Cryptocurrency regulation in the US and the Czech Republic: A comparative analysis of enforcement and effectiveness

B andejský, Tomáš
A icle
C yp ocu ency egula ion in he US and he Czech
Republic: A compa a i e analysis o en o cemen and
e ec i eness
Wo ld Economy and Policy (WEP)
P o ided in Coope a ion wi h:
P ague Uni e si y o Economics and Business, Facul y o In e na ional Rela ions (FIR)
Sugges ed Ci a ion: B andejský, Tomáš (2025) : C yp ocu ency egula ion in he US and he Czech
Republic: A compa a i e analysis o en o cemen and e ec i eness, Wo ld Economy and Policy
(WEP), ISSN 2788-0672, P ague Uni e si y o Economics and Business, Facul y o In e na ional
Rela ions, Cen e o Eu opean S udies, P ague, Vol. 4, Iss. 1, pp. 1-23
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/317797
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Ročník / Volume 4 | Číslo / Issue 1 | 2025WORLD ECONOMY AND POLICY
CRYPTOCURRENCY REGULATION INTHEUS AND THECZECH
REPUBLIC: ACOMPARATIVE ANALYSIS OFENFORCEMENT
AND EFFECTIVENESS*
Tomáš B andejskýa
Abs ac
Thea icle “C yp ocu ency Regula ion in heUS and heCzech Republic: ACompa a i e Analysis o En-
o cemen and E ec i eness” examines he egula o y amewo ks inbo h coun ies as hey add ess
he ising isks o  aud associa ed wi h c yp o-asse s like c yp ocu encies and Non-Fungible Tokens
(NFTs). The Uni ed S a es adop s a p oac i e app oach, le e aging mul i-agency coope a ion and
exis ing legal amewo ks o egula e his space, whe eas heCzech Republic akes amo e conse a i e
s ance, awai ing heimplemen a ion o EU egula ions, no ably heMa ke s inC yp o-Asse s (MiCA).
This compa a i e s udy highligh s hes eng hs and weaknesses o bo h sys ems. TheU.S. egula o y
en i onmen is cha ac e ized by adap abili y and ad anced en o cemen ools such as blockchain
analy ics, bu su e s om o e lapping au ho i ies and inconsis en legal in e p e a ions. TheCzech
Republic, hough s ill de eloping i s legal amewo k, has demons a ed compe ence inseizing and
mone izing audulen ly ob ained c yp o-asse s, al hough i s esponse imes o aud cases a e slowe .
Thea icle concludes by o e ing ecommenda ions o heCzech Republic oenhance i s egula o y
amewo k, including adop ing in es iga i e me hods om he U.S. and ac ing mo e p oac i ely
in he igh agains c yp o- ela ed aud. This analysis con ibu es o heongoing deba e onhow obes
egula e eme ging inancial echnologies in his apidly e ol ing ma ke .
Keywo ds:
c yp ocu ency egula ion, NFT aud, compa a i e analysis, en o cemen e ec i eness,
MiCA Regula ion, blockchain analy ics, in es o p o ec ion
JEL Classi ica ion: K24, K42, G28
1. In oduc ion
As c yp o-asse s, i.e. c yp ocu encies and Non-Fungible Tokens (NFTs), g adually become
pa o he global inancial sys em, he isk o an in es o becoming a ic im o aud also
inc eases.1,2 The Uni ed S a es and he Czech Republic a e he e o e de eloping egula o y
amewo ks o add ess hese issues, bu hei app oaches di e signi ican ly. The Uni ed S a es
* The a icle was w i en as pa o he IGS g an p ojec “P e en ion o C yp o Asse F aud and Failu e
o Rela ed Se ice P o ide s in an In e na ional Con ex ” a he P ague Uni e si y o Economics and
Business, whe e he au ho , Mg . Tomáš B andejský, is a hi d-yea PhD s uden .
a P ague Uni e si y o Economics and Business
1 Kshe i, N. (2022). Scams, F auds, and C imes in he Non ungible Token Ma ke . Compu e , 55(4),
60-64. h ps://doi.o g/10.1109/MC.2022.3144763
2 T ozze, A., Kamps, J., Aka una, E. A., He zel, F. J., Kleinbe g, B., Da ies, T., & Johnson, S. D. (2022).
C yp ocu encies and u u e inancial c ime. C ime Science, 11(1). h ps://doi.o g/10.1186/s40163-021-00163-8
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has adop ed a p oac i e s a egy based on mul i-agency coope a ion and has c ea i ely adap ed
exis ing legal amewo ks o c yp oasse s, while he Czech Republic is mo e o less wai ing
o ha monisa ion a EU le el and is e y cau ious abou applying exis ing inancial law ules
o c yp oasse s. As pa o he ha monisa ion p ocess, he Czech go e nmen has submi ed
a d a Digi al Finance Ac 3, which is in ended o implemen EU egula ions in he a ea o dig-
i al inance, namely he Digi al Ope a ional Resilience Ac (DORA)4 on digi al ope a ional
esilience o he inancial sec o , which applies o c yp oasse se ice p o ide s, among many
o he en i ies, and he Ma ke s in C yp o Asse s (MiCA)5 egula ion on c yp oasse ma ke s,
bu which does no apply o NFTs. The ele an pa liamen a y p in is in i s second eading
a he ime o w i ing.
The Czech Republic and he USA we e chosen o his compa a i e analysis due o he
s a k con as in hei app oaches o c yp ocu ency egula ion and en o cemen . The Uni ed
S a es has aken a p oac i e s ance, adap ing exis ing legal amewo ks and employing mul-
i-agency coope a ion o add ess he challenges posed by c yp ocu encies and NFTs. In con-
as , he Czech Republic has adop ed a mo e conse a i e app oach, la gely awai ing he im-
plemen a ion o EU egula ions, such as MiCA.
The main pu pose o his compa ison is o assess which coun y has a be e egula o y
app oach, wi h he assump ion ha he US model o e s aluable lessons o he Czech Re-
public. By analyzing he s eng hs and weaknesses o each sys em, he a icle aims o p o ide
guidance o he Czech legisla o on how o imp o e hei egula o y amewo k and en o ce-
men mechanisms in he apidly e ol ing c yp ocu ency ma ke .
Al hough he e is a su icien amoun o li e a u e on US law and he p ocedu es o US
au ho i ies in dealing wi h c yp ocu ency aud6,7,8,9, simila li e a u e ocusing on Czech law
and he p ocedu es o Czech au ho i ies is no iceably lacking. No is he e any compa a i e
analysis be ween he Czech and US app oaches. Gi en ha he US au ho i ies a guably ha e
3 Chambe o Depu ies o he Pa liamen o he Czech Republic (2024, 3 May). D a Ac
on he Digi iza ion o he Financial Ma ke . Pa liamen a y P in 692.
h ps://www.psp.cz/sqw/his o ie.sqw?o=9&T=692.
4 Regula ion (EU) 2022/2554 o he Eu opean Pa liamen and o he Council o 14 Decembe 2022
on digi al ope a ional esilience in he inancial sec o (“DORA Regula ion”) is e ec i e om 16 Janua y
2023. F om his da e, obliged en i ies ha e 24 mon hs o e lec he new ules in hei p ocesses.
5 Regula ion (EU) 2023/1114 o he Eu opean Pa liamen and o he Council o 31 May 2023 on ma ke s
o c yp oasse s (“MiCA Regula ion”) is applicable om 30 June 2023 and will become applicable
in i s en i e y om 30 Decembe 2024.
