The latest negotiations on the EU’s crypto-assets Markets in Crypto-Assets Regulation (MiCAR) have seen the European Parliament Committee on Economic and Monetary affairs (ECON Committee) refusing to order a ban
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GT Alert
Sales Tax on NFTs: Washington State Guidance Blazes Trail Other States May Follow
The Washington state Department of Revenue (WDOR) in July 2022 published detailed guidance on the sales tax consequences of non-fungible token (NFT) sales, the first such guidance in the…
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DOJ Signals Concerted Effort to Prosecute Alleged Cryptocurrency Fraud
On June 30, 2022, the U.S. Department of Justice (DOJ) announced criminal charges against six defendants in four separate criminal cases involving alleged fraud in the offering of cryptocurrency investment…
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EU Adopts Pilot Regime for Market Infrastructures Based on Blockchain and Other DLTs
On June 2, 2022, Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on distributed ledger technology (the Regulation) was published in the Official Journal of the European…
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New York’s Proposed Moratorium on Cryptocurrency Mining Operations
On June 2, 2022, the New York Senate passed Senate Bill S6486D (the Bill), which would amend the state’s environmental conservation law and set forth a two-year moratorium on certain…
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NYDFS Becomes First US Financial Regulator to Issue Stablecoin Expectations to Virtual Currency Industry
On June 8, 2022, the New York State Department of Financial Services (DFS) issued a new Regulatory Guidance, setting foundational criterial for USD-backed stablecoins used by DFS-regulated entities. This…
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The Responsible Financial Innovation Act: A Comprehensive Proposal to Regulate Digital Assets
On June 7, 2022, U.S. Sens. Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced the Lummis-Gillibrand Responsible Financial Innovation Act (RFIA), a bill that would create the first comprehensive regulatory…
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California State Assembly Introduces Legislation to Establish Digital Financial Assets Law
On June 7, 2022, California State Assembly Banking and Finance Committee Chair Timothy Grayson introduced legislation, Assembly Bill (AB) 2269, sponsored by the Consumer Federation of California, that will…
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Florida Gov. Signs Bill that Defines ‘Virtual Currency’ and Eases Licensing Restrictions on Certain Virtual Currency Transactions in the State
On May 12, 2022, Gov. Ron DeSantis signed bill CS/HB 273 (the Bill), amending Florida’s money services business (MSB) laws (i.e., Chapter 560 of the Florida Statutes) to, among other…
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California Governor Issues Executive Order Fostering Use and Regulation of Blockchain and Crypto
On May 4, 2022, California Gov. Gavin Newsom signed Executive Order N-9-22 (EO) to create a regulatory approach for cryptocurrency companies and to determine how to use blockchain technology for…
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