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
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.
Latest from Blockchain Blog - Page 4
OFAC Announces First Ever Enforcement Action Targeting a Digital Asset Company
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…
Charitable Contributions of Cryptocurrency: Tax Benefits and Other Considerations for Donors and Charities
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…
FinCEN Invites Comments on Proposed Amendments to Funds Recordkeeping and Transfer Rules
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).…
OECD Releases Report on Tax Policy Approaches and Gaps in the Taxation of Virtual Currencies
By Lisa Zarlenga & John Cobb
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…
FinCEN Seeks Comments on Effectiveness of AML Programs, Presenting Rare Opportunity for FinTech and Blockchain Companies
By Alan Cohn, Brian Egan & Evan Abrams
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…
OCC Leans Forward on FinTech and Digital Assets
By Will Turner, Alan Cohn & Evan Abrams
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…
New York Publishes New Guidance and Proposed Changes to BitLicense on Five-Year Anniversary
By Alan Cohn & Evan Abrams
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…
Proposed SEC Safe Harbor Could Provide New Tokens With an Enforcement Grace Period Before Hitting Open Water
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…
Secretary Mnuchin Indicates New Cryptocurrency Regulations are Coming
By Evan Abrams
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…