On Jan. 16, 2024, the U.S. Treasury Department and the Internal Revenue Service (IRS) announced the delay of the requirement for persons engaged in a trade or businesses to report
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5 Trends to Watch: 2024 Blockchain
- Continued Robust Litigation and Enforcement Actions by Federal and State Regulators and Enforcement Authorities – We will likely see a similar level of anti-fraud prosecutions by the Department of Justice
California Enacts Digital Assets Licensing Law
On Oct. 13, 2023, California Governor Gavin Newsom signed CA AB39, the Digital Financial Assets Law (DFAL), which is the first comprehensive framework to regulate the digital asset market
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FinCEN Proposes Rule to Address Money Laundering and Terrorist Financing Risks Associated with CVC Mixing
On Oct. 23, 2023, FinCEN published an NPRM that identifies international CVC mixing as “a class of transactions of primary money laundering concern,” and finds that imposing additional recordkeeping and
Continue Reading FinCEN Proposes Rule to Address Money Laundering and Terrorist Financing Risks Associated with CVC Mixing![Bitcoin-gold-coins-with-wallet-close-up-Virtual-cryptocurrency-concept[1]](https://www.gtlaw-overheardontheblockchain.com/files/2022/02/Bitcoin-gold-coins-with-wallet-close-up-Virtual-cryptocurrency-concept1.jpg)
NYDFS Updates Guidance on Virtual Coin-Listing/Delisting Frameworks and the Greenlist
On Sept. 18, 2023, the New York State Department of Financial Services (NYDFS) issued a press release announcing updates to its ongoing oversight of the digital asset space, including (1)
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SEC Denial of Proposed Bitcoin Exchange-Traded Product Arbitrary and Capricious: DC Circuit
On Aug. 29, 2023, the U.S. Court of Appeals for the District of Columbia Circuit (Court) vacated the U.S. Securities and Exchange Commission (Commission)’s denial of Grayscale Investments, LLC (Grayscale)’s
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SEC Charges Media and Entertainment Co. for Unregistered Offering of NFTs
On Aug. 28, 2023, the Securities and Exchange Commission (Commission) charged Impact Theory, LLC, a media and entertainment company, with violating Sections 5(a) and 5(c) of the Securities Act of
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Treasury and IRS Issue New Proposed Regulations on Digital Assets
On Aug. 25, 2023, the Internal Revenue Service (IRS) and the Treasury Department issued proposed regulations (the Proposed Regulations) regarding the sales or exchanges of digital assets, including
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UK Court Grapples with Cryptocurrency Preservation and Enforcement Issues
Digital assets are an increasingly important part of modern society. That was the conclusion the UK Law Commission reached in its final report on digital assets that was published recently
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IRS Clarifies Taxation of Staking Crypto Rewards
To address the tax implications for taxpayers who stake cryptocurrency on a proof-of-stake blockchain and receive validation rewards, on July 21 the Internal Revenue Service (IRS) issued Revenue Ruling 2023-14
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