6 Saha, S., Ahmed Riz an Hasan, Mahmud, A., Ahmed, N., Pa in, N., & Hemal Ka maka .
(2024). C yp ocu ency and inancial c imes: A bibliome ic analysis and u u e esea ch agenda.
Mul idisciplina y Re iews, 7(8), 2024168-2024168. h ps://doi.o g/10.31893/mul i e .2024168
7 T ozze, A., Da ies, T., & Kleinbe g, B. (2022). Explaining p osecu o ial ou comes o c yp ocu ency-
based inancial c imes. Jou nal o Money Launde ing Con ol. h ps://doi.o g/10.1108/jmlc-10-2021-0119.
8 Dimi is Ka e anis, Huseyin Unozkan, & Umu Tu ksen. (2023). COMPLIANCE AND
ENFORCEMENT CHALLENGES IN TRADING OF NON-FUNGIBLE TOKENS. In e na ional
Jou nal o Law in a Changing Wo ld, 2(3), 18-51. h ps://doi.o g/10.54934/ijlcw. 2i3.57
9 Nolasco B aa en, C., & Vaughn, M. S. (2019). Con enience Theo y o C yp ocu ency C ime:
A Con en Analysis o U.S. Fede al Cou Decisions. De ian Beha io , 42(8), 1-21.
h ps://doi.o g/10.1080/01639625.2019.1706706
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he mos expe ience in his a ea due o he size o hei c yp o ma ke as well as hei p oac i e
en o cemen app oach, a compa ison o hese app oaches could o e aluable insigh s o
imp o ing Czech egula o y p ac ice.
This a icle he e o e seeks o compa e he cu en legisla ion and en o cemen app oach-
es o c yp oasse aud in he Czech Republic and he Uni ed S a es. Th ough he me hod
o compa a i e analysis, he a icle will explo e he s eng hs and weaknesses o he espec i e
legisla ion and assess he app oach o he au ho i ies in each coun y o c yp ocu ency aud.
By unde s anding hese di e ences, he a icle aims o iden i y possible ecommenda ions o
Czech p ac ice. Ul ima ely, hen, his analysis aims no only o highligh he successes and ail-
u es o he wo coun ies unde e iew, bu also o o e guidance on how he Czech Republic
can imp o e i s egula o y amewo k o mo e e ec i ely add ess he e e -e ol ing audulen
schemes in he c yp oasse ma ke .
2. US legal en i onmen
In he Uni ed S a es, he esponsibili y o egula ing and o e seeing he c yp ocu ency
ma ke is di ided be ween ede al and s a e au ho i ies. A he ede al le el, he Secu i ies
and Exchange Commission (SEC)10, he Commodi y Fu u es T ading Commission (CFTC)11,
and he Depa men o Jus ice (DOJ)12 o e see he c yp oasse ma ke based on whe he
a pa icula c yp oasse is classi ied as a secu i y, a commodi y, o whe he a c ime has been
commi ed in connec ion wi h he c yp oasse . The Financial C imes En o cemen Ne wo k
(FinCEN)13 ensu es compliance wi h an i-money launde ing (AML) egula ions, while
he In e nal Re enue Se ice (IRS)14 o e sees he axa ion o c yp oasse p o i s.
Unde he Sup emacy Clause o he U.S. Cons i u ion15, i s a e laws con lic wi h ede al
laws, ede al laws p e ail.16 Howe e , in a eas whe e ede al law is silen , such as business
licensing, s a es can enac hei own egula ions. On his basis, some s a es ha e imposed s ic
licensing equi emen s on c yp ocu ency businesses, such as New Yo k wi h i s Bi License
legisla ion17, while in con as , o example, Wyoming akes a much mo e accommoda ing,
“c yp o- iendly” s ance18. Thus, while he SEC may, o example, egula e whe he an NFT
is a secu i y o a de i a i e, s a es may impose addi ional equi emen s on how businesses
10 U.S. Secu i ies and Exchange Commission (“SEC” o “Secu i ies Commission”)
11 Commodi y Fu u es T ading Commission (“CFTC”)
12 Uni ed S a es Depa men o Jus ice (“DOJ”)
13 Financial C imes En o cemen Ne wo k (“FinCEN”)
14 In e nal Re enue Se ice (“IRS”)
15 U.S. Cons i u ion (“U.S. Cons i u ion”), A icle VI, Clause 2
16 Susan Low Bloch, & Jackson, V. Fede alism: a e e ence guide o he Uni ed S a es Cons i u ion.
P aege , An Imp in O Abc-Clio, Llc.
17 Bake , B. (2017). Applica ion o he New Yo k Bi License o Ini ial Coin O e ings. SSRN Elec onic
Jou nal. h ps://doi.o g/10.2139/ss n.3319540
18 Andho , A. (2021). Wyoming’s Wild Wes Blockchain Laws and a S a -up Lobby. SSRN Elec onic
Jou nal. h ps://doi.o g/10.2139/ss n.3898451
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ope a e wi hin hei ju isdic ion. This dual sys em equi es companies and indi iduals o know
and comply wi h bo h ede al and s a e laws, c ea ing a complex and di icul egula o y
en i onmen .
2.1 C yp oasse s assecu i ies
Fede al secu i ies egula ion, which is p ima ily con ained in he Secu i ies Ac 19 and he Se-
cu i ies Exchange Ac 20, applies o c yp oasse s i hey mee he c i e ia o he so-called Howey
es 21. The Howey es assesses whe he in es o s a e en e ing in o an in es men con ac
when hey buy c yp oasse s, i.e. whe he hey a e in es ing money in a common en e p ise
wi h he expec a ion o a p o i gene a ed p ima ily om he e o s o o he s. The mos im-
po an c yp ocu encies, such as bi coin and e he , a e no conside ed secu i ies by he Se-
cu i ies Commission, mainly because hey a e decen alised (i.e. no con olled by a single
en i y). While in es o s buy bi coin and e he o p o i , hey do no expec o p o i om
he e o s o o he pe sons, bu om an inc ease in p ice, mainly based on highe ma ke
demand in he u u e.22 In con as , he c yp ocu ency Ripple (XRP) is a secu i y acco ding
o he SEC, as a e many o he c yp oasse s issued in und aising.23
Howe e , he unique cha ac e is ics o c yp ocu encies, such as decen aliza ion and ech-
nological complexi y, challenge he adi ional no ions o in es men con ac s and he oles
o p omo e s and in es o s. Some legal schola s and indus y expe s a gue ha he Howey
es , de eloped in a as ly di e en economic and echnological con ex , may no be adequa e-
ly equipped o assess he nuances o c yp ocu ency in es men s. They con end ha applying
a nea ly cen u y-old es o a nascen and apidly e ol ing echnology like c yp ocu encies
could lead o misin e p e a ions and hinde inno a ion.
The Secu i ies Ac equi es ha , i a c yp oasse is a secu i y, he ini ial coin o e ing
(ICO) mus be egis e ed in ad ance as an o e ing o he secu i y wi h he SEC and disclo-
su es mus be made o po en ial in es o s. The Secu i ies Exchange Ac hen egula es he sale
o secu i ies and o he in o ma ion and epo ing obliga ions. In addi ion, i also con ains
Rule 10(b) and Rule 10b-5, which p ohibi aud, ma ke manipula ion and inside ading
in he ading o secu i ies.
