TRM Talks: Recent Episodes
TRM Labs
Each month we bring together professionals from financial institutions, cryptocurrency businesses and government agencies around the world to discuss crucial topics in crypto compliance and blockchain investigations.
Subscribe to our channel for regular updates on regulatory, compliance and law enforcement developments in crypto!
Last year the EU Parliament passed MiCA — Markets in Crypto Assets Regulation. MiCA, arguably the world’s most comprehensive framework for crypto requires crypto-asset service providers and issuers to take action related to governance, consumer protection and AML. As key deadlines approach for MiCA implementation across the continent, Peter Kerstens of the European Commission joins TRM Talks to discuss MiCA implementation, what’s next for DeFi, and what the world can learn from Europe’s crypto experiment.
Today’s Guest
Peter Kerstens, Advisor – Financial Sector Technological Innovation and Cybersecurity, European Commission
Host: Ari Rebord, Global Head of Policy, TRM Labs
In this episode Ari sits down with Vanessa Targenian, Director of Research, Fidelity Center for Applied Technology (FCAT) at Fidelity Investments, to discuss how blockchain technology is revolutionizing the way traditional financial institutions do business.
Today’s Guest
Vanessa Kargenian, Director of Research, Fidelity Center for Applied Technology (FCAT) at Fidelity Investments
Host: Ari Rebord, Global Head of Policy, TRM Labs
In this episode Ari sits down with Max Bernt, Taxbit’s Managing Director for Europe, to discuss the fragmented global tax regulatory landscape, reporting standards, the impact of tax policy on the digital assets ecosystem, and Max’s journey from runway model to lawyer, judge to PhD, and tax policy expert.
Max Bernt, Managing Director, Europe, Taxbit
Host: Ari Redbord, Global Head of Policy, TRM Labs
In this TRM Talks, Ari sits down with Lazarus Heist’s Geoff White to discuss his latest book Rinsed. Geoff discuss the stages of money laundering and provides colorful examples of placement, layering and integration from Pablo Escobar to North Korean cybercriminals. Ari and Geoff hit topics from bulk cash smuggling to crypto mixing in this wide ranging discussion that brings money laundering to life.
Today’s Guests
Geoff White, Author and Journalist
Host: Ari Rebord, Global Head of Policy, TRM Labs
The state of Wyoming is known as the Wild West – a land of wide open spaces, the nation's most iconic national parks, and rodeo broncin' bucks. But Wyoming, over the last few years, has become known for something else – cryptocurrency. So how has Wyoming become the new frontier for financial innovation? In this episode Ari sits down with Anthony Apollo, Director of the Wyoming Stable Token Commission, to discuss his journey from New York to Cheyenne, crypto native to regulator, and how the state of Wyoming continues to innovate. Click here to learn more about the Wyoming Stable Token Commission.
Today’s Guests
Anthony Apollo, Director, Wyoming Stable Token Commission
Host: Ari Redbord, Global Head of Policy, TRM Labs
In this episode Ari sits down with Raj Mukherjee, Executive Director for the Office of Digital Assets Initiative at the Internal Revenue Service (IRS) to discuss Raj’s journey from industry to government, the role of the IRS in the crypto space, and how IRS is approached drafting the recently published broker regulations.
Today’s Guests
Raj Mukherjee, Executive Director, Office of Digital Asset Initiative, Internal Revenue Service
Host: Ari Redbord, Global Head of Policy, TRM Labs
In this episode CoinDesk’s managing editor for global policy and regulation Nik De join’s Ari to discuss the regulatory landscape, Congress’ focus on anti-money laundering and national security, and Nik’s non-stop coverage of the Sam Bankman-Fried trial including his crypto-famous courtroom sketches.
Today’s Guests
Nik De, Managing Editor for Global Policy and Regulation, CoinDesk
Host: Ari Rebord, Global Head of Policy, TRM Labs
In the wake of the largest settlement in the history of the United States – over $4 billion to settle violations of the Bank Secrecy Act, failing to register as a money transmitting business, and breaching US sanctions – Binance, the world’s largest crypto business, is working to build a best-in-class AML and sanctions compliance program under the oversight of independent monitors. In this episode, we are joined by Binance Chief Compliance Officer Noah Perlman to discuss that process, his journey from federal prosector to crypto, and the worsening situation for Binance financial crime lead Tigran Gambaryan who has been held in Nigeria for over 100 days.
Today’s Guests
Noah Perlman, Chief Compliance Officer, Binance
Host: Ari Rebord, Global Head of Policy, TRM Labs
For over a decade Treasury’s Financial Crime Enforcement Network (FinCEN) has been providing guidance and taking enforcement actions in the virtual assets space. In 2013 guidance FinCEN clarified that the US anti-money laundering regime applies to cryptocurrency businesses paving the way for enforcement against non-compliant virtual asset service providers. However, questions still remain. How does the BSA apply to DeFi? What role do mixers and anonymity enhancing technology play in the ecosystem? In this TRM Talks, Ari Redbord, TRM's Global Head of Policy sits down with Kevin O’Connor, Chief of FinCEN’s Virtual Assets and Emerging Technology Section of the Enforcement and Compliance Division, to discuss FinCEN’s crypto strategy to answer these and other questions.
