In May 2021, China announced a crackdown on cryptocurrency mining and trading. In recent months, China has doubled down on its new policy by targeting businesses involved in the mining and trading of bitcoin and other cryptocurrencies. China’s is prohibiting cryptocurrency mining and trading for many reasons, including:
Co-Authored by Sharath Patil
Largest FCPA Settlement to Date
The U.S. Securities and Exchange Commission (“SEC”) and the U.S. Department of Justice (“DOJ”) announced in October that Goldman Sachs Group, Inc. (“Goldman Sachs”) agreed to pay $2.9 billion as part of a settlement agreement. The settlement was a result of the agencies’ enforcement action after they learned that Goldman Sachs had allegedly paid $1.6 billion in bribes to officials in Malaysia and the United Arab Emirates (“UAE”) to secure its position as the underwriter of $6.5 billion in three bond deals with 1Malaysia Development Berhad. The settlement constitutes the largest Foreign Corrupt Practices Act (“FCPA”) settlement ever recorded.