En o cemen o hese ules is he esponsibili y o he Secu i ies and Exchange Commis-
sion, which has he powe o in es iga e and b ing ac ions agains pe sons in ol ed in aud-
ulen schemes o un egis e ed secu i ies o e ings and is e y ac i e in doing so (see he lis
19 Secu i ies Ac o 1933, 15 U.S.C. § 77a e seq. (1933).
20 Secu i ies Exchange Ac o 1934, 15 U.S.C. § 78a e seq. (1934).
21 U.S. Sup eme Cou (n.d.). SEC . Howey Co., 328 U.S. 293 (1946). Jus ia Law.
h ps://sup eme.jus ia.com/cases/ ede al/us/328/293/
22 SEC Decla es Bi coin and E he as Non-Secu i ies. (n.d.). Cassels.
h ps://cassels.com/insigh s/sec-decla es-bi coin-and-e he -as-non-secu i ies/
23 SEC.go | SEC Cha ges Ripple and Two Execu i es wi h Conduc ing $1.3 Billion Un egis e ed
Secu i ies O e ing. (2020). Sec.go . h ps://www.sec.go /news oom/p ess- eleases/2020-338

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on he SEC’s dedica ed websi e a 24). To his end, he SEC has se e al powe s, including
he abili y o ini ia e a cou o de o cease and desis o eeze asse s o impose ci il penal ies
o secu i ies law iola ions in ede al cou . Howe e , he SEC o en esol es hese cases
h ough se lemen s in which he auds e s olun a ily ag ee o pay a ine and comply wi h
he ules p o u u o, which p o ides immedia e emedies wi hou he need o go o ial. Fo
example, BlockFi ag eed o a $100 million se lemen o ailing o egis e i s c yp o lending
p oduc in ad ance.25 This was one o he la ges se lemen s in a c yp ocu ency- ela ed en-
o cemen ac ion. The Secu i ies and Exchange Commission also ope a es he so-called Fin-
Hub (O ice o S a egic Hub o Inno a ion and Financial Technology), whe e i wo ks wi h
en ep eneu s and inancial echnology de elope s o ind a a ional way o egula e he c yp o-
cu ency ma ke .26 In addi ion, he SEC has a whis leblowing p og am ha encou ages people
wi h in o ma ion abou audulen schemes o coope a e by sha ing in he seizu e o unds
(10 o 30%)27. Fo in es o s, he SEC has c ea ed a c yp oasse in o ma ion page28, which also
includes a desc ip ion o he mos common ways ha auds e s y o de aud hose in e es ed
in in es ing in c yp oasse s. 29
2.2 C yp oasse s ascommodi ies and hei de i a i es
The Commodi y Fu u es T ading Commission (CFTC) egula es he de i a i es ma ke
( u u es, op ions and swaps), including de i a i es based on c yp o-asse s, unde he Com-
modi y Exchange Ac 30 . Thus, he CFTC’s au ho i y ex ends only o c yp o-asse s ha a e
conside ed commodi ies, including, o example, bi coin and e he .31 Al hough he CFTC
gene ally does no o e see he spo ma ke o commodi ies (whe e commodi ies a e sold
wi hou delay), i s ju isdic ion also ex ends o aud and ma ke manipula ion in he spo
ma ke o commodi ies.
24 C yp o Asse s. (n.d.). Sec.go ; U.S. Secu i ies and Exchange Commission.
h ps://www.sec.go /secu i ies- opics/c yp o-asse s
25 SEC.go | BlockFi Ag ees o Pay $100 Million in Penal ies and Pu sue Regis a ion o i s C yp o
Lending P oduc . (n.d.). Www.sec.go . h ps://www.sec.go /news oom/p ess- eleases/2022-26
26 SEC.go | O ice o S a egic Hub o Inno a ion and Financial Technology (FinHub). (2023). Sec.go .
h ps://www.sec.go /abou /di isions-o ices/o ice-s a egic-hub-inno a ion- inancial- echnology- inhub
27 SEC.go | Whis leblowe P og am. (n.d.). Sec.go .
h ps://www.sec.go /en o cemen -li iga ion/whis leblowe -p og am
28 C yp o Asse s. (n.d.-b). In es o .go ; U.S. Secu i ies and Exchange Commission.
h ps://www.in es o .go /addi ional- esou ces/spo ligh /c yp o-asse s
29 5 Ways F auds e s May Lu e Vic ims In o Scams In ol ing C yp o Asse Secu i ies - In es o
Ale . (2024). In es o .go ; U.S. Secu i ies and Exchange Commission. h ps://www.in es o .go /
in oduc ion-in es ing/gene al- esou ces/news-ale s/ale s-bulle ins/in es o -ale s/c yp o-scams
30 Commodi y Exchange Ac o 1936, 7 U.S.C. § 1 e seq. (1936).
31 Da is, D., & Kim, A. (2024, July 9). E he ’s Legal S a us Cla i ied? CFTC Sco es Win as Cou Backs
Agency’s Commodi y Classi ica ion. Ka en. h ps://quick eads.ex .ka en.com/pos /102jcc8/e he s-
legal-s a us-cla i ied-c c-sco es-win-as-cou -backs-agencys-commodi y#page=1
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No able CFTC cases include ac ions agains p ominen c yp ocu ency exchanges such
as Binance, FTX and Coinbase.32 The CFTC also equen ly publishes wa nings abou com-
mon c yp ocu ency aud schemes o mo i a es po en ial whis leblowe s by o e ing inan-
cial ewa ds. To de ec suspicious ansac ions, he CFTC uses, among o he hings, analysis
o ma ke ac i i y in commodi ies ma ke s. Simila o he SEC, he CFTC has c ea ed an ini i-
a i e o wo k wi h he p i a e sec o on in ech and c yp oasse s, called LabCFTC. Thus, i can
be concluded ha he CFTC is able o apply o c yp oasse aud wi hou much di icul y e en
legisla ion ha was enac ed be o e he eme gence o c yp oasse s.
2.3 C iminal dimension o c yp oasse aud
The Depa men o Jus ice (DOJ) and i s p incipal in es iga i e a m, he Fede al Bu eau o In-
es iga ion (FBI), a e esponsible o c iminal en o cemen ela ed o c yp ocu ency and NFT
aud33. C yp ocu ency aud is p osecu ed p ima ily as wi e aud34, i.e., aud commi ed
h ough communica ions echnology. Howe e , hese cases a e o en linked o money laun-
de ing cha ges. P osecu ion can lead o imp isonmen , ines o con isca ion o asse s. While
he SEC and CFTC may b ing ci il ac ions o iola ions o secu i ies o commodi ies ma ke
ules (e.g., ailu e o egis e a secu i ies o e ing), he Depa men o Jus ice ocuses on c imes
ha in en ionally cause aud o ha m. I is no uncommon o a single audulen scheme o be
simul aneously p osecu ed by bo h he DOJ (e.g., as wi e aud) and he Secu i ies Commis-
sion o iola ions o secu i ies ading ules. As a esul , hese agencies o en coo dina e hei
e o s, sha e in o ma ion, and some imes e en conduc join in es iga ions.35
The Depa men o Jus ice also es ablished a C yp o En o cemen Uni in 2019 ha
specializes in p osecu ing c yp ocu ency aud. In addi ion o s anda d legal ools, p osecu o s
also use blockchain da a analysis o iden i y and p osecu e complex aud schemes and cases
o ma ke manipula ion.36
The DOJ’s wo k is pa icula ly c i ical in la ge-scale cases like OneCoin and Bi Connec ,
whe e auds e s ha e bilked in es o s ou o billions o dolla s. The DOJ has also been
success ul in acing and seizing c yp oasse s ela ed o c iminal ac i i y. Fo example,
32 CFTC Cha ges Binance and I s Founde , Changpeng Zhao, wi h Will ul E asion o Fede al Law and
Ope a ing an Illegal Digi al Asse De i a i es Exchange | CFTC. (n.d.). Www.c c.go .
h ps://www.c c.go /P essRoom/P essReleases/8680-23
33 Fede al Bu eau o In es iga ion (“FBI”)
34 Wi e aud is a ede al c ime ha in ol es he use o an elec onic communica ion, such as he In e ne ,
email, o elephone, o in en ionally decei e a hi d pa y and en ich onesel a ha pe son’s expense.
