On November 15, Director Kenneth Blanco of the Financial Crimes Enforcement Network (FinCEN) offered his most extensive remarks on blockchain since the agency’s release of updated guidance in May. Speaking at the Chainalysis Blockchain Symposium, Director Blanco offered a number
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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US Regulators Issue Joint Statement on AML Compliance Involving Digital Assets
By Brian Egan & Evan Abrams
On October 11, the leaders of the Commodities Futures Trading Commission (CFTC), Financial Crimes Enforcement Network (FinCEN), and the Securities and Exchange Commission (SEC) issued a joint statement regarding anti-money laundering (AML) compliance for persons engaged in certain activities involving…
IRS Releases New Cryptocurrency Guidance
By Lisa Zarlenga & John Cobb
The IRS has released new guidance on the U.S. tax treatment of cryptocurrency for the first time since 2014. The guidance includes Revenue Ruling 2019-24, which provides guidance on the tax treatment of hard forks. The IRS also released…
IRS Stepping Up Cryptocurrency Enforcement Efforts
By Lisa Zarlenga & John Cobb
The IRS has confirmed that it has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly. In the…
Blockchain Takes Over Episode 261 of the Cyberlaw Podcast
On April 29, blockchain took over the Cyberlaw Podcast once again with Alan Cohn, Gary Goldsholle, Will Turner, and guest speaker, Jeff Bandman, covering all things blockchain and cryptocurrency. We dove right into the recent activity…
Congress Weighs In on Cryptocurrency Taxation
By Lisa Zarlenga & John Cobb
Bipartisan members of the House are advocating for more clarity in the tax law as it relates to taxation of cryptocurrency.
First, on April 9, Representative Warren Davidson (R-OH), a member of the House Financial Services Committee, reintroduced legislation that…
TurnKey Token Gets to Fly: SEC Issues First No-Action Letter for Token Sale
On April 3, the US Securities and Exchange Commission (SEC) provided important guidance for token issuers. The SEC Division of Corporation Finance issued a No-Action Letter dated April 3 regarding TurnKey Jet, Inc. (the “TurnKey No-Action Letter”) in which the…
SEC Smooths Out Digital Assets Turbulence With Further Guidance
Long awaited guidance from the US Securities and Exchange Commission (SEC) on application of the Howey test to digital assets came on April 3 in the form of a Framework for “Investment Contract” Analysis of Digital Assets (“Framework”) and a…
Judge Holds Blockvest Token a Security Under Howey, and the Wait for a Non-Security Token Continues
Last week, US District Judge Gonzalo Curiel of the Southern District of California reversed his previous November 2018 order and issued a preliminary injunction against Blockvest LLC (Blockvest) and its founder, Reginald Buddy Ringgold, III, after finding that the Blockvest…
Steptoe Offers Blockchain Regulatory Insights and Authors Regulatory Overviews in GBBC’s 2019 Annual Report
The Global Blockchain Business Council (GBBC) recently published its 2019 Annual Report, “Beyond the Hype: Building Blockchains for Real World.” The report provides a comprehensive update on the global regulatory landscape surrounding blockchain technology along with an overview of some…