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By: Steptoe & Johnson LLP

Blog Authors

Evan Abrams
Elizabeth Arkell
Meegan Brooks
Jared Butcher
John Cobb
Alan Cohn
Chris Conte
Shawn Davisson
Brian Egan
Markham C. Erickson
Gary Goldsholle
Micah Green
Jack Hayes
Steptoe International
Ed Krauland
Charles Mills
Josh Oppenheimer
Elinor Ramey
Meredith Rathbone
Jack Ritossa
Will Turner
Richard Wagner
Jason Weinstein
Travis West
Lisa Zarlenga

Latest from Blockchain Blog

Blockchain Blog

Ten Key Takeaways from the NDAA’s AML Reforms

By Brian Egan, Jack Hayes & Evan Abrams
January 18, 2021
On January 1, 2021, the United States enacted the National Defense Authorization Act for Fiscal Year 2021 (NDAA) after the US House of Representatives and US Senate voted to override a presidential veto of the law. Included within the NDAA are a significant number of provisions related to anti-money laundering (AML) and countering the financing of terrorism (CFT), including provisions reforming the Bank Secrecy Act (BSA), a collection of statutes underpinning most of the current…
Blockchain Blog

OFAC Announces First Ever Enforcement Action Targeting a Digital Asset Company

By Alan Cohn, Meredith Rathbone, Jack Hayes, Evan Abrams & Jack Ritossa
January 5, 2021
On December 30, 2020, the US Department of the Treasury’s Office of Foreign Assets control (OFAC) announced a $98,380 settlement with BitGo, Inc. (BitGo). This civil settlement, regarding apparent violations of multiple sanctions programs related to digital currency transactions, is the first published OFAC enforcement action against a business in the blockchain industry. BitGo, based in Palo Alto, California, is an “institutional digital asset custody, trading, and finance” company. The apparent sanctions violations relate to…
Blockchain Blog

Charitable Contributions of Cryptocurrency: Tax Benefits and Other Considerations for Donors and Charities

By Lisa Zarlenga, Elinor Ramey & John Cobb
December 29, 2020
As 2020 finally comes to a close, it is time to consider year-end tax planning. One bright spot this year has been the performance of cryptocurrencies. Bitcoin, in particular, is trading at or near all time highs, considerably above its previous peak at the end of 2017. Other cryptocurrencies, like Ether, have also had considerable returns this year. Taxpayers holding significantly appreciated cryptocurrency may be considering the best way to optimize their charitable giving. Below…
Blockchain Blog

FinCEN Invites Comments on Proposed Amendments to Funds Recordkeeping and Transfer Rules

By Jason Weinstein, Alan Cohn, Evan Abrams & Jack Ritossa
November 17, 2020
On October 23, 2020, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board published a joint notice of proposed rulemaking inviting comments on proposed modifications to regulations implementing the Bank Secrecy Act (BSA). First, the agencies propose to lower the monetary threshold contained in the so-called “recordkeeping rule” and “travel rule” pursuant to which financial institutions are required to collect and retain information on certain funds transfers and…
Blockchain Blog

OECD Releases Report on Tax Policy Approaches and Gaps in the Taxation of Virtual Currencies

By Lisa Zarlenga & John Cobb
October 13, 2020
The OECD released a report titled Taxing Virtual Currencies: An Overview of Tax Treatments and Emerging Tax Policy Issues on October 12. The report, which was prepared and endorsed by the 137 members of the OECD’s Inclusive Framework on Base Erosion and Profits Shifting, provides a comprehensive analysis of the approaches and policy gaps across the main types of taxes (i.e., income, consumption, and property taxes). The report addresses the following areas, across more than…
Blockchain Blog

FinCEN Seeks Comments on Effectiveness of AML Programs, Presenting Rare Opportunity for FinTech and Blockchain Companies

By Alan Cohn, Brian Egan & Evan Abrams
September 22, 2020
On September 16, 2020, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published an advanced notice of proposed rulemaking (ANPRM) seeking comments on regulatory changes to enhance the effectiveness of anti-money laundering compliance programs of regulated financial institutions. As described in FinCEN’s press release, the ANPRM presents an opportunity for financial institutions to provide comments on “a wide range of questions pertaining to potential regulatory amendments under the Bank Secrecy Act…
Blockchain Blog

OCC Leans Forward on FinTech and Digital Assets

By Will Turner, Alan Cohn & Evan Abrams
August 10, 2020
As regulators from across the US government continue to grapple with the rapid expansion of financial technology (FinTech) and digital assets, the Office of the Comptroller of the Currency (OCC) has adopted a welcoming position toward such technology and taken three recent steps with the potential to significantly benefit industry. First, the OCC is planning to propose a new national bank charter for payments companies, including those dealing with digital assets, that may allow such…
Blockchain Blog

New York Publishes New Guidance and Proposed Changes to BitLicense on Five-Year Anniversary

By Alan Cohn & Evan Abrams
July 7, 2020
On June 24, the five-year anniversary of New York’s virtual currency licensing regime known as the BitLicense, the New York Department Financial Services (DFS) published new guidance and FAQs related to approval for use of specific currencies and the licensing process, as well as a proposed conditional licensing framework. The measures offer important insight for companies holding or considering applying for a BitLicense and represent the most significant changes and proposed changes since the regulation’s…
Blockchain Blog

Proposed SEC Safe Harbor Could Provide New Tokens With an Enforcement Grace Period Before Hitting Open Water

By Shawn Davisson
April 20, 2020
In a series of remarks over the past year, SEC Commissioner Hester Peirce laid the groundwork for a potential SEC safe harbor for developmental token offerings, which could provide a registration exemption for three years to give token networks a sufficient incubation period to achieve “maturity.” The theory behind the proposed safe harbor is that the current regulatory framework functions as a barrier to launching token networks because offerors fear they may be treated as…
Blockchain Blog

Secretary Mnuchin Indicates New Cryptocurrency Regulations are Coming

By Evan Abrams
March 10, 2020
In his testimony before the Senate Finance Committee, on February 12, Treasury Secretary Steven Mnuchin stated that the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) will soon release new regulations related to cryptocurrency. FinCEN is responsible for issuing and implementing anti-money laundering (AML) and counter-terrorist financing (CTF) regulations applicable to certain US financial institutions. According to Secretary Mnuchin: We’re spending a lot of time on the issue of cryptocurrencies and digital payment systems…

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