In he case o c yp ocu ency aud, i o en in ol es phishing scams, Ponzi schemes, and ake
in es men oppo uni ies o e ed online.
35 Allen, B., B ez, Z., Kalil, C., Kasulis, J., & Mou i sen, S. (2024). DOJ and SEC c yp o exchange
en o cemen in he Uni ed S a es. Globalin es iga ions e iew.com. h ps://globalin es iga ions e iew.
com/ e iew/ he-in es iga ions- e iew-o - he-ame icas/2025/a icle/doj-and-sec-c yp o-exchange-
en o cemen -in- he-uni ed-s a es
36 C iminal Di ision | C yp o En o cemen . (2022, July 5). Jus ice.go .
h ps://www.jus ice.go /c iminal/c iminal- aud/c yp o-en o cemen
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he acing and seizu e o a signi ican po ion o he ansom (a o al o 63.7 bi coins wo h
$2.3 million) paid by Colonial Pipeline Co. as ansom in connec ion wi h he mos se ious
ansomwa e a ack in he U.S. o da e, which led o uel sho ages h oughou he Eas Coas .37
2.4 S eng hs and weaknesses
The s eng hs o he U.S. app oach undoub edly include a p oac i e en o cemen app oach
and he use o new echnologies and ad anced da a analy ics o de ec audulen ac i i y. US
egula o s a e also known o c acking down on c yp ocu ency aud ega dless o he na ion-
ali y o he pe pe a o s. They base hei ju isdic ion on he o en hypo he ical a gumen ha
audulen ac i i y also a ec s US ci izens, wi hou iden i ying he speci ic ci izens in ol ed.38
C i ics o his app oach a ionally poin ou ha hese a e only U.S. egula o s, no global su -
eillance o ganiza ions. On he o he hand, he global app oach o he US au ho i ies is o be
welcomed, as hei ac ions ul ima ely p o ec he ci izens o o he coun ies and compensa e
o any inac ion by hei na ional au ho i ies.
In any case, he US legal sys em o e s a obus basis o dealing wi h c yp ocu en-
cy aud. These include he Secu i ies Ac , he Secu i ies Exchange Ac and he Commodi-
y Exchange Ac . The ele an p o isions allow o b oad in e p e a ion, gi ing egula o s
he chance o adap o he e ol ing na u e o c yp oasse s.
The way in which he US au ho i ies y o in o m he public abou he isks and he e -
o s o es ablish coope a ion wi h whis leblowe s h ough economic mo i a ion can also be
app ecia ed. Ano he s eng h o he Ame ican app oach is de ini ely in e ins i u ional coop-
e a ion. Coope a ion be ween di e en egula o y au ho i ies (SEC, DOJ, CFTC, FinCEN)
ensu es ha di e en aspec s o he ma ke a e co e ed, om secu i ies and commodi ies eg-
ula ion o an i-money launde ing e o s. This app oach allows o comp ehensi e o e sigh
o bo h he c yp ocu ency and NFT ma ke s.39
On he o he hand, he US app oach o c yp ocu ency aud has i s weaknesses. The in-
ol emen o mul iple au ho i ies in a iably b ings wi h i o e lapping powe s and inconsis -
en in e p e a ion o egula ions, which can con use ma ke pa icipan s and de e legi ima e
businesses om en e ing he ma ke . Examples include exchanges such as Coinbase and Bi-
nance, which ha e aced lawsui s om bo h he SEC and he CFTC.40 Inconsis en in e p e-
a ion can also some imes lead o loopholes in he law ha auds e s can exploi . Thus, while
37 Bing, C. (2021, June7). U.S. seizes $2.3 million in bi coin paid o Colonial Pipeline hacke s.
Reu e s. h ps://www. eu e s.com/business/ene gy/us-announce- eco e y-millions-colonial-pipeline-
ansomwa e-a ack-2021-06-07/.
38 Fo he i s ime, U.S. cou s did so wi h espec o c yp oasse s in SEC . T a ic Monsoon, LLC,
245 F. Supp. 3d 1275 (D. U ah 2017).
39 Tan, C. (2024). Righ s in NFTS and he lou ishing o NFT ma ke places. In e na ional Jou nal o Law
and In o ma ion Technology, 32(1). h ps://doi.o g/10.1093/ijli /eaae018
40 O’Mel eny & Mye s LLP. (2024, Oc obe 18). The E e -Shi ing Landscape o U.S. C yp o Regula ion.
OMM.com. h ps://www.omm.com/insigh s/ale s-publica ions/ he-e e -shi ing-landscape-o -us-
c yp o- egula ion/
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U.S. egula o s ha e been p oac i e in en o cing he law, he egula o y en i onmen s ill has
some oom o imp o emen .
While he SEC has aken a s ong s ance agains ce ain c yp ocu ency p ojec s and in-
di iduals, some c i ics a gue ha hei en o cemen ac ions ha e no always been consis en
o e ec i e. Fo example, he SEC has been c i icized o i s handling o he Ripple (XRP)
case, wi h some a guing ha he agency o e s epped i s au ho i y and caused unnecessa y ha m
o in es o s. The SEC has also been accused o being slow o ac in cases o alleged aud, such
as he Bi Connec scheme, which ope a ed o o e a yea be o e acing egula o y ac ion.
Fu he mo e, he SEC’s suppo o Sam Bankman-F ied, he ounde o he now-de unc
FTX exchange, has aised ques ions abou he agency’s judgmen and i s po en ial suscep i-
bili y o in luence. Bankman-F ied was a ocal ad oca e o c yp ocu ency egula ion and
a majo dono o poli ical campaigns, and some c i ics a gue ha his may ha e in luenced
he SEC’s a o able ea men o him and his company. The collapse o FTX, which was once
one o he la ges c yp ocu ency exchanges in he wo ld, has also cas a shadow o e he US
egula o y landscape. The company’s implosion, which esul ed in billions o dolla s in losses
o in es o s, exposed signi ican weaknesses in he US egula o y amewo k and aised ques-
ions abou he abili y o egula o s o e ec i ely o e see he c yp ocu ency ma ke .
These c i icisms highligh he challenges and complexi ies o egula ing he c yp ocu ency
ma ke , e en in a coun y wi h a well-de eloped legal sys em like he Uni ed S a es. While
he US has been a leade in c yp ocu ency egula ion, he e is s ill oom o imp o emen
in e ms o consis ency, e ec i eness, and he abili y o adap o he apidly e ol ing na u e
o he ma ke .
