Kendra Haar

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Weekly Blockchain Focus

  • Securities and Exchange Commission announces judgments entered against BitConnect’s lead national promoter
  • Commissioner Stump calls for clarity before bringing any more enforcement actions
  • Cryptocurrency CEOs speak to the House Committee on Financial Services
  • Gibraltar to use blockchain for digital identification
  • India to ban cryptocurrencies as a form of payment
  • Bank for International Settlements discusses decentralized finance in its quarterly report

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Continue Reading Blockchain Week in Review: Week of December 10, 2021

Weekly Focus:

  • The Regulation Process for FinCEN’s New Beneficial Ownership Reporting Requirement Launches
  • The Department of Treasury Sanctions Individuals for Laundering Cryptocurrency for Lazarus Group
  • Guilty Plea in DeepDotWeb Criminal Proceedings
  • Japan Announces Plans to Adopt FATF Travel Rule for Crypto
  • Canadian Securities Organizations Unveil Guidance on Treatment of Cryptocurrencies

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Continue Reading Blockchain Week in Review: Week of April 2, 2021

Weekly Focus:

  • Federal Regulation Actions Frozen Pending Review from New Administration
  • New Administration Appoints New Agency Leads
  • OCC Issues Ruling Permitting National Banks to Use Certain Blockchain Technologies
  • CFPB Finalizes Rule on the Role of Supervisory Guidance
  • Federal banking regulators issue FAQs on SAR filing obligations.
  • Dutch Gambling Regulator Fines Virtual Coin Gaming Company

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Continue Reading Blockchain Week in Review: Week of January 22, 2021

U.S. Developments

U.S. Regulatory Developments

Bill Addressing Tax Treatment of Crypto Transactions Introduced to the House

On January 16, 2020, Congresswoman Suzan DelBene (WA) and Congressman David Schweikert (AZ) introduced the “Virtual Currency Tax Fairness Act” (H.R. 5635). This bill would amend the Internal Revenue Code of 1986 to address some transactions made with virtual currency. Drafters of the bill intend to create a “structure for taxing purchases made with virtual currency, further strengthening the legitimacy of virtual currency in the digital economy by creating parity in the tax code.”

Presently, when a person uses virtual currency in a transaction, any gain resulting from exchange rates must be reported as taxable income—regardless of the size or purpose of the transaction. This bill would provide a de minimis exemption for personal transactions made with virtual currency when the gains are less than or equal to $200.

Please click here to read Representative Schweikert’s Press Release.

Please click here to read Representative DelBene’s Press Release.
Continue Reading Blockchain Week in Review: Week of January 17, 2020

Arizona’s financial technology (“fintech”) sandbox (“Sandbox”), the first of its kind in the United States, has been open for several months and has accepted three participants.  A month after the program’s launch, Arizona’s Attorney General announced his approval of the first participant, payment platform Omni Mobile, Inc.[1]  Two other companies providing consumer lending services, Sweetbridge NFP, Ltd. and Grain Technology, Inc., joined Omni as Sandbox participants shortly thereafter.[2]  Arizona’s Sandbox may serve as a helpful illustration of what entrepreneurs can expect in Arizona (should they also wish to participate in the Sandbox) as well as in other states that decide to implement similar programs.[3]  To that end, this client update provides an overview of regulatory sandboxes generally, Arizona’s Sandbox, and potential future developments.
Continue Reading Fintech Regulatory Sandboxes: Update on Arizona’s Sandbox and Other Developments

Below is a summary of some of the significant legal and regulatory actions that occurred over the past weeks. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.

International Developments

Bermuda Announces Proposed Regulation for ICOs and…

Below is a summary of some of the significant legal and regulatory actions that occurred over the past weeks. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.  Please visit our sister blog, FintechLegalReport, for the Fintech…

Below is a summary of some of the significant legal and regulatory actions that occurred over the past weeks. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.

U.S. Developments

Regulatory Updates

House Financial Services Committee Holds Hearing on Cryptocurrencies and ICOs
On March 14, 2018, the House Financial Services Committee Subcommittee on Capital Markets, Securities, and Investment held a hearing entitled “Examining Cryptocurrencies and ICO Markets.” The one-panel hearing included the following witnesses: (1) Dr. Chris Brummer (Professor of Law, Georgetown University Law Center), (2) Mr. Mike Lempres (Chief Legal and Risk Officer, Coinbase), (3) Mr. Robert Rosenblum (Partner, Wilson Sonsini Goodrich & Rosati), and (4) Mr. Peter Van Valkenburgh (Director of Research, Coin Center). The subcommittee conducted an overview of the cryptocurrency and Initial Coin Offering (ICO) markets, which have been growing rapidly. The hearing was intended to examine the economic efficiencies and potential capital formation opportunities that cryptocurrencies and ICOs potentially offer to businesses and investors. In the hearing, …
Continue Reading Blockchain in Review, February 19th – March 16th

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.

U.S. Developments

Regulatory Updates

CFTC Chairman Gives Testimony Before the U.S. Senate Agriculture, Nutrition, and Forestry Committee
On February 15, 2018, Chairman J. Christopher Giancarlo of the Commodity Futures Trading Commission (“CFTC”) provided testimony related to the CFTC’s plans to regulate virtual currencies and how this new technology impacts the agricultural markets before the United States Senate Agriculture, Nutrition, and Forestry Committee.  Specifically, Chairman Giancarlo quoted Chairman of the Securities & Exchange Commission (“SEC”) Jay Clayton to support the argument that “virtual currency presents complex challenges for regulators.”  Giancarlo outlined that the CFTC’s work on virtual currencies is being guided by six broad elements: “(1) staff competency; (2) consumer education; (3) interagency cooperation; (4) exercise of authority; (5) strong enforcement; and (6) heightened review of virtual currency product self-certifications.” As part of satisfying these elements, the CFTC has introduced LabCFTC, issued an “unprecedented amount of public educational materials on virtual currencies,” and collaborated with the SEC, state banking regulators, the IRS, and the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) to ensure that the regulators are aware of the CFTC’s approach towards virtual currencies.  Chairman Giancarlo noted that while the CFTC has determined that virtual currencies such as Bitcoin meet the definition of “commodity,” it has concluded that …
Continue Reading Blockchain Week In Review, February 5th – 16th

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.

U.S. Developments

Regulatory Updates

CFTC and SEC Enforcement Directors Issue Joint Statement Regarding Virtual Currency Enforcement Actions
This morning, the Enforcement Director of the U.S. Commodity Futures Trading Commission (“CFTC”), James McDonald, and the Enforcement Co-Directors of the U.S. Securities and Exchange Commission (“SEC”), Stephanie Avakian and Steven Peikin issued a joint statement addressing virtual currency enforcement actions (collectively “the Agencies”).  In the statement, …
Continue Reading Blockchain Week in Review January 8th – January 19th