Today’s Guests
Kevin O’Connor, Chief of FinCEN’s Virtual Assets and Emerging Technology Section of the Enforcement and Compliance Division
Host: Ari Rebord, Global Head of Policy, TRM Labs
Ari sits down with Sarah Hammer, Executive Director at The Wharton School, to discuss the importance of embracing technology for financial institutions, the use of blockchains for faster settlements, and regulation for crypto, AI, cyber and other emerging technologies.
Today’s Guests
Sarah Hammer, Executive Director at The Wharton School
Host: Ari Rebord, Global Head of Policy, TRM Labs
Resources
- U.S. Department of the Treasury Report – Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector: https://home.treasury.gov/system/files/136/Managing-Artificial-Intelligence-Specific-Cybersecurity-Risks-In-The-Financial-Services-Sector.pdf
- TRM Insights – US Treasury Issues Report on AI Cyber and Fraud Risks for Financial Institutions: https://hubs.la/Q02y0hx70
- A Comprehensive Approach to Crypto Regulation: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4245285
- TRM Report – The Illicit Crypto Economy: https://hubs.la/Q02y0fp70
From the largest darknet markets to the most dangerous ransomware groups, German authorities have been involved in the most important crypto-related investigations and takedowns in recent years. In this TRM Talks, Ari Redbord sits down with Jana Ringwald, Senior Public Prosecutor, Prosecutor General’s Office in Frankfurt, to discuss how she works with law enforcement, the private sector and with global partners to fight cybercrime.
Today’s Guests
Jana Ringwald, Senior Public Prosecutor, Prosecutor General’s Office in Frankfurt
Host: Ari Rebord, Global Head of Policy, TRM Labs
In this episode Ari sits down with author and journalist Emily Parker. No topic is off limits as they discuss Bitcoin ETFs, global regulation, the use of the internet by pro-democracy movements, and Emily’s life and work in Asia. Ari and Emily dive into the most pressing issues impacting crypto today in a fun and engaging discussion.
Today’s Guests
Emily Parker, Journalist
Host: Ari Redbord, Global Head of Policy, TRM Labs
Ari sits down with threat intelligence expert Jessica Davis to discuss the emerging digital battlefield. From terrorist financiers to North Korean cybercriminals Jessica maps the threat landscape and provides a nuanced perspective on the use of cryptocurrencies.
Today’s Guests
Jessica Davis, Threat Intelligence Expert
Host: Ari Rebord, Global Head of Policy, TRM Labs
Resources
Insight Threat Intelligence Newsletter
About the Episode
In this breaking news episode of TRM Talks, Ari sits down with the US Treasury Department’s Deputy Assistant Secretary of Cyber and Chief AI Officer Todd Conklin to discuss Treasury’s report on “Managing Artificial Intelligence Risk in the Financial Services Sector,” and the risks and opportunities that come from the use of AI and other emerging technologies.
Today’s Guests
Todd Conklin, Deputy Assistant Secretary of Cyber and Chief AI Officer, US Department of the Treasury
Host: Ari Rebord, Global Head of Policy, TRM Labs
Resources
Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector, US Department of the Treasury, March 2024
TRM Insights: US Treasury Issues Report on AI Cyber and Fraud Risks for Financial Institutions
In this episode, Ari sits down with Jarod Koopman, Executive Director of Cyber and Forensic Services for IRS - Criminal Investigation. They discuss IRS-CI’s unique role in crypto investigations, how this small law enforcement agency has seized $11 billion in cryptocurrencies, why Jarod is starting to see crypto in more cases, and what martial arts has to do with all of it.
Today’s Guests
Jarod Koopman, Executive Director of Cyber and Forensic Services for IRS - Criminal Investigation
Host: Ari Rebord, Global Head of Policy, TRM Labs
This week, CFTC Commissioner Christy Goldsmith Romero joins Ari for a discussion of the Commissioner’s journey, the CFTC’s regulation of crypto and the CFTC Technology Advisory Committee’s recent report on DeFi.
Today’s Guests
Christy Goldsmith Romero, Commissioner, CFTC
Host: Ari Rebord, Global Head of Policy, TRM Labs
Resources
- TRM Insights: CFTC’s Technology Advisory Committee Releases Report On Opportunities and Risks In DeFi
Ari sits down with Circle’s Dante Disparte to discuss his journey from Libra to Circle, the power of digital assets for financial inclusion, and the future of stablecoin regulation.
Today’s Guest
Dante Disparte, Chief Strategy Officer and Global Head of Policy, Circle
Host: Ari Rebord, Global Head of Policy, TRM Labs
Resources
- About Dante Disparte
- About Circle
- TRM Insights: Stablecoin Summer: How three months of policy and innovation could shape the future of the ecosystem
- Circle Report: State of the USDC Economy
Carole House, former US Treasury and White House National Security Council official, joins Ari to discuss the nexus between crypto and national security. Carole, the primary author of the White House Executive Order on Digital Assets and the recent CFTC report on DeFi, talks about these important reports, the process behind them, and how to mitigate North Korea, terrorist financing, ransomware and other national security challenges in the digital world.