3. Legal en i onmen in heCzech Republic
The Czech legisla ion on c yp o-asse s is much mo e s ingen han he Ame ican one. C yp-
oasse s do no ye ha e a comp ehensi e legal amewo k in he Czech Republic, al hough
his will change o a la ge ex en once he MiCA egula ion41 and hope ully adap i e legis-
la ion comes in o o ce. On he o he hand, i canno be said ha c yp oasse s a e in a legal
acuum ei he .
C yp o-asse s a e no conside ed money, cu ency o commodi y in he Czech Republic,
ye in he sense o Sec ion 489 o he Ci il Code42 hey a e hings in he legal sense, namely
in angible, mo able and ungible. In he case o NFTs, i is usually an un ep esen able hing.
C yp o-asse s a e no e en a commodi y unde he Commodi y Exchange Ac because hey
do no ha e a angible subs ance. Czech law also does no ecognise digi al secu i ies o he
han book-en y secu i ies. In some cases, howe e , c yp oasse s may mee he de ini ion
o elec onic money unde he Paymen Ac . The i s de ining cha ac e is ic o elec onic
money is ha i is a mone a y alue ha ep esen s a claim agains he issue . This de ini ion
is me in pa icula by some s ablecoins, whose alue is ypically pegged o o icial cu encies
41 The MiCA po ion o he egula ion ook e ec on June 30, 2024, and he ull egula ion will ake e ec
on Decembe 30, 2024.
42 Ac No. 89/2012 Coll., Ci il Code, as amended.
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In Decembe 2023, Czech police iled c iminal cha ges agains Richa d Wa zke and Hen y
E ne , he ounde s o he XIXOIO p ojec , on suspicion o aud unde Sec ion 209(1) and (5)
(a) o he C iminal Code. The c iminal p osecu ion i sel commenced in No embe 2022, while
he o mal iling and subsequen epo ing occu ed la e . The accused we e alleged o ha e made
alse p omises o sa ings app ecia ion h ough in es men s in he XIXOIO ecosys em, while
delibe a ely p o iding misleading in o ma ion o in es o s. The unds ex o ed om he 2,931
ic ims exceeded CZK 339 million (USD 14.6 million) and EUR 571,000 (USD 624,635.43),
and we e allegedly used o ope a e he company, pay commissions, pu chase eal es a e, o pay
o he expensi e li ing expenses o he p ojec ’s ounde s.76 Acco ding o a ailable in o ma ion,
he p osecu ion has no ye been comple ed a he ime his a icle was submi ed.
4.5 Case S udies: ACompa a i e Pe spec i e
The case s udies p esen ed abo e se e a mul i ace ed pu pose wi hin he b oade compa a i e
analysis o c yp ocu ency egula ion and en o cemen in he Uni ed S a es and he Czech
Republic.
Fi s ly, he cases unc ion as illus a i e exempla s, o e ing conc e e examples o he di-
e se and e ol ing na u e o audulen schemes p e alen in he c yp ocu ency ma ke . They
unde sco e he po en ial o in es o ha m and he need o obus egula o y amewo ks
o mi iga e such isks.
Secondly, he inclusion o cases om bo h ju isdic ions acili a es a compa a i e analysis
o egula o y esponses and en o cemen app oaches. By examining he ou comes o hese
cases, he a icle assesses he e ec i eness o each sys em in de e ing audulen ac i i ies,
p osecu ing pe pe a o s, and eco e ing in es o unds.
Thi dly, he case s udies p o ide empi ical e idence o in o m ecommenda ions o en-
hancing he Czech egula o y amewo k. D awing on lessons lea ned om he US expe ience,
he a icle sugges s speci ic measu es o imp o e and s eng hen en o cemen capabili ies
in he Czech Republic.
E alua ion o Cases and Regula o y Sys ems:
• OneCoin and Bi Connec : These cases illus a e he ansna ional na u e o c yp ocu -
ency aud and he associa ed ju isdic ional challenges. The US esponse, cha ac e ized
by mul i-agency collabo a ion and he adap a ion o exis ing laws, demons a es bo h
he s eng hs and po en ial complexi ies o hei app oach.
• Inside T ading Cases (Na haniel Chas ain and Ishan Wahi): These cases highligh he ad-
ap abili y o US secu i ies laws o add ess no el o ms o inside ading in he c yp ocu -
ency ma ke . They unde sco e he impo ance o p oac i e en o cemen and he po en ial
o le e aging blockchain echnology o de ec and p osecu e illici ac i i ies.
• XIXOIO: This case exposes he limi a ions o he cu en Czech egula o y amewo k,
which is cha ac e ized by a eac i e app oach and a lack o specialized ools o add essing
76 Ibehei, J. (2023b). Indic men o pe sons in connec ion wi h he XIXOIO case. Policie.cz.
h ps://www.policie.cz/clanek/ob ineni-osob- -sou islos i-s-p ipadem-xixoio.aspx

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c yp ocu ency-speci ic aud. I emphasizes he need o g ea e egula o y cla i y,
p oac i e en o cemen , and public awa eness campaigns o p o ec in es o s in he Czech
Republic.
The case s udies also delinea e he c ucial dis inc ion be ween ou igh scams, such as
OneCoin and XIXOIO, and egula o y in es iga ions a ising om legal ambigui ies su -
ounding he applica ion o exis ing laws o no el c yp ocu ency p oduc s and p ac ices. This
dis inc ion unde sco es he impo ance o de eloping clea and comp ehensi e egula ions
in he Czech Republic o p o ide legal ce ain y and educe he po en ial o exploi a ion due
o egula o y gaps.
In summa y, he case s udies se e as in eg al componen s o he compa a i e analysis,
p o iding empi ical e idence, illus a ing key concep s, and in o ming ecommenda ions o
egula o y imp o emen s. They con ibu e o a deepe unde s anding o he challenges and op-
po uni ies in egula ing he c yp ocu ency ma ke , ul ima ely aiming o enhance en o cemen
and os e a mo e secu e and anspa en c yp ocu ency ecosys em.
5. Compa a i e analysis o  heUS and Czech app oaches
oc yp ocu ency aud
The app oaches o he Uni ed S a es and he Czech Republic o egula ing c yp ocu ency aud
di e signi ican ly, and each has i s own s eng hs and weaknesses. The Uni ed S a es boas s
a obus legal amewo k, which has been adap ed o he apid ise in popula i y o c yp oasse s
h ough lexible in e p e a ion o exis ing secu i ies and commodi ies laws. Fo example,
he US Secu i ies and Exchange Commission (SEC) applies he Howey es o c yp oasse s,
which has adi ionally been used o de e mine whe he a inancial asse cons i u es a secu i y.
This p oac i e legal in e p e a ion allows he US o egula e and p o ec in es o s wi hou
ha ing specialized legisla ion a he beginning o he c yp o boom. In addi ion o his legisla i e
adap abili y, US au ho i ies, including he Secu i ies and Exchange Commission (SEC),
he Commodi y Fu u es T ading Commission (CFTC) and he Depa men o Jus ice (DOJ),
ha e wo ked ex ensi ely oge he o moni o a ious aspec s o he c yp ocu ency ma ke .
