On Jan. 25, 2024, the Hawaii Department of Commerce and Consumer Affairs Division of Financial Institutions (DFI) and the Hawaii Technology Development Corporation (collectively, the “Agencies”) jointly issued a press release summarizing their findings on the proper regulatory framework for companies specializing in digital currency activity (Crypto Companies)—concluding that the DFI will not apply the
U.S. Sen. Cynthia Lummis (R-WY) and Reps. Wiley Nickel (D-NC) and Mike Flood (R-NE) are working to overturn a controversial Securities and Exchange Commission (SEC) staff accounting bulletin, SAB 121, that places restrictions on the custody of digital assets by public companies, including banks and trust companies, on behalf of their customers. On Feb.
On Jan. 16, 2024, the U.S. Treasury Department and the Internal Revenue Service (IRS) announced the delay of the requirement for persons engaged in a trade or businesses to report information related to the receipt of digital assets on IRS Form 8300, Report of Cash Payments Over 10,000 Received in a Trade or Business.
Pursuant
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On Sept. 18, 2023, the New York State Department of Financial Services (NYDFS) issued a press release announcing updates to its ongoing oversight of the digital asset space, including (1) industry guidance regarding a “General Framework for Greenlisted Coins” (Greenlist Guidance); (2) industry guidance regarding new “Proposed Updates to Guidance Regarding Listing
On Aug. 25, 2023, the Internal Revenue Service (IRS) and the Treasury Department issued proposed regulations (the Proposed Regulations) regarding the sales or exchanges of digital assets, including cryptocurrency. The Proposed Regulations relate to both information reporting requirements and the determination of amount realized, basis, and backup withholding.
Digital assets are an increasingly important part of modern society. That was the conclusion the UK Law Commission reached in its final report on digital assets that was published recently following a year-long consultation. In addition, the Law Commission observes that the flexibility of common law allows for the development of a distinct category of
To address the tax implications for taxpayers who stake cryptocurrency on a proof-of-stake blockchain and receive validation rewards, on July 21 the Internal Revenue Service (IRS) issued Revenue Ruling 2023-14.
On July 13, 2023, in a highly anticipated decision for the cryptocurrency industry, a Southern District of New York court granted in part and denied in part the parties’ cross motions for summary judgment in SEC v. Ripple Labs, Inc., et al. Despite mixed rulings, the decision has been viewed by several in the
National Futures Association (NFA) is the self-regulatory organization for the U.S. futures and derivatives industry and derives its authority as a registered futures association by designation from the Commodity Futures Trading Commission (CFTC). On March 29, 2023, NFA adopted Compliance Rule 2-51 (Rule 2-51), which took effect May 31, 2023. Rule 2-51 expands the scope