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Digital Assets Cryptocurrency Financial Transactions

Troutman Pepper Locke

Tornado Cash Whiplash – What’s Next for Sanctions?

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We find ourselves in the midst of a raucous debate among sanctions practitioners about the impact of the Fifth Circuit’s recent decision upholding a challenge against the sanctions the Office of Foreign Assets Control (OFAC)...more

Holland & Knight LLP

Not So Cryptic: IRS Increases Oversight on Cryptocurrency Income Tax Reporting Requirements

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Cryptocurrency has revolutionized the financial markets but also created tax traps for the unwary investor. Building on proposed regulations issued last year, the IRS recently increased its oversight of cryptocurrency...more

Polsinelli

Blockchain+ Bi-Weekly - April 2024 #2

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The focus in Web3 law the past few weeks has been on jurisdictional issues when litigating matters involving borderless digital asset transactions. This is expected to be an ongoing issue, as courts work through these...more

Jones Day

Second Circuit Rules U.S. Securities Laws Reach Certain Digital Asset Transactions

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The Second Circuit recently revived a securities class action against the crypto exchange Binance Holdings Ltd., holding that plaintiffs plausibly alleged their transactions on the exchange were "domestic," as required by the...more

Cadwalader, Wickersham & Taft LLP

ABA Tax Section Comments on Proposed Crypto Broker Reporting Regulations

On December 20th, 2023, the American Bar Association Tax Section published detailed comments and recommendations (the “ABA Comments”) on the proposed crypto broker reporting regulations.  As discussed here, the New York State...more

Mayer Brown Free Writings + Perspectives

FINRA Update on Targeted Exam Regarding Crypto Asset Communications – Potential Violations in 70% of Retail Communications...

On January 23, 2024, the Financial Industry Regulatory Authority, Inc. (“FINRA”) published an update to the targeted exam it launched in November 2022, which was designed to review – for compliance with FINRA Rule 2210 – the...more

Cadwalader, Wickersham & Taft LLP

Treasury Cries “Uncle” to Crypto Industry: Crypto Reporting Delayed

On January 16th, the IRS published Announcement 2024-4 (the “Announcement”), postponing certain reporting requirements for large crypto transactions which were set to go into effect for the 2024 tax year.  Persons engaged in...more

Mayer Brown

The Promise and Potential of Blockchain and New UCC Article 12

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Executive Summary: In the summer and fall of 2022, electronic transactions were undergoing a sea change, but riding different tides: in the summer, the Uniform Law Commission approved a set of amendments to the Uniform...more

Tonkon Torp LLP

Uncertainty in Oregon for Crypto Assets Under Commercial Law

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While some states have moved to adopt model Uniform Commercial Code (UCC) provisions to provide a clear legal framework for commercial and secured transactions involving crypto assets, Oregon has yet to take action. This is a...more

Thomas Fox - Compliance Evangelist

The Binance Enforcement Action

Binance, the world’s largest cryptocurrency trading platform, has recently been hit with a staggering $4.3 billion fine for intentionally violating anti-money laundering laws and other financial regulations. This landmark...more

Cadwalader, Wickersham & Taft LLP

NYSBA Tax Section’s Recommendations on the Proposed Crypto Broker Reporting Regulations

On November 13th, 2023, the New York State Bar Association (“NYSBA”) Tax Section published its recommendations on the proposed crypto broker reporting regulations (“the Report”).  These proposed regulations elaborate on the...more

Gray Reed

Release the Kraken Tax Transaction Information

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On June 30, 2023 the District Court in the Northern District of California granted a petition to enforce the cryptocurrency exchange Kraken to release customer information.  Specifically, Kraken was ordered to produce the...more

Cadwalader, Wickersham & Taft LLP

Dueling Crypto Banjos: Two Very Different Reactions to Treasury’s Proposed Crypto Reporting Scheme

Treasury recently delivered a mother lode of proposed tax reporting rules to the crypto industry.  By and large, the crypto industry is booing loudly, complaining that the rules are overbroad and that there is not enough time...more

Polsinelli

Blockchain+ Bi-Weekly - October 2023 #2

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The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more

A&O Shearman

SEC charges Impact Theory for unregistered offering of NFTs

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On August 28, 2023, the Securities and Exchange Commission (the “SEC”) charged Impact Theory, LLC (“Impact Theory”), a media and entertainment company headquartered in Los Angeles, with conducting an unregistered securities...more

Troutman Pepper Locke

SEC v. Ripple Labs, Inc.: XRP Considered an Unregistered Security in Institutional Sales but Not in Programmatic Sales or Other...

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In a long-awaited decision in SEC v. Ripple Labs, Inc., U.S. District Judge Analisa Torres of the Southern District of New York held that Ripple Labs, Inc.’s (Ripple) XRP token is not, in and of itself, a security requiring...more

A&O Shearman

Law Commission’s final report on digital assets: What’s new?

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Eleven months after the publication of its monster consultation paper, the Law Commission has published its final report on Digital Assets. Last time, tongue in cheek, we likened the hype to that for “Top Gun: Maverick”,...more

Cadwalader, Wickersham & Taft LLP

IRS Gets Serious About Digital Asset Reporting by Individuals

Since 2019, Form 1040 has included a general question regarding the taxpayer’s cryptocurrency activity. Over the years, the IRS has modified the scope of its cryptocurrency inquiry. On the 2021 Form 1040, this question read:...more

Cadwalader, Wickersham & Taft LLP

Airing Dirty Laundry: Biden Budget Targets Crypto Wash Sales

Last year the Biden Administration’s crypto tax proposals contained some helpful clarifications, including endorsing non-recognition treatment for crypto lending, together with measures aimed at gaining insight into the...more

BakerHostetler

PoS Principles Published; Crypto Market Analysis and POC Announced; Court Interprets NFTs Under Howey; SEC, CFTC and DOJ Continue...

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Proof of Stake Alliance Publishes Analysis, Advocates for Industry Standards - This week the Proof of Stake Alliance (POSA), a nonprofit industry alliance focused on proof of stake (PoS) ecosystems, announced their newly...more

Cadwalader, Wickersham & Taft LLP

UK Government Consults on Expanding the Cryptoasset Regulatory Perimeter

The UK Government (Treasury) has published a consultation and call for evidence on a ‘Future financial services regulatory regime for cryptoassets’ which sets out what is being called ‘phase 2’ of the UK’s approach to...more

Orrick, Herrington & Sutcliffe LLP

NYDFS gives custodial guidance on crypto insolvency

On January 23, NYDFS reiterated expectations for sound custody and disclosure practices for entities that are licensed or chartered to custody or temporarily hold, store, or maintain virtual currency assets on behalf of...more

A&O Shearman

Show me the Cryptocurrency: English High Court Grants Novel Information Orders Against Crypto Exchanges

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The High Court has once again grappled with novel issues raised by disputes concerning cryptoassets, this time in the context of an interim application for information orders....more

BakerHostetler

White House Releases First-Ever Comprehensive Framework for Responsible Development of Digital Assets

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​​​​​​​On Sept. 16, 2022, the White House released a comprehensive framework for responsible digital asset development and, in particular, cryptocurrency. ...more

Cadwalader, Wickersham & Taft LLP

EU Announces Final Text of Crypto-Assets Regulations

The Council of the EU published two information notes (13198/22) and (13215/22) yesterday, with the final text of the following two new regulations...more

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