Thei e o s a e suppo ed by he use o ad anced echnological ools, such as blockchain
analy ics and o he da a-d i en in es iga i e echniques, o help de ec audulen ac i i y and
ace c yp oasse s om illegal ac i i y. In addi ion, U.S. au ho i ies asse ju isdic ion o e
in e na ional cases whe e aud a ec s U.S. ci izens e en when he audulen ac i i y occu s
ou side he U.S., allowing o global each o hei en o cemen e o s. The manne in which
U.S. egula o s seek o wa n he public abou he isks o aud in he c yp oasse ma ke
o o economically incen i ize po en ial whis leblowe s is also inspi ing.77
Howe e , he US app oach is no wi hou p oblems. The in ol emen o mul iple egula-
o s, each wi h o e lapping ju isdic ion, can c ea e con usion among ma ke pa icipan s and also
77 Eakeley, D., Guse a, Y., Choi, L., & Gonzalez, K. CRYPTO-ENFORCEMENT AROUND
THE WORLD. Re ie ed Oc obe 12, 2024, om h ps://sou he ncali o nialaw e iew.com/wp-con en /
uploads/2021/05/Eakeley-and-Guse a_Final-2021.pd
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lead o gaps in en o cemen . Legi ima e businesses may also be de e ed om en e ing he ma -
ke . Mo eo e , while exis ing laws ha e been adap ed o add ess c yp o- ela ed aud, hey we e
designed o adi ional inancial ins umen s and a e no always ailo ed o add ess he unique
cha ac e is ics o c yp o-asse s, lea ing oom o imp o emen in he legal amewo k.
Czech legisla ion, on he o he hand, does no ye o e a specialised, bu no e y ad-
ap able legal amewo k compa able o ha o he Uni ed S a es, al hough his can be ex-
pec ed o imp o e subs an ially wi h he upcoming implemen a ion o MiCA. Ne e heless,
he Czech au ho i ies ha e in se e al cases been able o add ess c yp ocu ency aud by p os-
ecu ing o ende s unde adi ional legal o ences such as he , embezzlemen and aud. This
app oach, al hough no speci ically ailo ed o c yp oasse s, has p o ided a deg ee o legal
p o ec ion. In addi ion, he Czech au ho i ies ha e demons a ed compe ence in seizing and
mone ising c yp o-asse s, which is an ex emely impo an elemen in he igh agains digi al
c ime, as he c ime mus no be economically ewa ding.
Despi e hese en o cemen e o s, he Czech egula o y amewo k o c yp oasse s e-
mains unde de eloped. The lack o clea legal de ini ions o c yp oasse s and hei classi ica-
ion as secu i ies, commodi ies o o he inancial ins umen s, and he in ol emen o adi ional
au ho i ies such as he CNB, he Minis y o Finance and he Financial Analysis O ice, hinde
he c ea ion o a sa e en i onmen . In addi ion, public au ho i ies can be c i icised o being slow
o eac o suspicious in es men oppo uni ies, as illus a ed by he XIXOIO case, whe e s a e
in e en ion came mo e han wo yea s apa , unnecessa ily leading o signi ican in es o losses.
Al hough expe s poin ed ou suspicious aspec s o he p ojec om he beginning, he ele an
s a e au ho i ies (Minis y o Finance, Czech Na ional Bank) limi ed hemsel es o wa nings
and decla a ions ha he ma e did no all wi hin hei compe ence. The c iminal p osecu ion
agains he ounde s o he p ojec in No embe 2024 is ongoing and he XIX oken can s ill be
pu chased on he p ojec ’s websi e. This app oach con as s wi h he mo e p oac i e s ance o US
egula o s, who o en ac in a imely manne o p e en escala ion.
Ano he a ea whe e he Czech au ho i ies could d aw inspi a ion is he use o mode n
echnological ools. Unlike hei US coun e pa s, Czech law en o cemen agencies ha e no
adop ed blockchain analy ics and o he da a-d i en me hods o de ec aud, which c ea es
oom o audulen ac i i ies o go unde ec ed o longe . The in oduc ion o ad anced in-
es iga i e me hods would enable Czech au ho i ies o de ec and in es iga e c yp ocu ency
aud mo e e ec i ely.
While Czech law en o cemen agencies ha e been somewha slowe o adop block-
chain analy ics and o he da a-d i en me hods compa ed o hei US coun e pa s, i ’s im-
po an o acknowledge ha hese ools a e no en i ely absen om hei in es iga i e a -
senal. The Czech police ha e, in ac , u ilized blockchain analysis in ce ain high-p o ile
cases, demons a ing a g owing awa eness o hei po en ial alue in comba ing c yp ocu -
ency- ela ed c ime. Howe e , he use o hese echnologies emains limi ed due o ac o s
such as esou ce cons ain s, echnical expe ise gaps, and a his o ical eliance on adi ional
in es iga i e echniques. As he c yp ocu ency ma ke con inues o e ol e and he sophis i-
ca ion o cybe c ime inc eases, wide adop ion o blockchain analy ics and o he da a-d i en
me hods will be c ucial o Czech law en o cemen agencies o e ec i ely de ec , in es iga e,
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and p osecu e c yp ocu ency aud. Howe e , he Czech public au ho i ies should ake a mo e
p oac i e s ance in dealing wi h suspicious in es men p ojec s and ac in a imely manne
o mi iga e po en ial damage o in es o s. Finally, g ea e in e na ional coope a ion and he
exe cise o ju isdic ion e en in he case o c oss-bo de aud would also s eng hen Czech
e o s o comba c yp ocu ency aud.
While i could be a gued ha he Czech Republic does no need such a obus egula o y
amewo k, as i is a much smalle ma ke compa ed o he US, i is clea om p ac ice ha
auds e s a e a ge ing Czech in es o s. In summa y, he e o e, while he US excels a p o-
ac i e and coo dina ed en o cemen , backed by ad anced echnology and in e na ional each,
he Czech Republic has he po en ial o s eng hen i s egula o y and en o cemen capabili ies
as i mo es owa ds a mo e comp ehensi e legal amewo k o c yp ocu encies. I he Czech
Republic d aws inspi a ion om he s eng hs o he U.S. app oach, i can mo e e ec i ely
comba c yp oasse s auds.
6. Conclusion
Bo h he US and Czech legal en i onmen s ha e s eng hs and weaknesses in comba ing
c yp ocu ency aud. The U.S. bene i s om a p oac i e and lexible egula o y app oach
wi h s ong en o cemen capabili ies ha a e enhanced by ad anced echnology and in e -
na ional coope a ion. In con as , he Czech Republic is s ill de eloping a specialised legal
amewo k, al hough i has demons a ed compe ence in he seizu e and mone isa ion o c yp-
o-asse s de i ed om c iminal ac i i y. Howe e , slowe esponses o clea cases o aud
poin o he need o a mo e p oac i e app oach. Howe e , wi h he ansposi ion o he MiCA
Regula ion, imp o emen s in he Czech legal en i onmen can be expec ed o p o ide a mo e
comp ehensi e amewo k o dealing wi h hese cases. None heless, d awing lessons om
he U.S. app oach could u he enhance en o cemen in he Czech Republic.
Lis o li e a u e
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Andho , A. (2021). Wyoming’s Wild Wes Blockchain Laws and aS a -up Lobby. SSRN Elec onic
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Ba le , J. (2023). TheMissing C yp oqueen. Ebu y Publishing.
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Chohan, U. (2018). Bi connec and C yp ocu ency Accoun abili y. SSRN Elec onic Jou nal.
