Lexology

Senior SEC Official Discusses Digital Asset Fund

USA - December 4 2019 At a mutual fund industry conference held on December 3, 2019, Dalia Blass, director of the Securities and Exchange Commission’s Division of…

CFTC Chairman Discusses Digital Assets

USA - November 21 2019 In a television interview on November 19, 2019, CFTC Chairman Heath Tarbert discussed digital assets and the importance of U.S. leadership in this…

United Kingdom Issues Revised Guidance on Taxation of Cryptocurrency

United Kingdom - November 11 2019 The United Kingdom tax authority, HM Revenue & Customs (HMRC), has issued revised guidance regarding the tax treatment of cryptocurrency. Separate…

SEC Staff Supports Blockchain Clearance and Settlement Platform

USA - November 5 2019 On October 28, 2019, staff in the SEC’s Division of Trading and Markets provided a no-action letter to Paxos Trust Company, LLC permitting it to…

Two Federal Bills Would Regulate Stablecoins

USA - October 30 2019 In the wake of the recent controversy surrounding the proposed Libra cryptocurrency, two members of Congress have begun circulating draft bills that…

Fed Governor Discusses Digital Currencies

USA - October 21 2019 A recent speech by Fed Governor Lael Brainard entitled “Digital Currencies, Stablecoins, and the Evolving Payments Landscape” discusses a number of…

Liechtenstein Parliament Approves Comprehensive Token Act

Liechtenstein - October 16 2019 On October 3, 3019, the Liechtenstein Parliament unanimously approved the Token and TT Service Provider Act (the Act). The Act, sometimes referred to…

CFTC, FinCEN and SEC Issue Joint Statement on Activities Involving Digital Assets

USA - October 11 2019 Today the CFTC, SEC and FinCEN issued a joint statement on digital assets. In particular, the joint statement reminds persons engaged in activities…

IRS Updates Guidance on Cryptocurrency

USA - October 9 2019 On October 9, 2019, the Internal Revenue Service (Service) released Revenue Ruling 2019-24. The Revenue Ruling considers whether taxpayers should…

House of Representatives Approves Bipartisan Blockchain Bill

USA - October 1 2019 On September 19, 2019, the House of Representatives by voice vote approved H.R. 2613, a bipartisan bill entitled the “Advancing Innovation to Assist…