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Inflation Reduction Act Expected to Become Law

Key Takeaways: ..The Senate voted 51-50 on August 7 to pass the Inflation Reduction Act. ..The legislation is expected to pass the House this week without changes and to be signed by President Biden. ..The...more

Taxation of Non-Fungible Tokens

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

Proposed Federal Crypto Legislation Supported by Digital Asset Ecosystem; Consumer Advocacy Groups Balk

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

Cryptocurrency Tax Enforcement May Soon Reward Tipsters Through Whistleblower Program and False Claims Act

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

Global Tax Enforcement Group Provides NFT Red Flag Guidance

Key Takeaways - ..The Joint Chiefs of Global Tax Enforcement (J5) issued its first intelligence bulletin providing guidance to banks, law enforcement partners and private investigators regarding indicators of potential...more

Financial Firms Develop Crypto Offerings; DAO Hacker Reportedly Identified; DOJ Names New Crypto Director; NFT Initiatives Launch...

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

New Crypto Products Launch; Market Reports Published; Treasury Dept. Addresses Crypto Tax; Crypto Enforcement Actions and Threats...

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

CBDC Research Published, Crypto Products Launch, Report Addresses NFT Money Laundering Risks, UK Addresses DeFi Tax, DOJ Brings...

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

IRS Provides Initial and Limited Guidance on Newly Reinstated ‘Superfund Tax’

Last month, the IRS published Notice 2021-66, issued in response to the Infrastructure Investment and Jobs Act’s (Jobs Act) reinstatement of the previously expired “Superfund Tax”—an excise tax imposed on manufacturers,...more

House and Senate Advance President Biden's Far-Reaching 2021 Tax Changes

The House Ways and Means Committee this week released draft legislation advancing various tax change proposals. The House action follows several recent releases by the Senate Finance Committee, including proposals focused on...more

Crypto, CBDC and Blockchain Supply Chain Initiatives Announced; More SEC and FinCEN Enforcement; Crypto Tax Amendment Fails; DeFi...

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

Cryptocurrency Payment Products and NFT Initiatives Launch, SEC Chairman Addresses Crypto, Pending Legislation Includes New Crypto...

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

President to Sign Consolidated Appropriations Act that Includes $900 Billion for COVID-19 Relief

On Dec. 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA), an approximately $2.3 trillion omnibus appropriations bill to fund the government through September of 2021 that includes $900 billion of...more

DOJ and IRS May Soon Begin Enforcement Actions Against Virtual Currency Tax Fraudsters

In the past several years, the use and prevalence of virtual currency have increased exponentially. The proliferation of digital assets has changed the way goods and services are exchanged and has allowed for faster and...more

Blockchain Developments: Crypto Custody and Payments, Supply Chain Pilots, Regulation and Enforcement

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

Alert: IRS Issues New Guidance and FAQs on Virtual Currencies

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

Crypto Exchange and Payment Solutions Expand, New UK Guidance Issued, US Enforcement Actions Continue

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

Exchanges Going Live, Supply Chain Initiatives Advance, Threats Continue as Arrests Target ‘Shadow Banking’

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

Senate Democrats Recently Introduced the Stop Price Gouging Act

Senate Democrats recently introduced the Stop Price Gouging Act (S. 378), which seeks to place an excise tax on pharmaceutical companies in proportion to price spikes on prescription drugs. The bill generally requires a...more

Supply Chain Pilots Advance, Bitcoin Decentralization Improves, Hacks Continue, Foreign Regulations Evolve

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

Blockchain for NASA and IoT, Developments in Crypto Products and Payments, Cryptocurrency Exchange Hacked

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

New Blockchain Products, an FBI Raid, the $11 Billion Bitcoin Case, Hackers Strike With a 51 Percent Attack and Crypto Tax...

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

Studies Analyze Cryptocurrency Market, New Announcements in Payments, Enterprise and Threats

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

High-Level Summary of BEAT Provision

The Treasury Department and the IRS published proposed regulations yesterday on the Base Erosion and Anti-Abuse Tax (BEAT) that was enacted by the Tax Cuts and Jobs Act of 2017. ...more

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