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Dimi is Ka e anis, Huseyin Unozkan, & Umu Tu ksen. (2023). COMPLIANCE AND ENFORCEMENT
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Nolasco B aa en, C., & Vaughn, M. S. (2019). Con enience Theo y o C yp ocu ency C ime:
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Pleci ý, D. (n.d.). AML REGULATION: C yp ocu encies and launde ing o p oceeds o c ime.
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Spilka, D. (2023, May 16). Wha does headop ion o c yp ocu encies in heCzech Republic mean
om alegal pe spec i e? Legal Space. h ps://www.p a nip os o .cz/clanky/ inancni-p a o/
co-znamena-p ije i-k yp omen- -ceske- epublice-z-p a niho-hlediska.
Susan Low Bloch, & Jackson, V. Fede alism: a e e ence guide o heUni ed S a es Cons i u ion.
P aege , AnImp in O Abc-Clio, Llc.
Tan, C. (2024). Righ s inNFTS and he lou ishing o NFT ma ke places. In e na ional Jou nal o Law
and In o ma ion Technology, 32(1). h ps://doi.o g/10.1093/ijli /eaae018
T ozze, A., Kamps, J., Aka una, E. A., He zel, F. J., Kleinbe g, B., Da ies, T., & Johnson, S. D. (2022).
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h ps://doi.o g/10.1186/s40163-021-00163-8
Zhang, A. R., Ra een hi an, A., Mukai, J., Naeem, R., Dhuna, A., Pa een, Z., & Kim, H. (2019).
TheRegula ion Pa adox o Ini ial Coin O e ings: ACase S udy App oach. F on ie s
inBlockchain, 2. h ps://doi.o g/10.3389/ bloc.2019.00002
2. Newspape a icles
Bing, C. (2021, June 7). U.S. seizes $2.3 million inbi coin paid oColonial
Pipeline hacke s. Reu e s. h ps://www. eu e s.com/business/ene gy/
us-announce- eco e y-millions-colonial-pipeline- ansomwa e-a ack-2021-06-07/.
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CTK. (2019, Sep embe 5). Cou econside s bi coin he oembezzlemen , p og amme ge s 9 yea s
- iDNES.cz. IDNES.cz. h ps://www.idnes.cz/b no/zp a y/soud-p og ama o - omas-ji iko sky-
bi coiny-zp one e a.A190905_121842_b no-zp a y_k u
Da is, D., & Kim, A. (2024, July 9). E he ’s Legal S a us Cla i ied? CFTC Sco es Win asCou Backs
Agency’s Commodi y Classi ica ion. Ka en. h ps://quick eads.ex .ka en.com/pos /102jcc8/
e he s-legal-s a us-cla i ied-c c-sco es-win-as-cou -backs-agencys-commodi y#page=1
Ka eřina Vaníčko á. (2024, May 4). S a e sends o e 4 bi coins oauc ion, s a ing p ice exceeds CZK
6 million - iDNES.cz. IDNES.cz. h ps://www.idnes.cz/zp a y/domaci/s a -maje ek-p odej-
i ualni-mena-miliony-ko un-bi coin-aukce.A240504_103127_domaci_ ank
O’Mel eny & Mye s LLP. (2024, Oc obe 18). TheE e -Shi ing Landscape o U.S. C yp o
Regula ion. OMM.com. h ps://www.omm.com/insigh s/ale s-publica ions/
he-e e -shi ing-landscape-o -us-c yp o- egula ion/
Penman, A. (2016, Feb ua y 10). He e’s why hyped-up web cu ency OneCoin is
i ually wo hless. TheMi o . h ps://www.mi o .co.uk/news/uk-news/
who-wan s-onecoin-millionai e-you-7346558
Úšela, J. (2021, Decembe 10). He has acul in hecompany, bu he doesn’ unde s and echnology,
o me employees say. We p o ile hehead o  hecon o e sial Xixoio company. Deník N.
h ps://denikn.cz/764062/ e- i me-ma-kul - echnologii-ale-ne ozumi- ikaji-by ali-
zames nanci-p inasime-p o il-se a-kon o e zni- i my-xixoio/
Yang, Y. (2018, May 29). China p osecu es 98 people, eco e s US$268 million
inOneCoin c yp ocu ency in es iga ion, epo says. SCMP.com; Sou h
China Mo ning Pos . h ps://www.scmp.com/ ech/a icle/2148114/
china-p osecu es-98-people- eco e s-us268-million-onecoin-c yp ocu ency
3. P ess eleases
$4 Billion C yp o-P omo e O de ed oHal F audulen Sales. (2022).
Texas.go ; Texas S a e Secu i ies Boa d. h ps://ssb. exas.go /
news-publica ions/4-billion-c yp o-p omo e -o de ed-hal - audulen -sales
5 Ways F auds e s May Lu e Vic ims In o Scams In ol ing C yp o Asse Secu i ies - In es o Ale .
(2024). In es o .go ; U.S. Secu i ies and Exchange Commission. h ps://www.in es o .go /
in oduc ion-in es ing/gene al- esou ces/news-ale s/ale s-bulle ins/in es o -ale s/
c yp o-scams
CFTC Cha ges Binance and I s Founde , Changpeng Zhao, wi h Will ul E asion o Fede al Law and
Ope a ing anIllegal Digi al Asse De i a i es Exchange | CFTC. (n.d.).
Www.c c.go . h ps://www.c c.go /P essRoom/P essReleases/8680-23
Co-Founde O Mul ibillion-Dolla C yp ocu ency Scheme “OneCoin” Sen enced
To20 Yea s InP ison. (2023, Sep embe 12). Jus ice.go ; U.S. A o ney’s O ice,
Sou he n Dis ic o New Yo k . h ps://www.jus ice.go /usao-sdny/p /
co- ounde -mul ibillion-dolla -c yp ocu ency-scheme-onecoin-sen enced-20-yea s-p ison
C yp o F aud Vic ims Recei e O e $17 Million inRes i u ion om Bi Connec Scheme.
(2023, Jan. 12). Jus ice.go ; O ice o Public A ai s. h ps://www.jus ice.go /opa/p /
c yp o- aud- ic ims- ecei e-o e -17-million- es i u ion-bi connec -scheme
Eme gency Cease and Desis O de (Bi Connec ), (Texas S a e Secu i ies Boa d, Jan. 4, 2018).
h ps://www.ssb. exas.go /si es/de aul / iles/Bi Connec _ENF-18-CDO-1754.pd

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Fo me Coinbase Inside Sen enced InFi s E e C yp ocu ency Inside
T ading Case. (2023, May 9). Jus ice.go ; U.S. A o ney’s O ice,
Sou he n Dis ic o New Yo k. h ps://www.jus ice.go /usao-sdny/p /
o me -coinbase-inside -sen enced- i s -e e -c yp ocu ency-inside - ading-case
Fo me Coinbase Manage and His B o he Ag ee oSe le Inside T ading Cha ges Rela ing oC yp o
Asse Secu i ies. (2023). Sec.go . h ps://www.sec.go /news oom/p ess- eleases/2023-98
Fo me Employee O NFT Ma ke place Sen enced ToP ison InFi s -E e Digi al Asse
Inside T ading Scheme. (2023, 22 Augus ). Jus ice.go ; U.S. A o ney’s O ice,
Sou he n Dis ic o New Yo k. h ps://www.jus ice.go /usao-sdny/p /
o me -employee-n -ma ke place-sen enced-p ison- i s -e e -digi al-asse -inside
Fo me Law Fi m Pa ne Sen enced To10 Yea s InP ison Fo Launde ing $400 Million
O OneCoin F aud P oceeds. (2024, Janua y 25). Jus ice.go ; U.S. A o ney’s
O ice, Sou he n Dis ic o New Yo k . h ps://www.jus ice.go /usao-sdny/p /
o me -law- i m-pa ne -sen enced-10-yea s-p ison-launde ing-400-million-onecoin- aud
Ibehej, J. (2023a). In es men aud wo h mo e han CZK 1 billion - Police o  heCzech Republic.
