You know that federal entities like the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (FinCEN), and the Internal Revenue Service (IRS) have all issued guidance concerning cryptocurrencies. But get ready to
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 8
Steptoe Applauds CFTC Decision on Cryptocurrency Rulemaking
Today, Steptoe & Johnson LLP’s Blockchain and Digital Currency practice applauded the Commodity Futures Trading Commission’s (CFTC) decision to propose, through the rulemaking process, an interpretation defining the term “actual delivery” in the context of retail commodity transactions involving cryptocurrencies…
Alan Cohn Featured on the Future Tech Podcast
Alan Cohn was recently featured on the Future Tech Podcast. In an interview with Richard Jacobs, Editor of Crypto News Insider and Organizer & Host of the Bitcoin, Ethereum, and Blockchain Super Conference 2018, Alan discusses the recent regulatory changes…
Blockchain and Cryptocurrency: The Emerging Regulatory Framework
By Jason Weinstein & Alan Cohn
This summer, US and international regulators have brought enforcement actions, issued guidance and explanatory documents, and sharpened previously-taken positions regarding regulation of cryptocurrency and crypto-tokens under the anti-money laundering, derivatives, securities, and tax laws. These actions provide a better sense…
Bitcoin, Ether, and Ripple, Oh My! How the IRS Taxes Digital Currency
Background
Before 2014, the treatment of virtual currency for tax purposes was somewhat of an open question. That is, would it be treated like a currency? Maybe a foreign currency? Or would it be treated like property? Or maybe a…
Alan Cohn Quoted on the Recent Blockchain Regulatory Guidance
The Street quoted Alan Cohn in an article on August 20 titled “How Federal Regulators Are Playing Catch-Up With Bitcoin Craze.” The article looks at the most recent enforcement actions and regulatory guidance from the Securities and Exchange Commission (SEC),…
Significant FinCEN Action Against BTC-e, Implications for Virtual Currency Exchangers
By Jason Weinstein & Alan Cohn
On July 26, 2017, the Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury assessed a civil monetary penalty of $110,003,314 against Canton Business Corporation (BTC-e), one of the largest virtual currency exchanges by volume in…
SEC Begins Offering Guidance on Initial Coin Offerings
By Alan Cohn
On July 25, 2017, the Securities and Exchange Commission (SEC) issued its first guidance on how it will interpret token issuances or “Initial Coin Offerings” (ICOs) under relevant securities laws.
The headlines—“SEC Finds DAO Tokens are Securities”—come from Release No.…
SEC Weighs in on the Distributed Autonomous Organization’s Tokens
By Alan Cohn
The SEC announced yesterday that “offers and sales of digital assets by ‘virtual’ organizations are subject to the requirements of the federal securities laws.” Although not coming as a surprise, the SEC’s announcement affirms that companies seeking to involve US…
IEEE Standard Association’s Blockchain Podcast Features Alan Cohn
Alan Cohn was recently featured on IEEE Standards Association’s Blockchain Podcast Series. In an interview with Maria Palombini, Director, Emerging Communities & Opportunities Development, Alan and Maria discuss the legal issues surrounding blockchain smart contracts. In particular, Alan opines on why government…