News & Analysis as of September 22, 2024

Virtual Currency › Proposed Legislation

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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 -

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

New York Attorney General Proposes Comprehensive and Restrictive Digital Assets Bill

Morgan Lewis on 6/22/2023

New York Attorney General Letitia James introduced on May 5, 2023 a proposed bill that, if enacted, would significantly tighten regulation over digital asset market participants and exchanges. While the New York State...more

Recent Legislative Proposals and IRS Guidance on the Taxation of Digital Assets

Proskauer - Tax Talks on 5/2/2023

This blog post summarizes recent federal bills that have been introduced (but not yet passed), proposals by the Biden Administration, and guidance issued by the Internal Revenue Service with respect to the taxation of digital...more

New Jersey Legislation to Regulate Virtual Currencies Likely to Become Law

Shipkevich PLLC on 2/27/2023

Overview - New Jersey is positioned to adopt seminal legislation that is sure to alter the regulatory dynamic for cryptocurrency-focused businesses that operate within the state. The Digital Asset and Blockchain...more

BVI to Introduce the Virtual Assets Service Providers Act

Conyers on 12/9/2022

The British Virgin Islands (“BVI”) is proposing to introduce virtual assets service provider (“VASP”) legislation and has recently circulated a draft bill in the form of the Virtual Assets Service Providers Act, 2022 (the...more

Mini-Me Crypto Tax Legislation

Cadwalader, Wickersham & Taft LLP on 8/19/2022

Bipartisan crypto legislation was introduced by Senators Pat Toomey (R-PA) and Kyrsten Sinema (D-AZ) on July 26, 2022. If enacted, the Virtual Currency Tax Fairness Act would exclude from gross income gain on certain de...more

The Crypto Industry Is Talking Tax, and the Senate Is Listening

Cadwalader, Wickersham & Taft LLP on 6/23/2022

On June 7, 2022, U.S. Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the Lummis-Gillibrand Responsible Financial Innovation Act (the “Act”), a comprehensive legislative scheme for the regulation of...more

Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets

Latham & Watkins LLP on 6/21/2022

The Responsible Financial Innovation Act is the most wide-ranging crypto bill yet. On June 10, 2022, US Senators Cynthia Lummis (R-WY) from the Senate Banking Committee and Kirsten Gillibrand (D-NY) from the Senate...more

Congress and the IRS Make Moves to Improve Taxpayer Compliance for Cryptocurrency Transactions

Proskauer - Blockchain and the Law on 3/4/2022

IRS Commissioner Charles Rettig, testifying before Congress in April 2021, estimated the gap between taxes owed and taxes collected in the United States to be close to $1 trillion....more

Biden Administration Proposals Will Greatly Enhance IRS’ Ability to Identify Cryptocurrency Transactions

McDermott Will & Emery on 5/27/2021

The Biden Administration and the Internal Revenue Service (IRS) continue to focus heavily on cryptocurrency tax enforcement issues. On May 20, 2021, the US Department of the Treasury (Treasury) released the American Families...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

New Effort to Exempt Crypto Currency from Certain SEC, Tax and Other Regulatory Burdens

Sheppard Mullin Richter & Hampton LLP on 4/17/2019

A new bill, the Token Taxonomy Act was introduced to congress to amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude digital tokens from the definition of a security, to direct the Securities...more

Bridging the Week - April 2019 #2

Katten Muchin Rosenman LLP on 4/16/2019

The New York State Department of Financial Services cancelled the temporary authority of a major cryptocurrency exchange to operate in New York, saying its failure to meet anti-money laundering, AML compliance officer quality...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

A Taxonomy of the Proposed Token Taxonomy Act

Proskauer - Blockchain and the Law on 3/1/2019

On December 20, 2018, a bipartisan pair of Congressmen, Warren Davidson (R-OH) and Darren Soto (D-FL), introduced bill H.R. 7356 to enact the Token Taxonomy Act (the “Act”). The Act proposes several amendments to federal...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

A New Legislative Framework for ICOs in France

Kramer Levin Naftalis & Frankel LLP on 4/6/2018

The regulatory focus on initial coin offerings (ICOs) has not diminished since our last client alert where we mentioned that the public consultation of the French Financial Markets Authority (AMF) proposed to develop an ad...more

Four Blockchain Technology Bills Proposed by New York Assemblyman

Proskauer - Blockchain and the Law on 2/22/2018

New York Assemblyman Clyde Vanel has introduced proposals in the state legislature for four laws which, if passed, could transform how the State of New York interacts with and views blockchain technology. The first...more

Nationwide, State Legislators Push Blockchain-friendly Legislation

Robinson+Cole Data Privacy + Security Insider on 2/14/2018

As previously reported, state legislatures throughout the country continue to propose legislation designed to facilitate the use of blockchain-based technology by businesses within their states....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

Proposed Legislation in New York Would Recognize Enforceability of BlockChain Transactions and Explore Applications of Technology

Robinson+Cole Data Privacy + Security Insider on 12/21/2017

While the investment potential of cryptocurrencies, including BitCoin, has been all over the news in recent weeks, state governments have begun to explore the practical applications of blockchain – the technology underlying...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

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Virtual Currency › Proposed Legislation

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