News & Analysis as of May 15, 2025

Digital Assets

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The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -

SEC Outlines Disclosure Expectations for Offerings and Registrations of Securities in Crypto Asset Markets

Fenwick & West LLP on 4/25/2025

On April 10, 2025, the SEC’s Division of Corporation Finance (the Division) released a statement providing its views on disclosure requirements for Offerings and Registrations of Securities in the Crypto Asset Markets....more

SEC Staff Publishes Observations on Crypto Issuer Disclosures

Latham & Watkins LLP on 4/22/2025

On April 10, 2025, the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance (the Staff) published a Statement on Offerings and Registrations of Securities in the Crypto Asset Markets (the Statement)....more

SEC Clears the Way for Crypto Custody

Akin Gump Strauss Hauer & Feld LLP on 1/24/2025

On January 23, 2025, barely 72 hours after the appointment of Mark Uyeda as the Acting Chairman of the U.S. Securities and Exchange Commission, and less than 48 hours after Chairman Uyeda announced that Commissioner Hester...more

Treasury and IRS Release Final Regulations Applicable for Front-End Service Providers Facilitating Digital Asset and...

Wilson Sonsini Goodrich & Rosati on 1/9/2025

On December 30, 2024, the Department of the Treasury (the Treasury) and the Internal Revenue Service (the IRS) published the final regulations (Final DeFi Regulations) relating primarily to persons who are front-end service...more

GLI British Virgin Islands blockchain and cryptocurrency regulation 2025, seventh edition

Carey Olsen on 1/8/2025

Regulatory clarity in the digital assets and crypto space continues to be a moving target. Yet, the interest among policymakers and regulators worldwide has never been more pronounced. In the United States, 2024 was a pivotal...more

Not So Cryptic: IRS Increases Oversight on Cryptocurrency Income Tax Reporting Requirements

Holland & Knight LLP on 5/2/2024

Cryptocurrency has revolutionized the financial markets but also created tax traps for the unwary investor. Building on proposed regulations issued last year, the IRS recently increased its oversight of cryptocurrency...more

Digital Assets Reporting Requirements Under Section 6050I

Falcon Rappaport & Berkman LLP on 1/22/2024

On January 16, 2024, the Treasury Department and Internal Revenue Service (“IRS”) announced that the agencies are postponing the implementation of increased reporting requirements for digital asset transactions under the...more

IRS Says Digital Assets Are Not (Yet) Subject to Cash Reporting Obligations

Seward & Kissel LLP on 1/18/2024

The Internal Revenue Service (“IRS”) issued an announcement that it is delaying implementation of reporting obligations for businesses that accept large amounts of digital assets. This SKrypto Blog Post summarizes cash and...more

Updated: Date for Digital Asset Reporting is Here–Although Regs Have Not Been Promulgated

Paul Hastings LLP on 1/15/2024

Please note this an update to a Client Alert that was issued on January 4, 2024. If you receive more than $10,000 in digital assets in one transaction (or a series of related transactions), the Infrastructure Investment and...more

New IRS and FinCEN Reporting Requirements for Businesses that Accept Payments in Digital Assets

Goodwin on 1/9/2024

Although the Internal Revenue Service (IRS) has postponed broker-related digital asset reporting, a less publicized requirement that applies long-standing reporting rules for physical cash payments to businesses that accept...more

Digital Asset Reporting is Here

Paul Hastings LLP on 1/4/2024

Starting January 1, 2024, if you receive more than $10,000 in digital assets in one transaction (or a series of related transactions), you must now report those transactions to the Internal Revenue Service (“IRS”) and the...more

Tokenization Lawyer – 5 Reasons Why You Might Need One

Oberheiden P.C. on 5/17/2022

What is Tokenization? Tokenization is the process of converting an asset into a token on the blockchain. It operates by dividing—or fractionalizing—the ownership of an asset (whether the asset is a piece of real estate or...more

Financial Crime Horizon Scanner: 2022 - Q1 (US)

Eversheds Sutherland (US) LLP on 5/2/2022

Our quarterly Financial Crime Horizon Scanner for the US summarizes key financial crime related legal and regulatory changes expected over the next 2 years and provides electronic links to key resources. We hope that you...more

Cryptocurrency Regulation and Enforcement at the US Federal and State Levels

Skadden, Arps, Slate, Meagher & Flom LLP on 10/1/2021

In recent months, the increased focus on cryptocurrency regulation and enforcement at both the federal and state levels demonstrates the digital currency’s place as an established component of the financial landscape. At the...more

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - August 2021

Skadden, Arps, Slate, Meagher & Flom LLP on 8/27/2021

This issue discusses a variety of legal, regulatory and enforcement developments in the digital asset space in the U.S. and Europe, including expanded reporting requirements for broadly defined cryptocurrency “brokers,” a...more

FinCEN Proposes New Reporting, Recordkeeping and Verification Requirements for Transactions Involving Unhosted Wallets

Skadden, Arps, Slate, Meagher & Flom LLP on 1/20/2021

On January 7, 2021, the original 15-day comment period ended for a proposed rule announced by the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) that would impose new reporting, recordkeeping...more

FinCEN Looks to Rein In Cryptocurrency Transactions

Latham & Watkins LLP on 1/15/2021

A new proposal would subject financial institutions and exchanges to onerous recordkeeping and reporting requirements for certain digital currency transactions. In a surprise release in the waning days of the Trump...more

SEC Finalizes Reforms Under Investment Advisers Act

Goodwin on 1/7/2021

In this Issue. The Securities and Exchange Commission (SEC) finalized reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors, and published a risk...more

Blockchain Week in Review - December 2020 #3

Perkins Coie on 12/28/2020

CFTC Releases Digital Asset Primer - On December 17, 2020, the CFTC announced a 36-slide Digital Assets Primer. The Digital Assets Primer seeks to build on a prior 2017 release that focused on virtual currencies. This...more

FinCEN proposes new recordkeeping, verification, and reporting requirements for transactions involving virtual currency and...

Eversheds Sutherland (US) LLP on 12/24/2020

On December 18, 2020, the Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) to establish new requirements for convertible virtual currency (CVC) and legal tender digital asset (LTDA)...more

Income, from Whatever Exchange, Mine, or Fork Derived: The Basics of U.S. Cryptocurrency Taxation

Proskauer - Tax Talks on 12/7/2017

In this first of (we hope) many posts on the interesting and myriad tax issues arising in the world of cryptocurrency and blockchain technology, we focus on the very basic U.S. federal income tax consequences of...more

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