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BakerHostetler

Weekly Blockchain Blog - May 2025 #2

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U.S. Fintech Companies Announce Stablecoin Initiatives - Several major U.S. fintech companies recently announced stablecoin initiatives. In one development, Mesh, a Dubai-based digital asset startup, announced that it has...more

A&O Shearman

SEC approves Spot Bitcoin ETP, opening new pathway to Bitcoin investment

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In a milestone for the crypto industry, on January 10, 2024, the U.S. Securities and Exchange Commission (the “SEC”) approved the listing and trading of a number of spot bitcoin exchange-traded product (“ETP”) shares,...more

Goldberg Segalla

Brokers Better Be Ready for Bitcoin ETFs

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KEY TAKEAWAYS - The U.S. Securities and Exchange Commission (SEC) has approved the first spot Bitcoin ETFs, also known as an exchange-traded product (ETP.) With the SEC now permitting spot Bitcoin ETFs, brokers must become...more

Goodwin

Acquiring or Investing in EU Crypto-Asset Businesses: MiCA’s Impact

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As noted in our previous alerts “Marketing Crypto-Assets in and Into Europe: MiCA, the EU’s New Uniform Crypto Code” and “Doing Crypto Business in Europe: MiCA, the EU’s New Uniform Crypto Code – Part 2”, the European Union...more

Cadwalader, Wickersham & Taft LLP

IRS Says Crypto Protocol Changes Are Not Taxable

On April 21, 2023, the IRS released Chief Counsel Advice Memorandum 202316008 (the “CCA”), which provides that cryptocurrency protocol changes are not treated as realization events and do not give rise to gross income for...more

Nelson Mullins Riley & Scarborough LLP

When James Met Gary, Howey, and Hinman: New York AG Takes Aim at KuCoin (but hits Ethereum) in Latest Crypto Crackdown

In his famous 2018 speech, William Hinman, Digital Asset Transactions: When Howey Met Gary (Plastic), the Director of the U.S. Securities and Exchange Commission (“SEC”), asked...more

Oberheiden P.C.

Online Cryptocurrency Promotion: What Athletes, Celebrities, and Other High-Profile Individuals Need to Know

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Online cryptocurrency promotion—and promotion on social media in particular—has garnered national media attention in recent months. First, the U.S. Securities and Exchange Commission (SEC) announced that it had entered into a...more

Kohrman Jackson & Krantz LLP

New Crypto Reporting Requirements Aim to Address Tax Gap

As cryptocurrencies such as Bitcoin rise in popularity, government regulators repeatedly try, and often fail, to control its use as a tax shelter. Agencies such as the IRS struggle with determining the best way to tax...more

Foley & Lardner LLP

Live, Work and Play in a Legal Metaverse: Preparing for a New Online Existence

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Companies spend billions and invest heavily in technologies that offer greater telepresence and enable an individual’s digital life. Will humans interact with each other via avatars in a three-dimensional virtual space? The...more

Jones Day

Regulating the Ether: Lessons for the MENA Digital Asset Industry from U.S. Enforcement Actions

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As the global digital asset industry continues to grow, regulators worldwide have increased efforts to define and shape the legal landscape through various approaches. In the UAE, for example, the Financial Services...more

Cole Schotz

Digital Assets Key Terms Overview

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The first Bitcoin ETF began trading today in the United States. Although this ETF is a Bitcoin Futures ETF, the world’s largest digital currency manager announced today that an application to convert its Bitcoin Trust into a...more

Foodman CPAs & Advisors

The IRS Is Cracking Down On Cryptocurrency Tax Reporting

If you’ve engaged in cryptocurrency or other virtual currency transactions worth $20,000 in any one year between 2016 and 2020, the IRS wants to hear from you. The IRS believes thousands of taxpayers are not telling the...more

BakerHostetler

Crypto Financial Products Announced, MIT Seeks to Improve Bitcoin Codebase, SEC Addresses Digital Assets, DeFi Hacks Continue,...