Today’s Guest
Carole House, Former US Treasury and White House Cybersecurity Official
Host: Ari Redbord, Global Head of Policy, TRM Labs
Resources
- TRM Insights: CFTC’s Technology Advisory Committee Releases Report On Opportunities and Risks In DeFi
- CFTC Technology Advisory Committee - Report on Decentralized Finance
- TRM Insights: Biden’s Executive Order On Crypto Is Out — Read TRM’s Quick Take
- TRM Insights: North Korean Hackers Stole $600 Million in Crypto in 2023
- TRM Report: Global Crypto Policy Review & Outlook 2023/24
- TRM Illicit Ecosystem Report
- About Carole House
- Carole House NFT: CoinDesk Coordinating the Federal Government's Approach to Crypto
Ari sits down with WIRED magazine’s Andy Greenberg and TRM’s Chris Janczewski, a former IRS-CI agent and the protagonist of Andy’s book Tracer’s in the Dark, to discuss how Chris and other investigators track and trace crypto to build investigations and hunt illicit actors on the blockchain.
Today’s Guests
- Andy Greenberg, Senior Writer, WIRED magazine
- Chris Janczewski, Head of Global Investigations, TRM Labs
- Host: Ari Rebord, Global Head of Policy, TRM Labs
Resources
- TRM Insights: Tracers in the Dark: An Inside Look into Cracking Crypto's Biggest Cases
- TRM Insights: North Korean Hackers Stole $600 Million in Crypto in 2023
- TRM Insights: Hack Hauls Halve From 2022
- TRM Insights: CFTC’s Technology Advisory Committee Releases Report On Opportunities and Risks In DeFi
- TRM Talks: Investigating and Prosecuting a Crypto Case
- CFTC Technology Advisory Committee - Report on Decentralized Finance
- About Chris Janczewski
- About Andy Greenberg
- Tracers in the Dark: The Global Hunt for the Crime Lords of Cryptocurrency by Andy Greenberg
In this episode, TRM's global policy team - Ari Redbord, Isabella Chase and Angela Ang - got together, in-person, to dissect the latest regulatory news of the quarter. The result was a 20-minute rapid fire, wide-ranging discussion of macro and micro digital assets policy across the globe. From the UK to the U.S., the EU to Australia and beyond, TRM's Policy Team discussed the U.S. Treasury's recent proposed rule on mixers, what may be coming for DeFi regulation, and took viewers on a journey around the world for the latest on crypto policy and regulatory developments.
In this episode TRM's Ari Redbord sat down with Santa Clara Prosecutor Erin West of REACT Task Force at ACAMS in Las Vegas. Erin, the conference's keynote speaker, discussed her journey and why she has a laser focus on rooting out "pig butchering."
In pig butchering, also-known-as "romance scams," scammers encounter victims on dating sites, social media websites, or even random texts masquerading as a wrong number. Scammers initiate relationships with victims and slowly gain their trust, eventually introducing the idea of making a business investment using cryptocurrency. Victims are persuaded to invest money and once the money is sent to the fake investment app, the scammer vanishes with all the victim’s money. The term “pig butchering” comes from the idea of “fattening” up the victim as much as possible before stealing the money. These cases often involve victims who have lost their life savings, leaving the victims devastated and desperate for help.
In this episode, Erin discusses the scourge of pig butchering and how she is leveraging blockchain intelligence to counter the threat including through the Tracer Fellowship program, a partnership with TRM Labs and her Crypto Coalition, through which TRM is offering a 12-month fellowship program which will award a select number of active law enforcement investigators free active to TRM's platform.
It has been a busy 2023 in Australia with policymakers consulting on crypto licensing, AML/CTF reform, and more. Australia is home to a growing crypto ecosystem - crypto-assets are the second most popular investment after shares. With that growth has come regulatory scrutiny focused on consumer protection, combatting financial crime and creating a modern, risk-based regime for crypto-assets. In this episode, TRM's Ari Redbord and Angela Ang are joined by Joni Pirovich at BADAS*L, Brad Brown at AUSTRAC, and Steve Vallas at Blockchain APAC to discuss crypto regulatory developments in Australia.
In this TRM Talks, Ari Redbord is joined by Jean Lee, writer, commentator and expert on North Korea. She is co-host of the Peabody-nominated Lazarus Heist podcast on the BBC World Service.
Lee led the Associated Press news agency’s coverage of the Korean Peninsula as bureau chief from 2008 to 2013. In 2011, she became the first American reporter granted extensive access on the ground in North Korea, and in January 2012, she opened AP’s Pyongyang bureau.
In this episode Lee discusses the historic meeting between Russian President Vladimir Putin and North Korean leader Kim Jung Un, how North Korea has developed a cyber army, and the importance of understanding the history of the Korean Peninsula.
Lee discusses North Korea's pivot to theft in the crypto ecosystem and how law enforcement and regulators are using authorities to mitigate the risk of North Korea cyber attacks. This is an in-depth and fast paced discussion into some of the most interesting and timely issues in the crypto space.
Despite the so-called "crypto winter," we have seen a flurry of institutional adoption. But, as the ecosystem grows so does the need to keep funds safe. In this TRM Talks Ari Redbord sits down with Fireblocks' Chief Legal Officer and Chief Compliance Officer Jason Allegrante to discuss protecting the crypto ecosystem from hacks and other exploits, how Fireblocks works with Blockchain Intelligence like TRM Labs, and how policy makers can work with industry to craft sound regulatory frameworks.
The U.S. Justice Department set up the National Cryptocurrency Enforcement Team (NCET) in 2021 amid growing concerns about the use of cryptocurrency for illicit finance including national security threats from North Korea, sanctions evasion, terrorists and weapons proliferators. In 2023, DOJ announced that the the NCET has been merged into the Department's computer crimes section. In this episode TRM's Ari Redbord sits down with the newly appointed NCET Acting Director Claudia Quiroz to discuss the move and the future of crypto-related investigations and prosecutions.
