who’s in charge here?” DeFi Protocol: *in unison* “GM. We all are.” IRS: “Ok, whatever. You need to fill out this tax form every time someone uses your platform.” DeFi Protocol: “Woah, slow down there, partner. So, you want like names, addresses, all that?” IRS: “Yes.” DeFi Protocol: “Uh, we don’t have any of that info, bro. We’re just a website and a few pieces of code.” IRS: “Well then, figure out how to get it.” DeFi Protocol: “Wait, you want like the wallet address and transaction ID for transfers into our platform, too? Why don’t you just look at a block explorer? It’s all on-chain, fren.” IRS: “Because the data is hard to read and that’s your job, not ours.” DeFi Protocol: “Okay well, what you’re asking would literally cost us at least 200 ETH to figure out. And even if we could, our users wouldn’t give KYC info. This would bankrupt us.” IRS: That’s the point. DeFi Protocol: *Promptly relocates to the Cayman Islands* #crypto #web3 #cryptotax

### The Crypto Regulatory Storm: What You Need to Know Just dove into an article about the FBI's latest crypto sting operation, and here’s the bottom line: **The Big Picture**: Law enforcement is cracking down hard on crypto. This operation is a clear signal that the days of unregulated crypto transactions are numbered. **Key Points**: - **Operation Details**: The FBI used sophisticated methods to track and apprehend individuals involved in illicit crypto activities. This level of scrutiny is unprecedented. - **Regulatory Implications**: Regulatory bodies are stepping up their efforts. Expect stricter laws and new compliance requirements for crypto businesses and users. - **Impact on Legitimate Users**: Legitimate crypto users and businesses will need to adapt to a more regulated environment. Transparency is no longer a choice, it's a necessity. ### What It Means for You - **Compliance is Mandatory**: If you’re in the crypto space, compliance is no longer optional. Stay ahead by understanding and adhering to the evolving regulatory landscape. - **Transparency is Key**: Shady dealings are becoming harder to hide. Ensure your transactions are transparent to avoid any legal repercussions. - **The Future of Crypto**: This sting operation is part of a larger trend bringing crypto into the mainstream financial system. This means more stability, but also more regulation. ### Call to Action If you're in the crypto space, it's time to get serious about compliance and transparency. Here’s what you can do: - **Stay Informed**: Keep up with the latest regulatory changes. - **Consult Experts**: Ensure your business is compliant with the new regulations. - **Engage in the Discussion**: Share your thoughts on how these changes will impact the crypto industry. Let’s work together to navigate this new landscape. The future of crypto is here, and it’s more regulated than ever. Let’s make sure we’re all positioned for success. #Crypto #Regulation #Compliance #Transparency #FinancialRegulation --- Feel free to share your insights and questions in the comments below. Let’s keep the conversation going ????