U.S. Developments

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Weekly Focus:

  • Preliminary Injunction Against Telegram Covers Distribution of Grams Outside of the United States
  • SEC Postpones Decision on Approval of Boston Security Token Exchange
  • Binance Acquires CoinMarketCap
  • Blox and Sovos Crypto Tax Report 2020
  • Financial Action Task Force Finds that U.S. is “Largely Compliant”
  • FINMA 2019 ANNUAL REPORT
  • Russia Delays Adoption of Crypto Law

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Continue Reading Blockchain Week in Review: Week of April 3, 2020

Weekly Focus

  • Congress Circulates Draft Legislations Calling For a “Digital Dollar” Payment System
  • CFTC Issues a Final Interpretive Guidance on Actual Delivery of Digital Assets
  • Digital Dollar Foundation Adds Several Former Government Officials to its Board
  • DHS and Several States Deem Certain Blockchain Managers as Essential
  • CFTC issues an Advisory Warning of Increased Fraudulent Schemes During COVID-19
  • SEC Obtains Injunctive Relief Against Telegram, Telegram Appeals
  • SEC Charges Former State Senator with Fraudulent Digital Asset Offering
  • KIK and SEC Seek Summary Judgement in SEC v. Kik Interactive Inc.
  • IOSCO Issues its Public Report on Global Stablecoin Initiatives

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Continue Reading Blockchain Week in Review: Week of March 27, 2020

Weekly Focus:

  • Hawaii Launches Digital Currency Sandbox
  • Coinbase CLO appointed to Office of the Comptroller of the Currency
  • DHS Critical Infrastructure Memo Includes Blockchain Managers
  • Bank of Russia Reluctant to Legalize Cryptocurrencies
  • Approved Smart Contract Certification for Argentinian Gas Distributor
  • Thai Remittance Platform Uses Ripple
  • Bakkt Launches Partnership with Starbucks
  • Huobi Exchange Implements Liquidation Halt

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Continue Reading Blockchain Week in Review: Week of March 20, 2020

Weekly Focus:

  • Congressman Gosar Introduces Crypto-Currency Act of 2020
  • Morningstar Rates Ethereum-based Digital Representation of Securities for the First Time
  • Verizon Uses Blockchain Technology for Cybersecurity Purposes
  • Figure Technologies Securitizes $150 million of HELOCs on Blockchain

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Continue Reading Blockchain Week in Review: Week of March 13, 2020

Weekly Focus:

  • ICO Issuer Settles SEC Registration Charges
  • IRS and Cryptocurrency Industry Groups to Meet Amid Agency Enforcement Push
  • Washington Blockchain Work Group Bill Passes State Senate
  • Brazilian Central Bank to Launch Payment System to Compete With Cryptocurrencies
  • Financial Intelligence Units Meet to Discuss Global Issues Surrounding Virtual Assets
  • Bank of Korea to Leverage Blockchain Technology in Bond Market
  • DeFi Project, bZx, Loses $630,000 in Ether in Second “Flash Loan” Exploit in a Week
  • Coinbase Given Principal Status With Visa

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Continue Reading Blockchain Week in Review: Week of February 21, 2020

Weekly Focus

  • U.S. Treasury Foreshadows “Significant New Requirements”
  • Enforcement Actions Brought Against Allegedly Fraudulent Digital Asset Investment Scheme
  • Department of Justice Charges Darknet-Based “Mixer” With Laundering Over $300 Million, Operating an Unlicensed Money Transmitting Business, and Money Transmission Without a License
  • Report Finds Crypto Crime Losses Double to $4.5 Billion in 2019
  • J.P. Morgan Discusses Merger With ConsenSys
  • Aragon Court Launches Precedence Campaign
  • IBM Claims Blockchain Expenditures Yield 15x for Cloud
  • IOSCO Releases Updated Report on Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms
  • German Bank Develops Special-Purpose Euro Stablecoin
  • Blockchain-Based Financial Instruments Utilized in Wake of Coronavirus
  • Fed Reserve Governor Discusses the Digitalization of Payments and Currency

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Continue Reading Blockchain Week in Review: Week of February 14, 2020

Weekly Focus

  • SEC Commissioner Proposes Safe Harbor for Token Offerings
  • Crypto Company Must Place Investors Back in Their Pre-Investment Position
  • American Council on Education to Explore Blockchain Optimization
  • Two Men Charged in Crypto Ponzi Scheme
  • Australia to Launch Blockchain Roadmap
  • Telangana, India To Launch Blockchain Incubator
  • Bermuda to Explore Digital Currency Payment System

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Continue Reading Blockchain Week in Review: Week of February 7, 2020

Weekly Focus

  • Replies to Motions for Summary Judgments filed in SEC v. Telegram
  • Cases Consolidated in Class Action Suit Against iFinex Inc
  • Bittrex Introduces Insurance Coverage
  • Research Report Finds the Number of Cryptocurrency Scams Rose in 2019
  • Research Report Indicates Regulatory Uncertainty a Barrier for Digital Asset Companies
  • Coinbase Custody Launches in Ireland
  • Cambodia Announces Forthcoming Central Bank Digital Currency
  • France Charges Alleged BTC-e Operator
  • Deputy Governor of Japan’s Central Bank Comments on Potential Central Bank Digital Currency
  • Singapore Payment Services Act Comes Into Force
  • The World Economic Forum Announces a Global Consortium for Digital Currency Governance
  • Iranian Ministry Grants Licenses to Cryptocurrency Miners

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Continue Reading Blockchain Week in Review: Week of January 31, 2020

U.S. Developments

Federal and State Regulatory Developments

Bill in Hawaii State Senate Addresses Digital Assets Including Authorization for Banks to Serve as Qualified Custodians

SB 2594 before the Hawaii State Senate addresses a number of matters relating to digital assets.  In particular, it would classify digital assets under the Hawaii Uniform Commercial Code, specify the manner of perfecting a security interest in digital assets, authorize banks to hold digital assets in their custody, and authorize courts to hear claims relating to digital assets.  As for the banking portions, SB 2594 seeks to establish that banks can serve as “qualified custodians” as that term is defined under the rules of the Investment Advisers Act of 1940.  It also discusses situations in which a bank may undertake transactions with digital assets placed in its custody.  SB 2594 was introduced on January 17, 2020, and was referred on January 23, 2020 to the Hawaiian Senate’s Judiciary Committee and the Committee on Commerce, Consumer Protection, and Health.…
Continue Reading Blockchain Week in Review: Week of January 24, 2020

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