The European Banking Authority's Elisabeth Noble joins TRM's Isabella Chase and Ari Redbord for an in-depth discussion of what's next for MiCA.
Elisabeth, a Senior Policy Expert at the EBA, leads the EBA’s work on crypto-assets and innovation facilitators and coordinates the European Forum for Innovation Facilitators. She is contributing to the development of the new EU Digital Finance Strategy and was a member of the European Commission’s Expert Group on Regulatory Obstacles to Financial Innovation.
In other words, Elisabeth is exactly who you want to hear from when it comes to MiCA implementation!
In April, the U.S. Treasury Department issued its 42-page DeFi Risk Assessment laying out various money laundering risks for DeFi. The assessment, at the end, poses a series of discussion questions. On July 24 TRM Labs is joined by three of the foremost experts on DeFi and regulation to answer these questions.
TRM's Ari Redbord is joined by Rebecca Rettig, Chief Policy Officer, Polygon Labs; Michael Mosier, Espresso Systems and former Acting Director of FinCEN; and, Jai Ramaswamy, Chief Legal Officer, A16Z, and former DOJ money laundering chief to discuss the questions posed in the DeFi Risk Assessment.
In this Flash TRM Talks, TRM's Ari Redbord sits down for a few minutes with the Chief of IRS-Criminal Investigations Jim Lee.
For this Flash TRM Talks, TRM's Ari Redbord sits down for a few minutes with former Treasury Official Eric Lorber of PWC and Isabella Edmonds of GeoComply to talk sanctions compliance ahead of a TRM Talks with OFAC's Dallas Woodrum.
For this Flash TRM Talks, TRM's Ari Redbord sits down for a few minutes with Executive Associate Director of Homeland Security Investigations Steve Francis.
In this Flash TRM Talks, TRM's Ari Redbord sits down for a few minutes with former U.S. Treasury Official and Founder of Capitol Peak Strategies Alex Zerden.
In this Flash TRM Talks, TRM's Ari Redbord sits down for a few minutes with Olta Andoni, General Counsel and Chief Compliance Officer of Enclave Markets.
In this Flash TRM Talks, TRM's Ari Redbord sits down for a few minutes with Kathy Kraninger, Vice President of Regulatory Affairs at Solidus Labs and former Director of the Consumer Financial Protection Bureau (CFPB).
In this Flash TRM Talks, TRM's Ari Redbord welcomes former IRS-CI Agent Chris Janczewski to TRM as Head of Global Investigations.
In this Flash TRM Talks Ari Redbord sits down for a few minutes with former FinCEN Deputy Director Annalou Tirol of O’Melveny & Myers, LLP.
In this Flash TRM Talks Ari Redbord sits down for a few minutes with ACAM's Joby Carpenter.
In this Flash TRM Talks Ari Redbord sits down for a few minutes with Crypto UK's Ian Taylor
At the end of June 2023, the Financial Action Task Force released its fourth “Targeted Update on Implementation of FATF’s Standards on VAs and VASPs.” The report surveyed 151 jurisdictions to find out what they have done to comply with the FATF Recommendations on virtual assets.
According to FATF, 75% of jurisdictions that have made changes to their regimes have only done so to a partially or non-compliant extent, while only half of countries have brought in changes to accommodate the Travel Rule. To pull out the key learnings from the report, TRM's Ari Redbord and Isabella Chase are joined by Lana Schwartzman, Head of Regulatory and Compliance and Catarina Veloso Senior Associate for regulatory compliance at Notabene for TRM Talks: FATF Travel Rule Implementation.
In this TRM Talks, Ari Redbord is joined by Geoff White, journalist, author and co-host of the BBC's acclaimed "Lazarus Heist" to discuss the first and second seasons of the podcast which focus on North Korea's attack on Sony Pictures and the Bank of Bangladesh as well as the evolution and growing sophistication of North Korea's elite, state sponsored, cybercriminals.
In addition, Mr. White discusses North Korea's pivot to theft in the crypto ecosystem and how law enforcement and regulators are using authorities to mitigate the risk of North Korea cyber attacks. This is an in-depth and fast paced discussion into some of the most interesting and timely issues in the crypto space.
Today 114 countries across the globe – 95% of the world’s GDP – are working on a central bank digital currency including the United States which continues to study the efficacy and design of a digital dollar. At the same time, we are seeing the growth of decentralized finance, the proliferation of U.S. dollar backed stablecoins, and continued adoption of cryptocurrencies globally despite the “crypto winter.” We are also seeing regulators across the globe – from Dubai to Hong Kong, Europe to Singapore, the UK, Australia, Japan, Brazil and beyond – create legal frameworks for digital assets. Even in the U.S., where the environment has been characterized by enforcement activity, every branch of the U.S. government is now engaged in the discussion of how to regulate the digital assets space. But, what will the digital assets ecosystem look like as it grows and matures? How do we navigate complex questions of security and privacy? Can CBDCs and cryptocurrencies co-exist?
TRM Labs’ Ari Redbord is joined by former Chairman of the CFTC and Digital Dollar Board Chair J. Christopher Giancarlo, Paxos General Counsel Dan Burstein and FalconX Deputy GC Purvi Maniar to discuss the future of finance for our first in-person TRM Talks in collaboration with the Digital Dollar Project.
