News & Analysis as of September 25, 2024

Virtual Currency › Legislative Agendas

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

Amendments to Luxembourg laws to implement MiCAR and TFR: key takeaways and impact on VASPs

A&O Shearman on 7/1/2024

On 21 May 2024, a bill of law n° 8387 was introduced before the Luxembourg Parliament. Its objective is to amend several pieces of Luxembourg legislation to operationalise various European regulations, in particular...more

Congress Getting in on Barbenheimer Action, Goes for Crypto Tax Double Feature

Cadwalader, Wickersham & Taft LLP on 7/27/2023

Recent legislative action suggests that Congress is eager to resolve many unanswered crypto tax issues. On July 11, 2023, Senators Ron Wyden and Mike Crapo released an open letter to the “members of the digital asset...more

OFAC Takes Action Against Virtual Currency Tornado Cash in Novel Application of Sanctions Authorities

Perkins Coie on 9/2/2022

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), on August 8, 2022, sanctioned virtual currency mixer Tornado Cash. OFAC alleged that it had been “used to launder more than $7 billion worth of...more

Focus on Fintech - Wilson Sonsini Quarterly Fintech Update - July 2022

Wilson Sonsini Goodrich & Rosati on 7/19/2022

Welcome to Wilson Sonsini’s Focus on Fintech quarterly newsletter. This quarterly newsletter provides ongoing analysis and commentary on regulatory developments impacting the fintech industry....more

Virginia Approves Bill Allowing Banks to Offer Cryptocurrency Custody Services

Sheppard Mullin Richter & Hampton LLP on 3/10/2022

On March 3, Virginia passed a new bill (HB 263) permitting banks in the Commonwealth to provide its customers with crypto custody services “so long as the bank has adequate protocols in place to effectively manage risks and...more

Regulating Crypto: Cryptocurrency Executives Head to Capitol Hill

Kohrman Jackson & Krantz LLP on 1/11/2022

A recent study found that 16 percent of Americans have invested in, traded or used cryptocurrencies such as Bitcoin and Ether. This widespread use, coupled with the cryptocurrency industry having limited to no regulatory...more

Spain enacts first legislation to regulate cryptocurrencies

White & Case LLP on 11/23/2021

On 21 October this year, the Bank of Spain created the registry where service providers for both the exchange of virtual currency for fiat currency and the custody of electronic wallets must register, as a result of the...more

House of Pay’n – House Passes Bill to Help Create Legal Framework for Digital Asset Regulation

Polsinelli on 4/28/2021

On Tuesday, April 20, 2021, the House of Representatives passed the Eliminate Barriers to Innovation Act of 2021 (the “Act”). The Act was initially introduced in March with an overarching aim to clarify the roles of the...more

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - October 2020

Skadden, Arps, Slate, Meagher & Flom LLP on 10/31/2020

Recent and significant regulatory and legislative events in the digital asset space demonstrate the evolving and expanding approach by U.S. and international regulators to the burgeoning digital asset markets. These...more

Financial Daily Dose 12.12.2019 | Top Story: Fed Holds Rates Steady And Looks to Stay There

Robins Kaplan LLP on 12/12/2019

As expected, the Fed kept interest rates unchanged on Wednesday while also signaling that “they would wait to see how the economy fared before making another move”....more

All Eyes Are on Regulation of Digital Assets as Federal Agencies and Lawmakers Seek to Bring Clarity: Part 1—The SEC, Utility...

Pillsbury Winthrop Shaw Pittman LLP on 9/12/2019

Federal regulators start to address some of the recent questions about digital assets such as tokens and virtual currencies, though many questions remain. U.S. Regulators and Congress are grappling with how to manage the...more

Digital Assets and the IRS

Lathrop GPM on 7/18/2019

Within the past year, the IRS has not changed its position on the way they are treating the taxation and reporting of digital token transactions. This alert serves as an update to last year’s rundown of cryptocurrency...more

Congress Seeks to Add Formal Definitions to "Blockchain" and "Digital Token"

Burr & Forman on 4/12/2019

As the 116th Congress continues its work in the first session, several new and revived bills have been introduced concerning blockchain and cryptocurrencies. ...more

Congress Considering New Blockchain, FinTech Legislation

Burr & Forman on 3/11/2019

This term, Congress is set to consider several bills—each with bipartisan sponsorship—targeting the fields of blockchain, cryptocurrency, and fintech. ...more

France Clarifies the Accounting Rules Applicable to ICO Issuers and Investors

Kramer Levin Naftalis & Frankel LLP on 12/21/2018

France took another step towards becoming a major hub for initial coin offerings (“ICOs”) with the publication by the Accounting Rules Authority (Autorité des normes comptables or “ANC”) of Regulation No. 2018-07 of December...more

France to Implement a Right to a Bank Account for Crypto-Asset Issuers and Intermediaries

Kramer Levin Naftalis & Frankel LLP on 10/24/2018

After authorizing the registration and transfer of unlisted securities through distributed ledgers and drafting optional regulatory frameworks for token issuances and crypto-asset trading platforms, France now aims at...more

Legislative Update: Uniform Regulation of Virtual-Currency Business Act

Burr & Forman on 9/10/2018

Last October, the Uniform Law Commission released the Uniform Regulation of Virtual-Currency Business Act (VCBA), which sets forth extensive requirements applicable to persons or entities who engage in virtual currency...more

The VAT treatment of cryptocurrencies

Hogan Lovells on 7/31/2018

Although no VAT will be levied on any cryptocurrency, the income tax treatment of cryptocurrencies must be considered separately. New draft tax legislation was released by National Treasury on 16 July 2018 for comment. A...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 5/23/2018

The US House included the revised Volcker Rule that we’ve discussed in a broader package of Dodd-Frank reforms that it passed with bipartisan support last night. The bill—ostensibly aimed at easing restrictions on small to...more

State-Level Legislation Anticipates Wide-Spread Business Use of Blockchain

Proskauer - Blockchain and the Law on 2/12/2018

On a daily basis, companies are announcing new developments on the adoption of blockchain in core business operations. However, many of these use cases present unique legal issues. In order to provide some clarity on some of...more

Uniform Act to Regulate Virtual Currency Businesses Ready for State Adoption

Ballard Spahr LLP on 1/10/2018

A new proposed law to create a statutory framework for regulating persons engaging in virtual-currency business activity, the Uniform Regulation of Virtual-Currency Businesses Act (URVCBA), has been approved by the Uniform...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 12/14/2017

As widely expected, the Fed affirmed the general strength of the US economy today by raising the benchmark interest rate again today—the 5th raise since the financial crisis....more

Legislature Considers Allowing Alternative Currencies

Allen Matkins on 2/13/2014

Last March, I pointed out that Corporations Code Section 107 prohibits any corporation, flexible purpose corporation, association or individual from issuing or putting in circulation, as money, anything but the lawful money...more

Financial Services Legislative and Regulatory Update -- November 11, 2013

Mintz - Public Finance Viewpoints on 11/11/2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - Last week ended with a stronger than expected jobs report at plus...more

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Virtual Currency › Legislative Agendas

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