Blockchain Developments: Crypto Custody and Payments, Supply Chain Pilots, Regulation and Enforcement

By Diana Stern, Brian P. Bartish, Jonathan D. Blattmachr, Joanna F. Wasick & Nicholas C. Mowbray

November 22, 2019

In this issue: • Cryptocurrency Custody, Payments and Mining Initiatives Announced • Blockchain Provenance and Authentication Solutions Emerging in Food and Manufacturing Markets • Recent Global Regulatory Developments in Digital Assets • U.S. and International Enforcement Agencies Take Action Against Crypto Crimes • Crypto Tax Update: Foreign Accounts, Like-Kind Exchanges, Software Uptick Cryptocurrency Custody, Payments and Mining Initiatives Announced By: Diana J. Stern According to recent reports, the digital asset arm of a multinational financial…

The Blockchain Monitor

Alert: IRS Issues New Guidance and FAQs on Virtual Currencies

By Nicholas C. Mowbray, Robert A. Musiala & Laura E. Jehl

October 10, 2019

On Oct. 9, the Internal Revenue Service (IRS) issued additional guidance regarding the taxation of cryptocurrency. The guidance comes more than five years after the IRS issued Notice 2014-21, the first and, until now, only official guidance regarding cryptocurrency. Revenue Ruling 2019-24 (the Revenue Ruling) reaffirms that virtual currency is treated as property and does not constitute currency. The Revenue Ruling distinguishes virtual currencies from foreign currencies. According to the Revenue Ruling, foreign currency, unlike…

The Blockchain Monitor

Crypto Exchange and Payment Solutions Expand, New UK Guidance Issued, US Enforcement Actions Continue

By Nicholas C. Mowbray, Robert A. Musiala & Joanna F. Wasick

August 2, 2019

In this issue: • Cryptocurrency Exchange and Payment Solutions Continue to Expand • New UK Guidance Published, Licenses Received by Cryptocurrency Firms Across Globe • Cryptocurrency Enforcement Actions Continue From IRS and DOJ Cryptocurrency Exchange and Payment Solutions Continue to Expand By: Nicholas C. Mowbray This week, Blockchain.com, a London-based supplier of digital wallets, announced that it is moving into the trading side of cryptocurrencies with a London-based exchange. The exchange will offer Bitcoin, Ether,…

The Blockchain Monitor

Exchanges Going Live, Supply Chain Initiatives Advance, Threats Continue as Arrests Target ‘Shadow Banking’

By Joanna F. Wasick, Robert A. Musiala, Jordan R. Silversmith & Nicholas C. Mowbray

May 3, 2019

In this issue: • Cryptocurrency Exchanges Move Closer to Live Trading, New Stablecoins Announced • New Blockchain Initiatives Targeting Enterprise Use Announced • DoJ Arrests Operators of ‘Shadow Banking Services,’ Regulators Warn of Scams • Cyberattacks Target Cryptocurrencies, Threat Actors Employ Crypto Techniques • Tax Analysis: New Crypto Tax Tools Available, New Disclosure Category Added Cryptocurrency Exchanges Move Closer to Live Trading, New Stablecoins Announced By: Joanna F. Wasick More cryptocurrency exchanges are going live.…

Health Law Update

Senate Democrats recently introduced the Stop Price Gouging Act

By Lee H. Rosebush, Nicholas C. Mowbray & Chris Jones

February 15, 2019

Senate Democrats recently introduced the Stop Price Gouging Act (S. 378), which seeks to place an excise tax on pharmaceutical companies in proportion to price spikes on prescription drugs. The bill generally requires a company to justify to the Department of Health and Human Services (DHHS) any spike in prescription drug prices, but it is short on details regarding the criteria the inspector general of DHHS would have to abide by when analyzing the spike.…

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