In the last week of June, after a busy quarter of policy consultations, new legislative packages and ongoing debate, TRM’s Policy team held its latest edition of TRM Talks Policy. Ari Redbord and Isabella Chase were joined by Dr. Chris Brummer, TRM Labs special advisor and professor of Law and Financial Technology at Georgetown University Law Center, to unpack the latest regulatory and policy developments in digital assets around the world. The discussion also shed light on what we can expect over the coming months.
Over the last few years North Korea has been attacking cryptocurrency businesses at alarming speed and scale stealing billions of dollars in crypto to be used for weapons proliferation and other destabilizing activity. As North Korea’s tactics have become more and more sophisticated so has the response with law enforcement, regulators and industry using new tools to harden cyber controls and add friction to the money laundering process. TRM's Ari Redbord is joined for a special TRM Talks by Dr. Jung H. Pak, Deputy Assistant Secretary for Multilateral Affairs and Deputy Special Representative for the DPRK at the United States Department of State, Dr. John Park, Director of the Korea Project and Adjunct Lecturer in Public Policy at the Harvard Kennedy School’s Belfer Center, and former FBI analyst and DPRK expert Nick Carlsen of TRM’s Global Investigations team, to discuss the DPRK threat and how to mitigate it.
TRM’s Ari Redbord sits down with former U.S. Treasury Official Caroline Hill of Circle to discuss recent activity on Capitol Hill, potential stablecoin legislation and the importance of legal clarity.
Ari Redbord sits down with Unchained’s Laura Shin for a TRM Talks to discuss her journey to 500 episodes, her most memorable guests and for a wide ranging discussion of policy, regulation and illicit finance risks. She even turned the tables on Ari a few times.
In late March, the UK government announced the second Economic Crime Plan, setting out how the government will respond to economic crime between 2023-2026.
It centers around three main outcomes: reducing money laundering and recovering more criminal assets, combating kleptocracy and driving down sanctions evasion and finally, cutting fraud.
For the first time, the Plan includes a dedicated section on combating the ‘criminal abuse of crypto assets’ .
In this webinar, TRM is joined by representatives from the Home Office and HM Treasury to discuss the illicit finance risks faced by the UK's cryptoasset sector, how ECPII plans to counter these and how the private sector can play a vital role in combating the criminal abuse of cryptoassets.
As 114 countries across the globe experiment with a central bank digital currency (CBDC), regulators and policy makers have been discussing and debating fundamental issues of privacy, security, and the impact on existing financial systems.
In the United States, policy makers all the way from the White House to the Federal Reserve, Treasury to Capitol Hill, have continued to discuss the promise and challenges of a potential digital dollar.
The Digital Dollar Project (DDP), created to encourage research and public discussion on the potential advantages and challenges of a U.S. CBDC, is leading that discussion.
TRM Talks is joined by former Chairman of the CFTC and Digital Dollar Board Chair J. Christopher Giancarlo and Digital Dollar Executive Director Jennifer Lassiter to discuss the future of a digital dollar.
TRM's Ari Redbord sits down with US Treasury's Caroline Horres to discuss the much anticipated Risk Assessment For Decentralized Finance and how Treasury views the emerging technology.
This week, TRM’s policy team came together to break down the extensive regulatory and policy action we’ve seen in digital assets in the first few months of 2023.
As we move to a more decentralized world, policy makers globally are asking the same question: what does regulation look like for DeFi?
In this TRM Talks, we are joined by an all-star panel of builders and innovators, former regulators and law enforcement officials, for a roundtable discussion on the unique regulatory challenges and opportunities in decentralized finance.
In 2022, we saw global regulators and policy makers begin to craft comprehensive frameworks for digital assets.
From the United Arab Emirates to Singapore, Japan to the European Union, the U.S. to the U.K. and beyond, we saw guidance and rules for stablecoins, taxation, consumer protection, and advertising.
In 2023, we are likely to see much more of this regulatory action as policy makers attempt to rein in bad actors, ensure financial stability and protect consumers while simultaneously allowing for innovation and experimentation in an evolving space.
Join TRM’s Policy Team to discuss what to expect on the regulatory and policy front in 2023.
The exponential growth of the Internet of Money has created a broad attack surface for threat actors. The same properties that make crypto a force for good — permissionless, programmable, and instantaneous value transfer — are being hijacked by ransomware groups, scammers, and hackers to attack at unprecedented speed and scale.
Hacks have become a part of everyday life in the cryptoverse. In 2022 alone, we have seen nation-state hackers steal hundreds of millions of dollars in crypto, and ransomware groups have been targeting hospitals, critical infrastructure and small businesses.
This threat calls for a strong response that brings together the public and private sectors to ensure the hardening of cyber defenses and, where this fails, an incident response system to ensure that funds are traced, tracked and recovered.
In this special edition, we will be conducting a tabletop exercise that brings together critical players to depict how to respond to a breach in real-time.
TRM Talks is joined in the incident response war room by Jessica Peck, Prosecutor, U.S. Department of Justice, Alan Cohn, Partner, Blockchain and Cryptocurrency Practice, Steptoe & Johnson LLP, Jonathan Rajewski, North American Head of Cyber Incident Response, Stroz Friedberg, Chris Hoffmeister, Global Investigations, TRM Labs.
