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Are Californians at risk of criminal cryptocurrency charges?

Posted by Bulldog Law | Nov 08, 2022 | 0 Comments

Crypto enthusiasts tend to be intrigued by decentralizing trade. Others seize the opportunity to use disruptive technology to – allegedly – fund illegal activities.

As global governments continue to identify the pros and cons of peer-to-peer financing, it may be difficult to define its legal limitations. Criminal cases, however, seem abundant.

Friendly, but unforgiving?

Reports suggest California is not the “most crypto-friendly state,” ranking third behind Nevada and Florida. Residents of the Golden State simply initiate more Google searches about the topic than other Americans. The lack of available Bitcoin ATMs and crypto job postings in California decreased local rankings.

The Department of Financial Protection and Innovation (DFPI) remains widely undecided about how to regulate digital transactions. Still, allegations of crypto-related scams and unlawful activities flood the headlines.

Federal penalties for non-fungible agreements

Allegations related to the misuse of digital assets usually extend far beyond state lines. As such, you can anticipate serious federal consequences if you face charges of blockchain-based criminal conduct.

It's advisable to exercise extreme caution when using digital currency to minimize accusations of involvement with crimes like:

  • Fraud
  • Money laundering
  • Tax violations
  • Ponzi schemes
  • Drug trafficking
  • Conspiracy

Suspected regulatory violations are also highly problematic, particularly in a space that's moving faster than the governing parameters.

So, are Californians at risk? Possibly. Though probably not more than those across state lines.

Defending decisions

Involvement with distributed ledger technology has its risks and rewards – unpredictable though they may be.

As with anything else, understanding the consequences of your actions can help you make wise choices. But since crypto leaves much to chance, be sure you know how to protect your interests if your agreements require defense.

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