This Note compares the crypto asset-related legal frameworks of the European Union and the United States. As U.S. regulators grapple with the rapidly evolving cryptocurrency landscape, the European Union recently promulgated a more comprehensive regulatory scheme detailing the oversight and regulation of crypto assets. Within this framework, the European Union specifies which agencies possess the authority to initiate prosecutions for crimes involving these digital assets. Unlike the European Union, which has rules specifically designed for crypto assets, the United States regulates crypto assets by applying extant securities regulations, resulting in diverse agencies overseeing related sectors. For example, the Office of Foreign Asset Control (“OFAC”) has furnished enforcement guidance pertaining to sanction regimes that encompass cryptocurrency. Concurrently, the Financial Crimes Enforcement Network (“FinCEN”) formulates rules and compliance standards to buttress anti-money laundering efforts.
Additionally, the Department of Justice (“DOJ”) steps in to levy criminal charges in the wake of crypto-related white-collar crimes.
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