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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 and Regulation (Report) in response to President Biden’s March 2022 Executive Order on “Ensuring Responsible
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 bipartisan support of Chairwoman Maxine Waters (D-CA) and ranking Republican Patrick McHenry (R-NC). However, last
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 non-bank partnerships.
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 prime dealer for professional traders and institutional investors and has over 175,000 registered users.
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 overview of the UK law and practice in this fast-developing area, as well as
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 how they too may capture NFT sales tax. Washington’s sales tax law already covers the
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 and apparently unrelated cases, filed in two different districts: the Southern District of Florida (Miami)
On June 2, 2022, Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on distributed ledger technology (the Regulation) was published in the Official Journal of the European Union.
The Regulation aims to eliminate regulatory barriers to the issuance, trading, and post-trading of financial instruments in the form of crypto-assets and to ensure
On June 7, 2022, U.S. Sens. Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced the Lummis-Gillibrand Responsible Financial Innovation Act (RFIA), a bill that would create the first comprehensive regulatory framework of digital assets in the United States.
The 69-page bipartisan proposal—which consists of eight titles and 54 sections—covers a myriad of issues related to
On May 4, 2022, California Gov. Gavin Newsom signed Executive Order N-9-22 (EO) to create a regulatory approach for cryptocurrency companies and to determine how to use blockchain technology for state and public institutions. Through the EO, California is becoming a leader in developing new rules of the road for emerging digital currencies and related