Policie.cz. h ps://www.policie.cz/clanek/in es icni-pod od-za- ice-nez-1-milia du-ko un.aspx
Ibehei, J. (2023b). Cha ges agains pe sons inconnec ion wi h heXIXOIO case - Police o  heCzech
Republic. Policie.cz. h ps://www.policie.cz/clanek/ob ineni-osob- -sou islos i-s-p ipadem-
xixoio.aspx
On hepossibili y o in es men unds oin es inc yp oasse s. (2021). Czech Na ional
Bank. h ps://www.cnb.cz/cs/dohled- inancni- h/legisla i ni-zakladna/
s ano iska-k- egulaci- inancniho- hu/RS2023-05/.
Media Communica ion Depa men . (2024). Thego e nmen app o ed heDigi al Finance Ac
| Minis y o Finance. Minis y o Finance. h ps://www.m c .cz/cs/minis e s o/media/
isko e-zp a y/2024/ lada-sch alila-zakon-o-digi alnich- inancich-55549
NOTICE - OneCoin - Financial Supe ision Commission. (2015, Sep embe 30). Financial Supe ision
Commission. h ps://www. sc.bg/saobsh enie-onecoin/
SEC.go | BlockFi Ag ees oPay $100 Million inPenal ies and Pu sue Regis a ion o i s C yp o Lending
P oduc . (n.d.). Www.sec.go . h ps://www.sec.go /news oom/p ess- eleases/2022-26
SEC.go | SEC Cha ges Ripple and Two Execu i es wi h Conduc ing $1.3 Billion Un egis e ed Secu i ies
O e ing. (2020). Sec.go . h ps://www.sec.go /news oom/p ess- eleases/2020-338
Up o$5 Million Rewa d O e o In o ma ion Leading oA es and/o Con ic ion o C yp ocu ency
F auds e Ruja Igna o a - Uni ed S a es Depa men o S a e. (2024). Uni ed S a es Depa men
o S a e. h ps://www.s a e.go /up- o-5-million- ewa d-o e - o -in o ma ion-leading- o-
a es -and-o -con ic ion-o -c yp ocu ency- auds e - uja-igna o a/
No ice on hep esen a ion o XIXOIO. (2021). CNB.cz; Czech Na ional Bank.
h ps://www.cnb.cz/cs/dohled- inancni- h/och ana-spo ebi ele/upozo neni/
Upozo neni-k-p ezen aci-spolecnos i-XIXOIO/.
Minis y o Finance wa ning on he isks o in es men okens | Minis y o Finance
o  heCzech Republic (2024). Minis y o Finance o  heCzech Republic;
Depa men o Financial Ma ke s II. h ps://www.m c .cz/cs/ inancni- h/
banko nic i-a-dohled/pla ebni-sluzby-a- ypo adani-obchodu/ak uali y/2021/
upozo neni-minis e s a- inanci-na- izik-43725
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4. Legisla ion
Commodi y Exchange Ac o 1936, 7 U.S.C. § 1 e seq. (1936).
Regula ion (EU) 2022/2554 o  heEu opean Pa liamen and o  heCouncil o 14 Decembe 2022
ondigi al ope a ional esilience in he inancial sec o
Regula ion (EU) 2023/1114 o  heEu opean Pa liamen and o  heCouncil o 31 May 2023
onma ke s o c yp oasse s
Chambe o Depu ies o  hePa liamen o  heCzech Republic (2024, 3 May). D a Ac
on heDigi iza ion o  heFinancial Ma ke . Chambe o Depu ies P in 692.
h ps://www.psp.cz/sqw/his o ie.sqw?o=9&T=692.
Secu i ies Ac o 1933, 15 U.S.C. § 77a e seq. (1933).
Secu i ies Exchange Ac o 1934, 15 U.S.C. § 78a e seq. (1934).
U.S. Cons i u ion
Ac No. 253/2008 Coll., onCe ain Measu es agains heLegaliza ion o  heP oceeds o C ime and
heFinancing o Te o ism, asamended
Ac No. 256/2004 Coll., onCapi al Ma ke Business, asamended.
Ac No. 40/2009 Coll., C iminal Code, asamended
Ac No. 455/1991 Coll., onT ade En e p ise (T ade Licensing Ac ), asamended.
Ac No. 89/2012 Coll., Ci il Code, asamended.
5. Cou decisions and legal ac ions
Complain agains Bi Connec , Sa ish Kumbhani, Glenn A ca o, and Fu u e Money L d, (U.S.
Secu i ies and Exchange Commission, Sep embe 1, 2021).
h ps://www.sec.go / iles/li iga ion/complain s/2021/comp-p 2021-172.pd
U.S. Sup eme Cou (n.d.). SEC . Howey Co., 328 U.S. 293 (1946). Jus ia Law.
h ps://sup eme.jus ia.com/cases/ ede al/us/328/293/
6. Websi e
C iminal Di ision | C yp o En o cemen . (2022, July 5).
Www.jus ice.go . h ps://www.jus ice.go /c iminal/c iminal- aud/c yp o-en o cemen
C yp o Asse s. (n.d.-a). Sec.go ; U.S. Secu i ies and Exchange Commission.
h ps://www.sec.go /secu i ies- opics/c yp o-asse s
C yp o Asse s. (n.d.-b). In es o .go ; U.S. Secu i ies and Exchange Commission.
h ps://www.in es o .go /addi ional- esou ces/spo ligh /c yp o-asse s
SEC.go | O ice o S a egic Hub o Inno a ion and Financial Technology
(FinHub). (2023). Sec.go . h ps://www.sec.go /abou /di isions-o ices/
o ice-s a egic-hub-inno a ion- inancial- echnology- inhub
SEC.go | Whis leblowe P og am. (n.d.). Www.sec.go . h ps://www.sec.go /
en o cemen -li iga ion/whis leblowe -p og am
7. O he sou ces
XIXOIO a.s. P oduc e ms and condi ions o  oken XIX o XIXOIO a.s., alid om 1 Augus 2021.
h ps://media.g aphasse s.com/wH9xgS9GSTiBgk9To4c2
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Mg . Tomáš B andejský is a PhD candida e in his hi d yea a he P ague Uni e si y o Economics
and Business, specializing in inancial law and egula ion. His esea ch ocuses on he legal aspec s o
c yp ocu ency ma ke s, wi h a pa icula in e es in he p e en ion o aud in ol ing c yp oasse s
and NFTs. As pa o he IGS g an p ojec “P e en ion o C yp o Asse F aud and Failu e o Rela ed
Se ice P o ide s in an In e na ional Con ex ”, he explo es egula o y esponses o eme ging
inancial echnologies, compa ing en o cemen p ac ices in he US and he Czech Republic.