A lot is happening in the world of digital assets regulation, and we know it is difficult to keep track of it all. That is why we built this digital assets regulatory tracker. Each month, we publish a list with links to digital asset-related materials issued by the SEC, CFTC and DOL. Please click here if you would like to sign up to receive this quarterly tracker via email.
Inaugural Tokenization Blog Article
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Tax Insights - February 6, 2024 - Taxpayer Argues IRS Summons for Crypto Records Violates Privacy Rights
A taxpayer filed an appeal with the U.S. Court of Appeals for the First Circuit on January 31, claiming a third-party summons by the IRS for cryptocurrency transaction records violated constitutional privacy protections. In Harper v. Werfel, a taxpayer sued the IRS after his account activity, balances and other information on cryptocurrency transactions were acquired. A federal district court rejected the taxpayer’s argument as he voluntarily provided the information to crypto exchange Coinbase. Read More...
November 2023 Digital Asset Regulatory Tracker
November saw the SEC taking action against Kraken and the CFTC taking action against Binance, alleging the digital asset trading platforms are unregistered exchanges. Read more in our Digital Asset Regulatory Tracker monitored by the fintech team. Read More...
Tax Insights - October 16, 2023 - Coinbase Pushes Back on Broker Reporting Rules
Cryptocurrency exchange Coinbase opposed broker reporting rules recently proposed by the U.S. Department of the Treasury. Coinbase, in a comment letter, said the proposed regulations may lead to privacy violations and a disproportionate reporting burden on crypto brokers. The letter argues the amount of information crypto exchanges would have to send could overwhelm the IRS’s processing system. Read More...
October 2023 Digital Asset Regulatory Tracker
SEC Commissioner Peirce recently issued a statement of dissent regarding the SEC’s successful case against the now-defunct LBRY on charges of issuing unregistered securities. Read more of the latest updates from the SEC and CFTC in the Digital Asset Regulatory Tracker, monitored by Stradley Ronon fintech lawyers. Read More...
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NBA Top Shots Ruling: Certain NFT Transactions Constitute “Investment Contracts” and Therefore Are “Securities”
NBA Top Shots, one of the most popular applications on the Flow Blockchain, a private blockchain created by Dapper Labs, allows consumers to purchase non-fungible tokens (NFTs) known as “Moments.” Moments are digital video clips of basketball highlights from NBA games. Consumers can acquire Moments on the NBA Top Shots application in two ways: they may purchase one or more “packs” of Moments, each of which is similar to a pack of basketball cards, or they may purchase one or more individual Moments on a secondary marketplace created and maintained by Dapper Labs. On the secondary marketplace, Moments owners may resell Moments they purchased in packs or from other Moment owners on the marketplace. Transactions involving Moments can occur only on Dapper Labs’ Flow Blockchain. Read More...
New “Digital Asset Commodity” Requirements for NFA Members
The National Futures Association (NFA) recently adopted NFA Compliance Rule 2-51 (Rule), which imposes new requirements – including disclosure requirements – on NFA Members and their personnel that engage in “digital asset commodity” activities – currently limited to activities involving Bitcoin and Ether.1 According to NFA’s proposal of Rule 2-51, with “[w]ell over 100 NFA Members [reporting] to NFA that they engage in business activities related to digital assets, both in commodity interest and spot markets,” NFA perceived a gap in its ability to oversee spot digital asset markets. The Rule is intended to address this perceived gap. Read More...
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Information contained in this publication should not be construed as legal advice or opinion or as a substitute for the advice of counsel. The articles by these authors may have first appeared in other publications. The content provided is for educational and informational purposes for the use of clients and others who may be interested in the subject matter. We recommend that readers seek specific advice from counsel about particular matters of interest.
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