Federal regulatory agencies are closely monitoring crypto-asset developments and banking organizations’ participation in the crypto-asset industry. This GT Alert covers the guidance issued by the FDIC, CFPB, and the Federal
Continue Reading Regulatory Scrutiny on the Rise of Bank and Crypto Company Dealings
On Aug. 8, 2022, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed economic sanctions on Tornado Cash, a popular cryptocurrency mixing service that allows customers to
Continue Reading OFAC Sanctions Cryptocurrency Mixing Service for Allegedly Facilitating Money Laundering
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
Continue Reading NYDFS Becomes First US Financial Regulator to Issue Stablecoin Expectations to Virtual Currency Industry
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
Continue Reading Florida Gov. Signs Bill that Defines ‘Virtual Currency’ and Eases Licensing Restrictions on Certain Virtual Currency Transactions in the State
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
Continue Reading California Governor Issues Executive Order Fostering Use and Regulation of Blockchain and Crypto
On Feb. 14, 2022, the Securities and Exchange Commission (SEC) charged crypto lending platform BlockFi Lending LLC (BlockFi) with (1) failing to register the offers and sales of its crypto
Continue Reading SEC’s BlockFi Order Signals Further Scrutiny of DeFi
The IRS has not issued any clear guidance on the taxation of staking rewards. In 2014, the IRS issued Notice 2014-21, which provides that cryptocurrency is treated as property for
Continue Reading A Recent Court Case Leaves Many Speculating on the Taxation of Staking Rewards
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