Crypto Firms Announce Initiatives in Payments, Mining, DAOs and More -
Recent reports provided details on new developments across the cryptocurrency market...more
The Department of Justice (DOJ), IRS Criminal Investigations (CI) and international tax authorities continue to prosecute tax abuses related to digital asset transactions. In imposing a multiyear prison sentence in a recent...more
District Court Upholds Tornado Cash Sanctions, DOJ Charges Founders -
On August 17, a Texas federal court found that Tornado Cash, a crypto mixer (which obscures the source of crypto transactions) is an entity that can be...more
8/28/2023
/ Bitcoin ,
Blockchain ,
Central Bank Digital Currency (CBDCs) ,
Conspiracies ,
Criminal Conspiracy ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Decentralized Autonomous Organization (DAO) ,
Department of Justice (DOJ) ,
E-Commerce ,
Enforcement Actions ,
ETFs ,
Hackers ,
Indictments ,
IRS ,
Monetary Authority of Singapore ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Proposed Regulation ,
Singapore ,
Stablecoins ,
U.S. Treasury
In a recent ruling, a California federal judge held that Kraken, an online cryptocurrency exchange program, has to turn over user information to the IRS as a result of a John Doe summons originally served on Kraken in 2021....more
Key Takeaways:
..The IRS issued its fourth John Doe summons against digital asset platform sFOX, seeking information regarding user identity and transaction activity over $20,000.
..The use of John Doe summonses...more
8/22/2022
/ Bitcoin ,
Criminal Liability ,
Crypto Exchanges ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Currency ,
IRS ,
John Doe Investigation ,
Summons ,
Tax Evasion ,
Tax Liability ,
Virtual Currency
Part Four in our series discusses U.S. federal income tax issues relating to Non-Fungible Tokens (NFTs) and provides an overview of how NFTs may be treated for U.S. federal income tax purposes.
IRS Guidance -
Notice...more
On June 7, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced S. 4356, the Responsible Financial Innovation Act (Lummis-Gillibrand Bill). If enacted, the legislation would create a regulatory framework...more
Key Takeaways -
..Taxpayers could be criminally and civilly liable under state False Claims Act statutes for underreporting income linked to virtual currency.
..While the federal False Claims Act explicitly excludes tax...more
5/24/2022
/ Criminal Prosecution ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Enforcement ,
False Claims Act (FCA) ,
Infrastructure Investment and Jobs Act (IIJA) ,
IRS ,
Popular ,
Reporting Requirements ,
Tax Avoidance ,
Tax Fraud ,
Whistleblowers
Financial Services Firms Make Moves Targeting Cryptocurrency Markets -
A major U.K.-based stock exchange recently announced plans to acquire a provider of cloud-based technology, including order and execution management...more
Reports Address Crypto M&A and Metaverse, New Crypto Products Launch -
A Big Four accounting firm recently released its “2021 Global Cryptocurrency Mergers and Acquisition and Fundraising Report.” Key takeaways from the...more
2/22/2022
/ Acquisitions ,
Capital Raising ,
Corporate Governance ,
Cross-Border Transactions ,
Cryptocurrency ,
Digital Assets ,
Enforcement ,
FATF ,
Information Reports ,
Mergers ,
Non-Fungible Tokens (NFTs) ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
U.S. Treasury ,
Wash Trades
CBDC Research Published, Fintech Firms and Banks Launch Crypto Initiatives -
The Boston branch of a major U.S. banking agency and the Massachusetts Institute of Technology recently released “the findings of their initial...more
2/14/2022
/ Anti-Money Laundering ,
Banks ,
Blockchain ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Department of Justice (DOJ) ,
Enforcement Actions ,
FinTech ,
HMRC ,
Non-Fungible Tokens (NFTs) ,
Securities Transactions ,
UK
Crypto Firms Pursue Bank Charters, Traditional Financial Firms Integrate Crypto - This week, the Wyoming Division of Banking granted a new Special Purpose Depository Institution (SPDI) bank charter to Commercium Financial...more
New Crypto Products Launch in Payment Cards, Gold and Sandwiches - Coinjar, an Australian cryptocurrency exchange, recently announced its launch of a payment card backed by a major U.S. credit card and financial services...more
Cryptocurrency Custody, Payments and Mining Initiatives Announced -
According to recent reports, the digital asset arm of a multinational financial services corporation was issued a trust company charter by the New York...more
On Oct. 9, the Internal Revenue Service (IRS) issued additional guidance regarding the taxation of cryptocurrency. The guidance comes more than five years after the IRS issued Notice 2014-21, the first and, until now, only...more
Cryptocurrency Exchange and Payment Solutions Continue to Expand -
This week, Blockchain.com, a London-based supplier of digital wallets, announced that it is moving into the trading side of cryptocurrencies with a...more
Cryptocurrency Exchanges Move Closer to Live Trading, New Stablecoins Announced -
More cryptocurrency exchanges are going live. ErisX announced the launch of its spot market, saying it will immediately support dollar...more
5/3/2019
/ Banking Sector ,
Blockchain ,
Cryptocurrency ,
Cyber Attacks ,
Cybersecurity ,
Department of Justice (DOJ) ,
Digital Currency ,
Distributed Denial of Service ,
Popular ,
Shadow Banking ,
Supply Chain
Blockchain Pilots for Supply Chain and Land Titles, Improved Analytics, and Decentralization -
Earlier this week IBM announced the completion of a shipment tracking trial that recorded the bill of lading on a blockchain....more
The Blockchain Effect: NASA, IoT, Supply Chain and State Initiatives -
On Monday, NASA Ames Research Center published a paper about a permissioned blockchain framework that addresses privacy and security issues for FAA air...more
1/21/2019
/ Bitcoin ,
Blockchain ,
Cryptocurrency ,
Cybersecurity ,
Digital Currency ,
Financial Institutions ,
Hackers ,
Initial Coin Offering (ICOs) ,
Popular ,
Ransomware ,
Supply Chain
New Cryptocurrency Financial Products and Platforms Announced -
Last week, SEFToken Inc. launched a new tokenized instrument. The new token, known as a “covered warrant,” will be issued through the Securitize platform on the...more
Multiple Studies Analyze Recent Cryptocurrency Market Trends -
A recently issued report from the Blockchain Transparency Institute analyzed high-volume bitcoin “trading pairs” on various cryptocurrency exchanges and found...more