This podcast is hosted by TRM Labs, a blockchain analytics company. We blend blockchain data with advanced analytics to help financial institutions and governments fight fraud, money laundering, and financial crime. The TRM Crypto Incident Response team takes a concierge approach to quickly track down stolen funds, leveraging decades of combined experience and market-leading technology. Learn more about these services and reach out for support here: https://www.trmlabs.com/incident-response
Over the last year, we have seen the tremendous growth of bridges which connect blockchains and allow users to transfer value from one chain to another. Bridges make for quick and often pseduo-anonymous transactions, empowering the interconnected blockchain ecosystem to grow and thrive.
However, bridges - which often store a lot of value - have also become attractive targets for hackers, cybercriminals and nation state actors like North Korea who see an opportunity to steal hundreds of millions of dollars worth of crypto-assets at the speed of the internet.
In this session, TRM's Jennifer Vander Veer, a former F.B.I. Agent specializing in crypto investigations, will be conducting an in-depth discussion of bridges, DeFi exploits, and tracing across blockchains as bad actors develop new techniques to launder funds.
This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto. Learn more about our mission to build a safer financial system for billions of people here: https://www.trmlabs.com/about
Over a year ago, the Treasury’s Office of Foreign Assets Control (OFAC) released guidance on best practices for cryptocurrency businesses as they navigate sanctions in the crypto space. As part of that guidance, OFAC recommended that companies in the virtual currency industry develop a sanctions compliance program and conduct routine and, if appropriate, ongoing risk assessments to identify potential sanctions issues. This compliance program would include the use of blockchain intelligence and geolocation tools.
In this session, TRM Talks is joined by sanctions compliance experts with robust experience in building out sanctions compliance programs for crypto businesses to discuss:
- The ins and outs of how to approach implementing a sanctions compliance program
- Recent enforcement actions and subsequent key takeaways
- What are the next big issues in crypto-related sanctions compliance we should consider?
This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto. Learn more about our mission to build a safer financial system for billions of people here: https://www.trmlabs.com/about
Hosting the largest number of internet users per capita in the world, Latin America has seen a booming wave of technological advancement in recent years. In just the last two years, we have seen an explosion of interest in digital assets in the region.
Just last year, El Salvador became the first country in the world to approve a cryptocurrency as an official legal tender, leading to a global discussion on the risks and opportunities associated with the adoption of cryptocurrencies.
We have also recently seen policymakers in Brazil, the region's largest crypto hub, begin the process of developing a regulatory framework for digital assets by passing a bill addressing key definitions, consumer protection, anti-money laundering, fraud and other key issues.
Simultaneously, other countries in the region, such as Mexico, are working to define a regulatory framework for crypto clearly. On the other hand, some countries, such as Bolivia, have banned the use of cryptocurrencies entirely.
With so much activity, both positive and negative, happening in the crypto space within Latin America, TRM Talks will be delving into the region’s regulatory landscape alongside guest speakers from Bitso and K2 Integrity.
This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto. Learn more about our mission to build a safer financial system for billions of people here: https://www.trmlabs.com/about
A year ago next month, the U.S. Department of Justice announced the creation of the National Cryptocurrency Enforcement Team (NCET), building upon their Digital Currency Initiative (DCI), with a mission to “to tackle complex investigations and prosecutions of criminal misuses of cryptocurrency, particularly crimes committed by virtual currency exchanges, mixing and tumbling services and money laundering infrastructure actors."
Over the course of the last year, the NCET, consisting of Criminal Trial Attorneys and Assistant United States Attorneys from across the nation, has worked with law enforcement partners to investigate and prosecute crypto-related cases. These cases have ranged from darknet mixing services to insider trading, ICO scams to national security threats.
Beyond investigations and prosecutions, the NCET has been charged with responding to President Biden’s crypto executive order as agencies grapple with how to regulate in the digital assets space.
This month, TRM Talks was joined by United States Digital Currency Counsels, members of both the DCI and NCET, to talk about DOJ’s focus on crypto and what comes next.
This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto. Learn more about our mission to build a safer financial system for billions of people here: https://www.trmlabs.com/about
From NFT rug pulls to programmatic money laundering of hacked funds by nation-state actors like North Korea, threat actors are becoming more and more sophisticated - but so are the investigators and the tools they are using.
Check out TRM Talks Investigations for a discussion about the latest cases, trends and typologies, with former FBI investigators Jennifer Vander Veer, Taylor Windemuth and Lisa Wolk; former United States Secret Service Agent Rita Martin, and threat intelligence expert Monika Laird.
This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto.
Learn more about our mission to build a safer financial system for billions of people here: https://www.trmlabs.com/about
The U.S. Treasury Department’s Office of Foreign Asset Control (OFAC) recently sanctioned cryptocurrency mixing service Tornado Cash, which has been used by North Korean cyber criminals such as state-sponsored Lazarus Group to support cyber activities and launder the stolen proceeds of hacks against cryptocurrency businesses. This designation of Tornado Cash is a watershed moment, not only for the crypto industry but for financial sanctions overall as it targets a widely used mixing service, potentially answering the question of whether or not mixing services at large will be allowed to operate as long as they remain susceptible to illicit actors.
In the hours following the designation, Ari Redbord sat down with TRM's team of experts to discuss the significance of Tornado Cash as a target of sanctions, how these events fit into wider efforts to combat the use of crypto for money laundering and illicit activity, and what these sanctions mean for crypto businesses and other regulated institutions on-the-ground who need to respond to incorporate these updates into their operations in real-time.
