Although the largest volume of money laundering takes place using fiat currency, most money laundering transactions are conducted using cryptocurrencies, said Peter D. Hardy, partner at Ballard Spahr, at a recent Practising Law Institute program. He and cryptocurrency experts from Chainalysis, Element Finance and Solidus Labs examined the rapidly evolving regulatory regime governing digital assets, including the current enforcement environment; sanctions and ransomware; applicability of anti-money laundering rules to banks and decentralized finance; and digital transaction tracing and investigative techniques. This article distills the speakers’ insights. See “Recent Regulatory and Market Developments Affecting Digital Asset Funds and Digital Securities” (Jul. 22, 2021).