On Nov. 23, 2021, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a joint
Continue Reading US Federal Banking Regulators Release Joint Statement on ‘Crypto-Asset Policy Sprint Initiative’
On Nov. 1, 2021, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC) joined with the president’s Working Group on Financial Markets (PWG) to
Continue Reading President’s Working Group on Financial Markets Releases Report and Recommendations on Stablecoins
The U.S. Senate passed its infrastructure bill (the “Bill”) that includes additional cryptocurrency reporting requirements, which are expected to generate $28 billion in revenue. The Bill currently does not provide
Continue Reading UPDATED: Infrastructure Bill Contains New Cryptocurrency Reporting Requirements
On July 5, 2021, the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog, released its findings from a yearlong review documenting the progress that its
Continue Reading New Report Shows Majority of ‘Financial Action Task Force’ Countries Have Not Implemented Virtual Asset Guidance
The IRS has published guidance stating that pre-2018 swaps among Bitcoin, Ether, and Litecoin are not eligible for 1031 tax-free exchange treatment. This means that investors who made swaps among
Continue Reading IRS Says No Tax-Free Exchange Treatment for Swaps of Bitcoin, Ether, and Litecoin
On May 20, 2021, the Treasury Department released a report that proposes new reporting requirements for transactions, including cryptocurrency transactions. Under the proposed plan, financial institutions, payment settlement entities, and
Continue Reading The Biden Administration Proposes New Cryptocurrency Reporting Rules
Recent John Doe summonses show the IRS is expanding its use of those summonses to aggressively investigate potential tax evasion. Within the past week, the IRS has received authorization to
Continue Reading The IRS Continues Aggressive Use of John Doe Summonses to Investigate Tax Evasion Related to Use of Cryptocurrency, Offshore Service Providers
Non-fungible tokens (NFTs), which can be used as a medium for art, music, video clips, trading cards, and other collectibles have recently become hot investments. Although no state tax agency
Continue Reading State Sales Tax on Sale of Non-Fungible Tokens (NFTs) – Questions and Answers
On Wednesday, April 7 from 12-1:30 p.m. EDT, please join Greenberg Traurig, the Hon. E. David Burt, JP, MP, Premier of Bermuda, the Chamber of Digital Commerce, and the Bermuda
Continue Reading GT’s Blockchain & Digital Assets Group Hosts ‘The New Bermuda Triangle: Managing Risks in the Digital Age’
On Feb. 18, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a $507,375 settlement with BitPay, Inc., an Atlanta-based payment processing company that enables
Continue Reading OFAC Resolution with BitPay Highlights Importance of Sanctions Compliance for All Companies Engaged in Digital Currency Transactions