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Virtual Currency › Bitcoin › Digital Assets

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 -
Winstead PC

Texas PUC Finalizes Registration Rule for Large Miners of Bitcoin and Other Virtual Currencies

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The Public Utility Commission of Texas (PUC) has adopted 16 TAC § 25.114 (available here), requiring certain virtual currency mining facilities (VCMFs) to register as “large flexible loads” if they receive more than 75 MW of...more

Sheppard Mullin Richter & Hampton LLP

NFT Legal Issues

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This year, the SEC has ramped up its enforcement efforts against digital asset marketplaces for selling non-fungible tokens (“NFTs”) (and other digital assets) the agency alleges are securities. In response, some potential...more

BakerHostetler

Weekly Blockchain Blog - November 2024 #3

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Crypto Exchanges and Stablecoin Issuers Announce Multiple New Products - Multiple crypto sector companies have recently announced new products. In a press release, LayerZero, “an omnichain interoperability protocol that...more

BakerHostetler

Weekly Blockchain Blog - October 2024 #3

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Crypto Companies Announce New Stablecoin Products and Partnerships - In recent press releases, U.S. crypto companies Paxos and Ripple announced new stablecoin products and partnerships. Paxos announced the launch of a new...more

McGlinchey Stafford

TIGTA Reports: Virtual Currency Tax Compliance Enforcement Can Be Improved

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The number of virtual currency types has added to this problem. According to TIGTA, the number of virtual currencies has grown significantly since April 2020, from 5,000 to over 26,000 (420 percent) as of July 2023. The two...more

Woodruff Sawyer

Howey Livin’? Domestic Crypto Regulation in 2024

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In 2008, as the global banking system melted down, a shadowy figure or figures in a dim room filled with empty Cheetos bags created Bitcoin.   In the following years, your younger brother talked excitedly about the blockchain...more

Ballard Spahr LLP

Blockchain Analysis and Related Expert Testimony Admissible In Criminal Trial

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It is challenging for law enforcement to track down and trace illicit activities conducted through digital currencies. The process can be very time- and resource-intensive. Further, securing charges and arrests, and...more

BakerHostetler

No Further Warnings - Prosecutors Bring First Pure Legal Digital Asset Tax Indictment; More Criminal Cases to Come

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After years of explicitly warning taxpayers that failing to report or underreporting income from transactions involving digital assets would lead to criminal charges, federal prosecutors are now beginning to follow through on...more

Foodman CPAs & Advisors

Activos Digitales 2023 Formulario 1040

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El 01/22/24, el IRS le recordó a los contribuyentes que deben responder nuevamente a la pregunta sobre activos digitales 2023 en los formularios 1040 y 1040-SR y reportar todos los ingresos relacionados con activos digitales...more

Foodman CPAs & Advisors

Digital Assets 2023 Form 1040

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On 1/22/24, the IRS reminded taxpayers that they must again answer the digital asset 2023 question on Forms 1040 and 1040-SR and report all digital asset related income when they file their 2023 federal income tax return, as...more

Polsinelli

Blockchain+ Bi-Weekly - February 2024

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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

Wilson Sonsini Goodrich & Rosati

SEC Approves Exchange Proposals to List and Trade Spot Bitcoin Products. Are Ether Products Next?

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The U.S. Securities and Exchange Commission (SEC) has approved proposals from three stock exchanges to list and trade shares of 11 spot bitcoin-based products (the “Spot BTC Approval”). Following the Spot BTC Approval, the...more

Perkins Coie

NYDFS Proposes Updates to Guidance for Listing and Delisting Digital Assets

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What Happened? The New York Department of Financial Services (NYDFS or Department) released proposed updates to its guidance on the self-certification process for listing and delisting digital assets. It also announced...more

BakerHostetler

Crypto Products Launch for Custody, Tokenization, Staking; Crypto Adoption Report Published; DFS Proposes New VC Guidance; NFT...

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Financial Firms Launch Crypto Products for Custody, Tokenization and Staking - In a recent press release, BitGo announced its plans “to create the first Bitcoin-only trust company” by partnering with Swan Bitcoin, a leading...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

FDIC's Annual Risk Review Includes Crypto Risks for First Time

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The Federal Deposit Insurance Corporation (“FDIC”) published its annual Risk Review this past Monday, providing an overview of banking conditions for 2022 through early 2023. The FDIC started providing Risk Reviews to the...more

Orrick, Herrington & Sutcliffe LLP

NYDFS to impose supervision fees on virtual currency licensees

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On April 17, NYDFS announced the adoption of a final regulation establishing how certain licensed virtual currency businesses will be assessed for supervision and examination costs. Under 23 NYCRR Part 102, licensed virtual...more

Cadwalader, Wickersham & Taft LLP

First Attempt to Regulate Spot Digital Asset Activities

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On March 29, the National Futures Association (“NFA”) promulgated Compliance Rule 2-51, setting forth Requirements for Members and Associates Engaged in Activities Involving Digital Asset Commodities, which includes both...more

ASKramer Law

Tax Return Reporting of Cryptocurrency

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You need to consider how you’ll report digital asset transactions on your 2022 tax returns. Tax reporting requirements for digital assets have changed yearly since 2019, when the IRS first added a question about crypto to IRS...more

Shipkevich PLLC

New Jersey Legislation to Regulate Virtual Currencies Likely to Become Law

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Overview - New Jersey is positioned to adopt seminal legislation that is sure to alter the regulatory dynamic for cryptocurrency-focused businesses that operate within the state. The Digital Asset and Blockchain...more

McDonnell Boehnen Hulbert & Berghoff LLP

Five Reasons Bitcoin and Cryptocurrency Startups Should Prioritize IP

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Despite recent headlines that have proclaimed “The End of Crypto” in view of large-scale failures at cryptocurrency companies like FTX, Celsius, and Blockfi, innovation in the space continues at an accelerating pace. Startups...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

Foodman CPAs & Advisors

Digital Assets 2022 US Tax Form Instructions

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In an early release (10/17/18) of Draft IRS Tax Forms 1040 and 1040-SR Instructions, the IRS has provided U.S. Taxpayers digital assets holders a bit more clarity about how to report digital assets on their 1040 income tax...more

Cooley LLP

Crypto-Recovery: Bitcoin Association Produces Software to Freeze Coins

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As reported in a blog post earlier this year, the High Court of England and Wales held in Tulip Trading Limited v Bitcoin Association for BSV & Others that software developers do not owe a legal duty of care to assist owners...more

Morrison & Foerster LLP

Global Developments in the Taxation and Reporting of Digital Assets

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Just 10 years ago, only your millennial, techie cousin had ever heard of, let alone purchased, any cryptocurrency. Fast forward to 2021, and the volume of cryptocurrency transactions has grown to $15.8 trillion....more

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