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

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

On Sept. 25, 2020, the SEC issued a No-Action Letter to FINRA, in response to a previously issued Joint Statement by the SEC and FINRA. This No-Action Letter detailed how
Continue Reading SEC Issues No-Action Letter Facilitating the Secondary Trading of Digital Assets

In March 2020, a Southern District of New York court issued a significant decision in Securities and Exchange Commission v. Telegram Group Inc. et al., strengthening the U.S. government’s
Continue Reading Another Significant Cryptocurrency Decision: SEC v. Kik Interactive Inc. and Token Offerings Under the Securities Laws

SEC Commissioner Hester Peirce on Feb. 6, 2020, delivered a thought-provoking speech entitled Running on Empty: A Proposal to Fill the Gap Between Regulation and Decentralization, accompanied by a
Continue Reading Where Do We Go from Here? Filling the Gap Between Telegram and the Proposed Rule 195 Token Safe Harbor

In 2015, the New York Department of Financial Services (NYDFS) finalized rules creating the BitLicense for virtual currency exchanges operating in New York state. New York is currently the only
Continue Reading New York State Department of Financial Services Proposes Framework for a Conditional BitLicense