The Trump administration continues its efforts to relax digital asset regulation, including most recently by exempting decentralized finance ("DeFi") apps and wallets from tax reporting and through Securities and Exchange...more
4/15/2025
/ Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Disclosure Requirements ,
Financial Regulatory Reform ,
IRS ,
Offerings ,
Regulatory Reform ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Tax Liability ,
Trump Administration
In June 2022, Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the Responsible Financial Innovation Act (the "Bill"), one of most comprehensive responses by Congress to date with respect to digital...more
On June 7, 2022, U.S. Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the Responsible Financial Innovation Act (the "Bill"), which proposes a regulatory framework for digital assets across nine titles...more
President Biden's executive order calls for "whole-of-government" approach to studying risks and harnessing potential benefits of digital asset technologies.
On Wednesday, March 9, 2022, President Biden signed a...more
3/11/2022
/ AML/CFT ,
Biden Administration ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Digital Assets ,
Financial Crimes ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
Investor Protection ,
Regulatory Agenda
The IRS recently clarified its position on the U.S. income tax treatment of a hard fork. A hard fork occurs when protocols on a blockchain change, causing a "fork" or splintering of the existing blockchain into two distinct...more
The IRS's first guidance on the taxation of cryptocurrency in five years provides some new insights, but also leaves several issues unresolved.
Jones Day partner Lori Hellkamp discusses Revenue Ruling 2019-24, with...more
Virtual currencies (often called cryptocurrencies) such as bitcoin are perhaps blockchain's best-known application. As these and other blockchain-based digital assets become more common, and attract more regulatory and...more
5/2/2019
/ Blockchain ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
Financial Transactions ,
FinCEN ,
Initial Coin Offering (ICOs) ,
Internal Revenue Code (IRC) ,
IRS ,
Popular ,
Reporting Requirements ,
Tax Planning ,
Token Sales ,
Virtual Currency