This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto.
Learn more about our mission to build a safer financial system for billions of people here: https://www.trmlabs.com/about
While the headlines coming out of London this week may have been related to politics, scandal, and upheaval at 10 Downing Street, financial regulators have been hard at work the last few months providing consultations, reports, responses, and guidance or issues related to cryptocurrency. Ari Redbord sat down to talk discuss UK crypto regulation James Gillespie, Policy Advisor, Sanctions & Illicit Finance at HM Treasury and Ian Taylor, Executive Director at CryptoUK.
According to a comprehensive plan to make the U.K. a global cryptocurrency hub issued in April 2022, we are going to see:
- Stablecoins brought within regulation, paving the way for their use as a recognised form of payment in the UK
- The introduction of a ‘financial market infrastructure sandbox’ to enable firms to experiment and innovate
- The establishment of a Cryptoasset Engagement Group to work more closely with the industry
- An exploration of ways to enhance the competitiveness of the UK tax system to encourage further development of the cryptoasset market
- And work with the Royal Mint to create a Non-Fungible Token (NFT) in summer 2022 as an emblem of the forward-looking approach the UK is determined to take
As discussed in this episode of TRM Talks, it is critical for the UK to ensure that its approach remains joined up and doesn't fall victim to the tradeoff between growth of the crypto ecosystem and stability. With that being said, keep an eye out for potential updates in this space in the upcoming Chancellor's speech later this summer.
This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto.
Learn more about our mission to build a safer financial system for billions of people here: https://www.trmlabs.com/about
Over the last few years, we have seen global regulators walk a fine line as they attempt to regulate digital assets without stifling innovation even as the technology moves at the speed of the internet. Nowhere has this been more true than in Singapore, where regulators have sought to launch a framework for digital assets focused on creating a welcoming environment for cryptocurrency businesses while at the same time zealously protecting consumers and mitigating the risks of money laundering and other illicit activity. This has triggered robust advertising and AML regulation.
Singapore’s Payment Services Act came into effect in January 2020, providing a framework for regulating areas from trading cryptocurrencies to using tokens for payments. Under the law, the Monetary Authority of Singapore (MAS) issues digital payment token licenses to crypto companies that make it through the application process. And, in April, Singapore extended the licensing requirement to virtual asset service providers in the city-state which only do business overseas.
Singapore has led the way globally when it comes to crypto regulation. Understanding the regulatory framework in Singapore is critical for businesses looking to engage with the nation, but also for those looking to understand regulatory frameworks for digital assets across the globe.
This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto.
Learn more about our mission to build a safer financial system for billions of people here: https://www.trmlabs.com/about
As global policymakers continue to build legal and regulatory frameworks for cryptocurrency, compliance professionals at cryptocurrency businesses and financial institutions are working to ensure that they are building robust policies and procedures to mitigate the risks of fraud and financial crime.
In this TRM Talk, we’ll look at today's key issues and challenges for compliance teams in the digital asset space, including:
- Key differences between traditional (fiat) currencies versus cryptocurrencies when it comes to AML policies and procedures
- How to assess sanctions exposure — direct and indirect — in an increasingly complex geopolitical time
- How to manage risk for areas in which there is no regulatory guidance, including engaging with DeFi platforms and liquidity pools
This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto.
Learn more about our mission to build a safer financial system for billions of people here: https://www.trmlabs.com/about
Over the last few years, we have seen global regulators — from Singapore to Hong Kong, the U.S. to the U.K — zero in on crypto transactions. And much of that discussion has centered around one regulation: the Travel Rule.
While the Travel Rule has been discussed and debated, we are now hearing a louder drumbeat for implementation. What does that mean for crypto compliance and how should firms think about approaching implementation? Watch this TRM Talk to hear a panel of compliance experts discuss:
- The implications of FATF's recent call for the implementation of the Travel Rule
- Challenges and considerations on the path to compliance
- Guidance as to how firms can approach implementation
If you don't want to get called for traveling, tune in and read more about the Travel Rule here.
This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto.
Learn more about our mission to build a safer financial system for billions of people here: https://www.trmlabs.com/about
We saw a series of calculated and coordinated actions leading to the takedown of Hydra, the world's largest and longest-running darknet market. In 2021, Hydra accounted for an estimated 80% of all darknet market-related cryptocurrency transactions, and since 2015, the marketplace has received approximately $5.2 billion in cryptocurrency.
In the wake of these actions, a panel of subject matter experts join TRM Talks to discuss the Hydra takedown, the Garantex designation, and the global strategy to investigate and take action against the illicit underbelly of the cryptocurrency ecosystem. Watch the talk to hear insights from:
- Todd Conklin, Counselor to the Deputy Secretary, U.S. Treasury
- Vladislav Cuiujuclu, Team Lead Global Intel, Flashpoint
- Roman Y. Sannikov, Head of Cyberthreat Intelligence, TRM Labs
- Kyle Armstrong, Director of Law Enforcement Relations, TRM Labs
This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto.
Learn more about our mission to build a safer financial system for billions of people here: https://www.trmlabs.com/about
Non-Fungible Tokens (NFTs) — unique crypto assets hashed to a blockchain — have taken the world by storm. From Cryptopunks to NBA Top Shot, Beeple to Bored Apes, NFTs have impacted sports, pop culture, gaming and art.
