EB-5 & Crypto

Cryptocurrency can be a viable option for funding EB-5 investments, but it requires careful preparation and clear documentation.

At Dilendorf Law Firm, we work with clients worldwide who are preparing to participate in the EB-5 program or who have received Notices of Intent to Deny (NOIDs) from USCIS.

Our team is ready to assist at every stage—whether you’re getting ready to file your petition or need to respond to a complex inquiry.

We Assist With:

• Responding to NOIDs: Our team prepares tailored legal responses, collects supporting documentation, and works with blockchain forensic experts to clarify source-of-funds concerns.
• Documenting Cryptocurrency Transactions: We guide clients through collecting and organizing wallet ownership records, transaction histories, and compliance documentation.
• Filing EB-5 Petitions: We handle full preparation and submission of Form I-526, including all crypto-related evidentiary materials.
• Gold Card Visa Support: We help investors understand contribution rules, eligibility, and compliance to secure U.S. residency. Our services also include assisting with the application process, preparing documentation to demonstrate lawful source of funds (including crypto assets), and coordinating with compliance experts to ensure contributions meet all regulatory standards.

Why Crypto Requires Extra Caution

USCIS applies heightened scrutiny to EB-5 petitions involving digital assets. Officers often lack familiarity with blockchain systems, which can lead to misinterpretation or rejection if documentation is unclear.

Common reasons for NOIDs include insufficient wallet control records, gaps in transaction history, and lack of proof that the crypto activity was legal—particularly for investors from jurisdictions with crypto restrictions.

Petitioners must demonstrate ownership and control of digital wallets, trace the full path of crypto transactions, and verify exchange compliance with licensing rules.

This includes showing the source of funds and confirming that all transactions complied with applicable U.S. and foreign laws.

Special Note for Chinese Investors

On September 24, 2021, the People’s Bank of China issued a Circular on Further Preventing and Disposing of Speculative Risks in Virtual Currency Trading, declaring all cryptocurrency transactions illegal—even those involving overseas financial institutions.

Chinese nationals participating in virtual currency trading may face criminal penalties.

As a result, Chinese EB-5 petitioners must be especially thorough. USCIS may expect:

• Proof of wallet ownership and control
• Evidence of continuous crypto custody
• Full blockchain transaction histories with certified blockchain forensic analysis
• Records showing the exchange’s regulatory compliance
• Documentation that crypto activity was legal in China at the time of the transaction

Failure to provide this information may result in denial.

The Gold Card Visa Program (Established September 2025)

On September 19, 2025, President Donald Trump signed an Executive Order establishing the Gold Card visa program, creating an additional pathway to U.S. residency for investors and entrepreneurs who wish to contribute directly to the American economy.

Key Features of the Program

• Financial Contribution: Instead of investing in a business project like EB-5, applicants qualify by making a direct financial contribution to the U.S. Department of Commerce.
• Expedited Green Card Process: Contributions are treated as evidence of extraordinary business ability and national benefit, allowing for faster green card adjudication.
• Administration: The program is overseen by the Department of Commerce, in coordination with the State Department and the Department of Homeland Security.
• Potential Expansion: The order also directs agencies to consider extending the Gold Card framework to EB-5 applicants in the future.

Why This Matters for Investors

The Gold Card program offers a donation-based alternative to the EB-5 investor visa. While EB-5 requires investment into a job-creating project and extensive source-of-funds documentation, the Gold Card provides a simpler, contribution-driven route that may result in faster processing and fewer project risks.

For many clients, the decision will involve weighing:

• EB-5: investment with job-creation requirements, but often seen as the more traditional and well-established path.
• Gold Card: a straightforward financial contribution, with expedited processing but different compliance considerations.

At Dilendorf Law Firm, we assist clients worldwide in navigating both pathways, helping determine which option best aligns with their goals and ensuring all documentation is clear, compliant, and persuasive.

Important Legal Cases Highlighting EB-5 Risks

Several New York appellate decisions underscore the critical need for thorough compliance and preparation in EB-5 matters:

• Qiang Tu v. Li Shen, 190 A.D.3d 1125 (2021): An investor lost $520,000 after misrepresentations about project funding. The court emphasized that accurate, complete disclosures are essential to avoid fraud claims and ensure that investment capital is actually dedicated to the designated EB-5 project.
• Inner Harbor Phase I L.P. v. COR Inner Harbor Co., 211 A.D.3d 1475 (2022): A $4 million loan was diverted from the approved EB-5 entity to a related company, causing insolvency and breach of escrow obligations. The decision highlights the importance of maintaining clear channels for fund disbursement and confirming that only the authorized entity receives capital.

How We Help

Our firm works closely with crypto investors around the world to prepare EB-5 petitions and Gold Card applications that stand up to review.

We advise clients on organizing their crypto documentation, coordinate with blockchain experts and foreign counsel, and build legally sound responses to USCIS inquiries.

Whether you’re just beginning the EB-5 process, pursuing a Gold Card contribution, or responding to a NOID, we are here to ensure your application is presented clearly, compliantly, and persuasively.

Contact us at (212) 457-9797 or email us at info@dilendorf.com.

We’ll help you present your story clearly, compliantly, and convincingly.

Resources

EB-5 Immigration Resources

• USCIS EB-5 Immigrant Investor Program Official Page
• Form I-526, Immigrant Petition by Standalone Investor
• EB-5 Reform and Integrity Act of 2022 (Overview)

Federal Statutes & Regulations

• 8 USCS § 1153 – Allocation of immigrant visas
• 8 USCS § 1154 – Procedure for granting immigrant status
• 8 USCS § 1153a – Communication protocols for EB-5 stakeholders

New York State Laws

• NY CLS Gen Bus § 460-d – Prohibited Acts for Immigration Assistance Providers
• NY CLS Gen Bus § 460-a – Definitions for Immigration Assistance Services

Relevant Case Law

• Qiang Tu v. Li Shen, 190 A.D.3d 1125 (2021)
• Inner Harbor Phase I L.P. v. COR Inner Harbor Co., 211 A.D.3d 1475 (2022)

Additional Resources

• SEC Guidance on Cryptocurrency Investments
• FinCEN Advisory on Illicit Use of Cryptocurrency
• The Gold Card | Executive Order