To Kim Kardashian’s fans and followers, her endorsement of a product signals the product is on trend. However, when a simple post endorsing cryptocurrency goes out to the world, it may have not so simple ramifications.
On Oct. 3, 2022,
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On Oct. 3, the Financial Stability Oversight Council (FSOC) took another step in identifying, assessing, and responding to the risks various types of digital assets pose to the financial system by releasing its Report on Digital Asset Financial Stability Risks
House Stablecoin Legislation
In late July the House Financial Services Committee made tentative plans to consider legislation to regulate stablecoins and require the Federal Reserve to study development of a central bank digital currency. A draft proposal reportedly had the
Federal regulatory agencies are closely monitoring crypto-asset developments and banking organizations’ participation in the crypto-asset industry. This GT Alert covers the guidance issued by the FDIC, CFPB, and the Federal Reserve which especially highlights the risks associated with bank and
On Aug. 15, 2022, a federal court in the Central District of California authorized the Internal Revenue Service (IRS) to serve a John Doe summons on OX Labs Inc. d/b/a SFOX and its subsidiaries (collectively, SFOX). SFOX is a cryptocurrency
On Aug. 8, 2022, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed economic sanctions on Tornado Cash, a popular cryptocurrency mixing service that allows customers to obscure the original source of virtual currency transactions by “mixing”
GT attorneys Leith Ben Ammar, Claire Broadbelt, Miles Daly, Matt Hancock, Emma L. Menzies, Thai Nguyen, and Nickie Pickernell co-authored the UK Chapter of the Chambers and Partners Blockchain 2022 Guide, which provides an
The latest negotiations on the EU’s crypto-assets Markets in Crypto-Assets Regulation (MiCAR) have seen the European Parliament Committee on Economic and Monetary affairs (ECON Committee) refusing to order a ban on crypto-assets using the common, but highly energy-consuming, Proof of
The Washington state Department of Revenue (WDOR) in July 2022 published detailed guidance on the sales tax consequences of non-fungible token (NFT) sales, the first such guidance in the United States, and other state tax agencies may be eyeing
On June 30, 2022, the U.S. Department of Justice (DOJ) announced criminal charges against six defendants in four separate criminal cases involving alleged fraud in the offering of cryptocurrency investment vehicles. The DOJ press release announced charges in four separate
