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Blockchain Blog
The Blockchain Blog, published by Steptoe LLP, focuses on legal and regulatory developments related to blockchain technology, cryptocurrencies, and digital assets. It covers topics such as regulatory approvals and enforcement actions by agencies like the SEC and CFPB, the evolving legal framework for crypto products including bitcoin exchange traded products (ETPs) and stablecoins, and the impact of new rules on digital payments and financial promotions involving cryptoassets. The blog also analyzes jurisdiction-specific regulatory roadmaps, such as those in the UK, and discusses compliance challenges and supervisory authority over nonbank digital payment providers.
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Latest from Blockchain Blog
What Does the BTC ETP Approval Mean for the SEC’s Regulatory Approach to Crypto? Five Observations on the Immediate, Near Term, and Post-2024 Impact
On January 10, 2024, the Securities and Exchange Commission (“SEC” or the “Commission”) approved the listing and trading of eleven spot bitcoin exchange traded products (“ETPs”). [1] The Commission declared effective the registration statements for ten of the ETPs on…
Proposed Rule Subjects Digital Payments to CFPB Oversight
On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) announced a notice of proposed rulemaking (NPRM) that would establish CFPB supervisory authority over certain nonbank companies “participating in a market for ‘general-use digital consumer payment applications.'”
Overview
The CFPB…
The UK’s Regulatory Roadmap for Stablecoins: A Closer Look
On October 30, 2023, HM Treasury released a policy update announcing its intention to bring forward secondary legislation to introduce regulatory measures for specific cryptoassets known as stablecoins by early 2024. The policy update outlines the proposed framework for regulating…
UK Government Extends Financial Promotions Regime to Cryptoassets
On October 8, 2023, highly anticipated regulatory changes came into effect bringing qualifying cryptoassets within the scope of the UK’s existing financial promotions regime and the remit of the Financial Conduct Authority (“FCA”). The regulatory changes effectively ban unauthorized firms…
FinCEN Proposed Rule Targets Digital Asset Mixers
On October 19, 2023, the U.S. Department of the Treasury’s (“Treasury”) Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rulemaking (NPRM) that would implement new recordkeeping and reporting requirements on domestic financial institutions and domestic financial agencies, related…
UK Financial Regulator FCA Introduces the Travel Rule for UK Cryptoasset Businesses
On September 1, 2023, the Financial Conduct Authority (“FCA”) set out its expectations for cryptoasset businesses in the UK’s compliance with the “Travel Rule”, introduced by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (the “Amended MLRs”).…
Critical Tornado Cash Developments Have Significant Implications for DeFi AML and Sanctions Compliance
After months of anticipation, a federal judge has finally ruled in the closely watched case of Joseph Van Loon, et al. v. Department of Treasury, et al. This important case addressed challenges to the US Department of the Treasury’s Office…
IRS Takes a Stand on Rewards From Staking Activities
By John Cobb & Shree Sharma
Cash method taxpayers that stake cryptocurrency native to a proof-of-stake blockchain and receive additional units of cryptocurrency as rewards when validation occurs must include the fair market value of the rewards in income in the year in which the taxpayer…
What Can UK Crypto Regulators Learn from the Passing of the EU’s MiCA Bill?
Earlier this year, the European Union (EU) voted in favour of the Markets in Crypto-Assets (“MiCA”) bill, which aims to regulate the crypto industry within the EU. The bill is seen as a major step towards establishing a comprehensive…