Crypto and Compliance
A digital asset trust company entered into a consent order with the Office of the Comptroller of the Currency (“OCC”) on Thursday for failing to have the appropriate anti-money laundering and Bank Secrecy Act compliance protocols in place. Anchorage Digital Bank, N.A. (“Anchorage”) neither…
The Progression of Cryptocurrency
April 19, 2022
by Allison E. Raley
On March 8, President Joe Biden directed federal agencies to coordinate their efforts at drafting cryptocurrency regulations in a first-of-its-kind executive order. According to a fact sheet accompanying the order, the “whole-of-government” effort to regulate the crypto industry focuses on six key…
The Utility and Risks of Cryptocurrency
March 14, 2022
by Allison E. Raley
Cryptocurrency is gaining rapid global adoption, and businesses are beginning to explore its integration into their accepted digitally based payments. But what exactly is it, how are businesses using it and what are the risks? Here’s an overview. Cryptocurrency, also known as crypto, is a digital…
Congress Continues it's Pursuit of Regulatory Control Over Cryptocurrencies
The Commodity Futures Trading Commission (“CFTC”) chairman, Rostin Behnam, asked Congress on Wednesday to authorize his agency to regulate certain cryptocurrencies. Using potential gaps in authority to regulate trading and overlapping jurisdiction with the Securities and Exchange Commission (“SEC”)…
IRS Provides Guidance for Cryptocurrency Stakers and Miners
An IRS decision related to taxes on staking rewards could have large implications for how proof-of-stake miners and stakers are taxed in the future. On May 26, 2021, a Tennessee couple sued the IRS seeking a refund for taxes they paid on Tezos tokens earned through staking. As explained in their…