There are discussions of NFTs in healthcare, real estate, record keeping, and myriad other use cases where certification of authenticity is critical. How can businesses get involved safely?
Watch this episode of TRM Talks to hear answers to the big questions surrounding NFTs from Jennifer Lee, Head of Compliance at Anchorage Digital (which recently helped Visa with its historic purchase of a Cryptopunk); Cody Berlin, Chief Technology Officer at NFT marketplace Autograph, and Joe McGill, former U.S. Secret Service Agent and resident expert on illicit finance risks for NFTs at TRM Labs. In this session, we cover:
- What are NFTs?
- What are the use cases present and future?
- What are the risks and how are regulators and compliance teams working to mitigate them?
This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto.
See how TRM helps organizations conduct NFT risk assessments here: https://www.trmlabs.com/nft
Earlier this year, President Biden signed a long-awaited crypto executive order on “Ensuring Responsible Innovation in Digital Assets (Order),” and issued this fact sheet. While regulatory agencies have been providing crypto-related guidance and taking enforcement actions for years, the White House, with this executive order, intends to outline “the first-ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.”
The Order sets forth a national policy for cryptocurrency across “six key priorities: consumer and investor protection; financial stability; illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation.”
In the wake of the executive order, TRM Talks sat down with three experts - Carole House, Director of Cyber Security and Digital Innovation at the White House National Security Council, Teana Baker-Taylor Chief Policy Officer for the Chamber of Digital Commerce and Dante Disparte, Chief Strategy Officer and Head of Global Policy for Circle - to discuss the Order, the deliberations behind it and what it means for the crypto-industry and beyond.
- Read TRM's quick take: https://www.trmlabs.com/post/bidens-executive-order-on-crypto-is-out-read-trms-quick-take
- Get the fact sheet: https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/09/fact-sheet-president-biden-to-sign-executive-order-on-ensuring-responsible-innovation-in-digital-assets/
This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto.
Learn more about our mission to build a safer financial system for billions of people here: https://www.trmlabs.com/about
The concerns swirling around unhosted or self-hosted wallets and FinCEN's recent notice of proposed rulemaking (NPRM) on the topic have captivated and consumed the cryptocurrency industry and regulators around the world. Unhosted wallets provoke questions of privacy and security at the heart of the promise of cryptocurrency.
In this episode, TRM Talks with Former DOJ Money Laundering Chief and Celo Compliance Head Jai Ramaswamy, author of How I Learned to Stop Worrying and Love Unhosted Wallets, and FinCEN Deputy Director Michael Mosier on unhosted wallets and the challenges of threading the needle between privacy and financial integrity in crypto regulation.
This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto.
Learn more about our mission to build a safer financial system for billions of people here: https://www.trmlabs.com/about
For crypto exchanges and other digital asset service providers, the nuts and bolts of a robust compliance program are many — from FinCEN to FATF, SARS to subpoenas, transaction monitoring to the travel rule.
As legislators and regulators around the globe attempt to bring legal clarity to crypto, compliance teams are meanwhile tasked with understanding and applying current regulatory frameworks to their businesses, and more broadly, with managing financial crime risk as it takes new and different shapes in the cryptoverse.
In this edition of TRM Talks, legal and compliance experts in the crypto space discuss the building blocks of a strong crypto compliance program, plus challenges and best practices to consider, including:
- Understanding current regulatory requirements and potential developments on the horizon
- Developing policies and procedures to meet those requirements
- Using technology and tools to support a modern crypto compliance framework
This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto.
Learn more about our mission to build a safer financial system for billions of people here: https://www.trmlabs.com/about
How in the world did the Department of Justice and the IRS seize $1 billion in Bitcoin? What happens now to the largest seizure of cryptocurrency in history? How do the very best agents and prosecutors conduct these complex investigations into webs of financial transactions that span the globe?
Tune into this episode of TRM Talks with former Assistant United States Attorney Zia Faruqui, IRS-CI Special Agent Chris Janczewski, and other special guests!
They are the dream team that investigated and prosecuted the most important cryptocurrency cases in recent history. They disrupted North Korean cybercriminal hacking team Lazarus Group, took down the largest darknet marketplace for child exploitation Welcome to Video and seized millions of dollars in cryptocurrency headed to terrorist groups Hamas, al-Qaeda and Isis.
This team provides some inside baseball on what it takes to investigate and prosecute the biggest cryptocurrency cases.
This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto.
Learn more about our mission to build a safer financial system for billions of people here: https://www.trmlabs.com/about
The Internal Revenue Service's (IRS), for years, has been the tip of the spear for financial fraud investigations.
But in 2020, the IRS doubled down creating the Fraud Enforcement Office (OFE) focused on rooting out tax evasion, abusive tax avoidance scams and other malicious activity including the use of cryptocurrency to facilitate fraudulent activity. The OFE, part of IRS's Small Business/Self Employed Division, is leading the charge in holding fraudsters, tax cheats, scammers, and money launderers accountable.
In this episode, TRM Talks to Eric Hylton, IRS Commissioner of the Small Business/Self Employed Division and Carolyn Schenck, IRS Fraud Counsel, on how they are leveraging financial expertise across the IRS and around the world to combat cryptocurrency-related fraud.
This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto.
Learn more about our mission to build a safer financial system for billions of people here: https://www.trmlabs.com/about