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Virtual Currency › Investment

Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender... more +
Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency.    less -
Foodman CPAs & Advisors

Fraud Is The Number One Crime In Money Laundering

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On February 2024, the U.S. Treasury released the 2024 National Money Laundering Risk Assessment (NMLRA) which examines the current money laundering environment and identifies the ways in which criminals and other actors seek...more

Foodman CPAs & Advisors

Alerta De FinCEN De “Masacre De Cerdos”

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El 8/9/23, FinCEN emitió una alerta sobre una estafa frecuente de inversión en moneda virtual comúnmente conocida como ““masacre de cerdos” ” o “Pig Butchering”. La alerta de FinCEN sobre la “masacre de cerdos” aborda las...more

Foodman CPAs & Advisors

FinCEN’s Pig Butchering Alert

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On 9/8/23, FinCEN issued an alert on a prevalent Virtual Currency Investment Scam commonly known as “Pig Butchering”. FinCEN’s Pig Butchering alert addresses “Pig butchering” scams which resemble the practice of fattening a...more

Stikeman Elliott LLP

The Virtual Currency Regulation Review - September 2023

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I INTRODUCTION TO THE LEGAL AND REGULATORY FRAMEWORK - Canada currently has no comprehensive framework governing the regulation of digital assets. Securities and derivatives regulation has emerged as the main regulatory...more

Polsinelli

Blockchain+ Bi-Weekly - August 2023 #2

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The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more

Cadwalader, Wickersham & Taft LLP

Congress Getting in on Barbenheimer Action, Goes for Crypto Tax Double Feature

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Recent legislative action suggests that Congress is eager to resolve many unanswered crypto tax issues.  On July 11, 2023, Senators Ron Wyden and Mike Crapo released an open letter to the “members of the digital asset...more

The Volkov Law Group

Ripple and the SEC Both Claim Wins in Split Court Decision

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On July 13, 2022, Judge Analisa Torres issued her long awaited ruling on the summary judgment motions in the SEC’s case against Ripple Labs, Inc. (“Ripple”).  The 34-page order provided a win for both the SEC and for Ripple...more

Cadwalader, Wickersham & Taft LLP

IRS Says Crypto Protocol Changes Are Not Taxable

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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

Cadwalader, Wickersham & Taft LLP

IRS Gets Serious About Digital Asset Reporting by Individuals

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Since 2019, Form 1040 has included a general question regarding the taxpayer’s cryptocurrency activity. Over the years, the IRS has modified the scope of its cryptocurrency inquiry. On the 2021 Form 1040, this question read:...more

Perkins Coie

Digital Asset SEC Timeline - March 2023

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The Digital Asset SEC Timeline serves as an interactive compilation of select SEC guidance, enforcement actions, and speeches relating to the application of the federal securities laws to digital assets. Beginning with the...more

Rivkin Radler LLP

Tax Losses Realized During the Crypto Winter

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Debacle- Understanding the etymology of a word often enables us to better understand or appreciate its use in contemporary speech. For example, the word “crypto” is derived from the Greek word “krypto,” which describes...more

Shipkevich PLLC

2023 Statutory Update to Alaska and Florida Virtual Currency & Money Transmission Laws

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On January 1, 2023, updates to virtual currency and money transmission laws went into effect. Alaska: Alaska's money transmission regulations have been amended to include virtual currency in the scope of money...more

McGlinchey Stafford

FTX collapse suggests money transmitters focus on permissible investments

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The collapse of cryptocurrency exchange FTX has been widely reported across the world. One interesting exception to the fallout appears to involve U.S. customers, according to a tweet from FTX’s former CEO. We’ve received...more

Stikeman Elliott LLP

The Virtual Currency Regulation Review - November 2022

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I - INTRODUCTION TO THE LEGAL AND REGULATORY FRAMEWORK - Canada currently has no comprehensive framework governing the regulation of digital assets. Securities regulation has emerged as the main regulatory instrument in...more

Cozen O'Connor

AG James Sues Crypto Companies Over Alleged Failure to Register and Misrepresentations

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New York AG Letitia James sued Cayman Islands-based cryptocurrency companies Nexo Inc. and Nexo Capital, Inc. (collectively, “Nexo”), alleging that Nexo violated New York’s Martin Act and Executive Law by failing to register...more

Walkers

Walkers’ Guide to Token Issuances, DAOs and Foundation Companies in the Cayman Islands

Walkers on

Roadmap - As a starting point it is helpful to outline a roadmap of how a new blockchain based project might develop. It is important to stress that no two projects will ever have the same objectives. As such, there is no...more

Foodman CPAs & Advisors

¿Víctima De Cripto-Fraude? Un Contador Forense Puede Ser Capaz De Ayudar

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Los inversionistas en el espacio de cripto deben estar conscientes de que el cripto-fraude existe en el espacio criptográfico de la misma manera que existe y tiene lugar en el espacio fiduciario tradicional. Los...more

Foley & Lardner LLP

Tax Considerations for Transactions of Non-Fungible Tokens

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Creators, investors, users, and dealers of non-fungible tokens (NFTs) are at the forefront of the intersection of art, music, sports, entertainment, and technology — and they are simultaneously charting a new path when it...more

Cadwalader, Wickersham & Taft LLP

FDIC Weighs In on Crypto Activities

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Last week, the FDIC issued a Financial Institution Letter (“FIL”) related to crypto activities, following in some ways in the footsteps of the OCC in requiring notice to the regulator before engaging in crypto-related...more

K2 Integrity

Sanctions Against Russia: The Week in Review. - April 2022

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The Week in Review delivers the impact and analysis for the public, private, and non-profit sectors from our daily reporting of the evolving global sanctions campaign against Russia. This week, we reviewed the recent...more

K2 Integrity

Sanctions Against Russia: The Week in Review - March 2022

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The Week in Review delivers the impact and analysis for the public, private, and non-profit sectors from our daily reporting of the evolving global sanctions campaign against Russia. ...more

Dechert LLP

U.S. Treasury Signals that Cryptocurrency Miners & Stakers Will Not Be Subject to Broker Information Reporting Tax Requirements

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On February 11, 2022, in a letter addressed to certain U.S. Senators, the U.S. Department of the Treasury indicated that cryptocurrency miners, cryptocurrency stakers or related hardware or software providers would not be...more

Kohrman Jackson & Krantz LLP

New Crypto Reporting Requirements Aim to Address Tax Gap

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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

Bilzin Sumberg

New Lawsuits Target Cryptocurrency Companies and Their Celebrity Endorsers

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We highlighted in a recent post regulators’ clear intentions to bring greater order to the cryptocurrency industry this year. The last three weeks have demonstrated that private litigants are not waiting on regulators to rein...more

Kohrman Jackson & Krantz LLP

Regulating Crypto: Cryptocurrency Executives Head to Capitol Hill

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A recent study found that 16 percent of Americans have invested in, traded or used cryptocurrencies such as Bitcoin and Ether. This widespread use, coupled with the cryptocurrency industry having limited to no regulatory...more

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