日本銀行は、中央銀行デジタル通貨(CBDC)に関する２年間の概念実証(proof-of-concept)リサーチを完了し、現在、実証実験(パイロット・プログラム)を開始している。これにより、日本は、CBDC開発の実証段階に進んだ世界有数の経済国のひとつとなった。金融専門家は、2030年までに5兆ドルのCBDCが最大40億人に流通すると予想している。世界第3位の経済大国として、デジタル円が採用される可能性は、世界の金融システムやデジタル資産金融技術...more
On August 28, 2023, the Securities and Exchange Commission (SEC) brought, and settled, an enforcement action against a media and entertainment company for “conducting an unregistered offering of crypto asset securities in the...more
Distributed ledger technology (which includes blockchain) is transformative in its own right. That said, one of the unique aspects of distributed ledger technology is its ability to benefit numerous, and often dissimilar,...more
The Bank of Japan has completed its two-year proof-of-concept research for its prospective central bank digital currency (CBDC) and has now launched a pilot program. This makes Japan the largest democratic economy in the...more
With the rapid expansion and adoption of digital assets (cryptocurrencies, stablecoins, tokenized assets, and central banks digital currencies), companies of all types are being asked to address and interact with this growing...more
Digital assets, including cryptocurrencies, stablecoins, tokenized assets, and central bank digital currencies, are fundamentally reshaping U.S. and global business and transactions. That said, this transformation is complex,...more
In his recent video, Senior Associate Stephen Anstey addresses the question "What is a Stablecoin" in under 60 seconds....more
What is a cryptocurrency? Attorney Stephen Anstey addresses one of the fundamental questions concerning digital assets. ...more
On January 13, 2023, the Internal Revenue Service (IRS) Office of Chief Counsel published Memorandum 202302011 titled “[a]pplicability of I.R.C. section 165 to cryptocurrency that has declined in value.” The Memorandum...more
1/23/2023
/ Blockchain ,
Central Bank Digital Currency (CBDCs) ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Internal Revenue Code (IRC) ,
IRS ,
Popular ,
Virtual Currency
The last twelve months have seen unprecedented adoption, evolution, and turbulence across the digital assets sphere. Whether cryptocurrencies, stablecoins, or central bank digital currencies (CBDCs), all of which qualify as...more
The U.S. Department of the Treasury (Treasury) published a Request for Comment on Ensuring Responsible Development of Digital Assets. As stated by Treasury, the Request for Comment seeks input on “the illicit finance and...more
On September 16, 2022, the White House released a Fact Sheet outlining the “First-Ever Comprehensive Framework for Responsible Development of Digital Assets.” The framework addresses various topics related to both domestic...more
On July 8th, 2022, the U.S. Department of the Treasury published a Request for Comment seeking public input on U.S. digital assets development. The Request for Comment follows a May 19th Department of Commerce request for...more
On July 7, 2022, the U.S. Department of the Treasury (Treasury) published a Fact Sheet: Framework for International Engagement on Digital Assets (Fact Sheet). The Fact Sheet details “a framework for interagency engagement...more
On July 8, 2022, the U.S. Department of the Treasury (Treasury) published a Request for Comment seeking public input on U.S. digital assets development. The Request for Comment was published pursuant to the Biden...more
7/11/2022
/ Biden Administration ,
Bitcoin ,
Central Bank Digital Currency (CBDCs) ,
Comment Period ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Digital Currency ,
Executive Orders ,
Public Comment ,
Stablecoins ,
U.S. Treasury ,
Virtual Currency
Once a month, we cover an interesting topic in 60 seconds. This month, Stephen Anstey shares an update on current and proposed crypto regulation....more
On May 19, 2022, the U.S. Department of Commerce published a Request for Comment titled “Developing a Framework on Competitiveness of Digital Asset Technologies." Digital assets, in this context, cover a broad array of...more
On May 19, 2022, the U.S. Department of Commerce (Commerce) published a Request for Comment titled “Developing a Framework on Competitiveness of Digital Asset Technologies” (Request for Comment). Digital assets, in this...more
6/7/2022
/ Biden Administration ,
Bitcoin ,
Central Bank Digital Currency (CBDCs) ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Executive Orders ,
Public Comment ,
Regulatory Agenda ,
Regulatory Reform ,
Secretary of the Treasury ,
Stablecoins ,
U.S. Commerce Department ,
U.S. Treasury ,
Virtual Currency
Last week, the Federal Reserve (Fed) and the U.S. Department of the Treasury (Treasury) noted potential risks associated with certain aspects of stablecoins. While the Fed affirmed that “the aggregate value of stablecoins[…]...more
Last week, the Federal Reserve (Fed) and the U.S. Department of the Treasury (Treasury) noted potential risks associated with certain aspects of stablecoins. While the Fed affirmed that “the aggregate value of...more
There are those in the crypto sphere who, despite the strong warnings of several federal agencies, believe there can be no enforcement without crypto specific regulation. This is not the case. There are also those who believe...more
5/10/2022
/ CFTC ,
Cryptoassets ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Enforcement Actions ,
Non-Fungible Tokens (NFTs) ,
OCC ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations ,
Stablecoins ,
Virtual Currency
There are those in the crypto sphere who, despite the strong warnings of several federal agencies, believe there can be no enforcement without crypto specific regulation. This is not the case. There are also those who believe...more
Janet Yellen, Secretary of the Treasury and former chair of the Federal Reserve, delivered remarks on digital assets policy, innovation, and regulation late last week. Her remarks addressed President Biden’s March Executive...more
Last week, Senator Lummis of Wyoming and Senator Gillibrand of New York addressed their much-anticipated legislation on the regulation of digital assets at an event hosted by Politico called Regulating the Digital Gold Rush....more
Last week, Senator Lummis of Wyoming and Senator Gillibrand of New York addressed their much-anticipated legislation on the regulation of digital assets at an event hosted by Politico called Regulating the Digital Gold Rush....more