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Crypto Firms Launch New Services, MIT Seeks to Improve Bitcoin Codebase - A San Francisco-based cryptocurrency custody firm successfully completed an $80 million funding round, following its recent procurement of a federal...more

Snell & Wilmer

SEC Action Could Have Rippling Effects on Future of Cryptocurrency

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Many investors, traditional and progressive, are looking hard at cryptocurrency investments as a way to diversify their portfolios. However, there are still multiple known “unknowns” about this new market, including the...more

BakerHostetler

US Firms Invest in Bitcoin; Blockchain Consortia Expand; Industry and Regulators Address Tech Standards, CBDCs, Crypto...

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Fintech Firm Brings $50 Million BTC on to Balance Sheet, Major CBDC Report Published - Late last week, a major U.S. fintech and payments firm published a “Bitcoin Investment Whitepaper” and announced that it purchased $50...more

Hogan Lovells

Michigan man sentenced to prison and ordered to repay $210,000 in crypto scam

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A man from Michigan has been ordered to repay about $210,000 for his role in a cryptocurrency scam. The fraudster solicited investments from two people, promising them large returns, but he used the investment proceeds to buy...more

Orrick - On the Chain

IRS Hints at Form 8938 Requirements for Reporting Crypto Assets Held at a Foreign Exchange

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With the emergence of digital assets, the question has arisen whether digital assets held in “wallets” in foreign exchanges need to be reported on Internal Revenue Service (IRS) Form 8938, Statement of Specified Foreign...more

Foodman CPAs & Advisors

Taxpayers, have you sold, received, exchanged or acquired Virtual Currency?

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During the month of October 2019, IRS issued Revenue Ruling 2019-24,  FAQ’s on Virtual Currency Transactions and a DRAFT Form of Schedule 1,  which, for the first time presents the question:  “At any time during 2019, did you...more

Polsinelli

IRS Issues Sends Letters to Over 10,000 Taxpayers with Cryptocurrency Transactions Without Providing Anticipated Guidance

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On July 26, 2019, the IRS announced that it was in the process of sending letters to over 10,000 taxpayers with a history of cryptocurrency transactions by the end of August, noting that the letters were sent to taxpayers...more

Burr & Forman

Cryptocurrency Firm Bitwise Asset Management Seeks SEC Review of New Bitcoin ETF

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According to an initial registration statement published on January 10, the cryptocurrency index fund provider Bitwise Asset Management has applied with the U.S. Securities and Exchange Commission (“SEC”) to form a new...more

Burr & Forman

Some Legal Issues Surrounding Blockchain and Cryptocurrency Part 3: Regulation of Cryptocurrencies.

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This is Part 3 of a seven-part series of posts looking at some broad legal issues affecting crypto-currencies. ...more

Burr & Forman

Some Legal Issues Surrounding Blockchain and Cryptocurrency Part 2: Regulation of ICOs.

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This is Part 2 of a seven-part series of posts looking at some broad legal issues affecting crypto-currencies. State and federal regulators, especially the SEC, have moved aggressively to halt unregistered initial coin...more

Foodman CPAs & Advisors

The “J5” is on to Cryptocurrencies

The Organisation for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. The result of this “call to action” was the establishment of an...more

The Volkov Law Group

Drawing Legal Lines in Cryptocurrency Regulation: The Importance of Decentralization

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The cryptocurrency market is exciting to watch. Based on the revolutionary blockchain distributed ledger system, cryptocurrencies have exploded on the marketplace. As with any new “gold rush” to hit a market, cryptocurrency...more

Stinson - Corporate & Securities Law Blog

SEC Official Explains When Tokens and Coins are Securities

William Hinman, Director, SEC Division of Corporation Finance, gave his personal views on when tokens and coins, which he referred to as digital assets, are securities and when they are not....more

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