Under recent accounting rule changes, unrealized crypto gains must generally be reported on income statements, but questions arise about the alignment of the new Corporate Alternative Minimum Tax with constitutional tax principles.
By Andrew Strelka and Angelina Richards
Recent developments in taxation have brought cryptocurrency into the spotlight. The US Supreme Court’s 2024 ruling in Moore v. United States upheld…
A recent statutory instrument aims to remove legal uncertainty surrounding crypto staking and ease blockchain operations.
By Stuart Davis, Gabriel Lakeman, and Emma Trankeenan
On 9 January 2025, the UK Government published the Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2025 (SI 2025/17) (the Staking SI) and the accompanying explanatory memorandum (the Explanatory Memorandum).…
The FinmadiG introduces material implementation measures for the European Digital Finance Package.
By Axel Schiemann and Lasse Winzer
On 18 December 2024, the German Parliament (Deutscher Bundestag) has passed the Financial Market Digitisation Act (Finanzmarktdigitalisierungsgesetz — FinmadiG). The FinmadiG serves as the German implementation of several European rules, inter alia, Regulation (EU) 2023/1114 on Markets in Crypto-Assets…
The guidelines aim to ensure the consistent application of MiCA across the EU, including a standardised classification of cryptoassets.
By Axel Schiemann, Lasse Winzer, Thomas Vogel, Stuart Davis, and Gabriel Lakeman
On 10 December 2024, the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA)…
The court ruled OFAC overstepped its authority in sanctioning Tornado Cash, holding that its smart contracts are not “property” under the governing statutes.
By Eric Volkman, Jenny Cieplak, Stephen P. Wink, and Deric Behar
On November 26, 2024, a three-judge panel of the US Court of Appeals for the Fifth Circuit reversed a Texas District Court decision…
With appropriate safeguards, distributed ledger technology may expand the use of non-cash assets as derivatives collateral, while mitigating certain market infrastructure inefficiencies.
By Yvette D. Valdez, Adam Bruce Fovent, and Deric Behar
On November 21, 2024, the Digital Asset Markets Subcommittee (the Subcommittee) of the Commodity Futures Trading Commission’s (CFTC) Global Markets Advisory Committee (GMAC) issued a report…
The resource aims to provide a comprehensive, voluntary framework to enhance transparency in the digital assets market and enable informed decision-making for potential buyers.
Stakeholders have until January 31, 2025, to submit comments on the “Proposed Information Guidelines for Certain Tokens Made Available in the United States” (the Guidelines), which were published last month by…
The NPV aims to promote growth and international competitiveness by advancing open banking, re-evaluating the approach to regulating the sector, and continuing the fight against fraud.
By Brett Carr, Christian F. McDermott, and Stuart Davis
On 14 November 2024, the UK government published the National Payments Vision (NPV or Vision), which represents the government’s view on how to…
FINRA begins a dialogue with financial market participants about the metaverse’s potential opportunities, applications, and risks.
By Jenny Cieplak, Ghaith Mahmood, Stephen P. Wink, Naim Culhaci, and Deric Behar
On October 24, 2024, the Office of Financial Innovation (OFI) of the Financial Industry Regulatory Authority, Inc. (FINRA) published “The Metaverse and the Implications for the Securities…
The rule aims to reduce market concentration by guaranteeing consumer access to personal financial data, but faces strident criticism and immediate legal challenge.
By Arthur S. Long, Parag Patel, Barrie VanBrackle, Pia Naib, Mik Bushinski, and Deric Behar
On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) finalized the Personal Financial Data Rights rule…
Remittance service providers would need to update their disclosure statements under a narrowly tailored proposed amendment which aims to resolve issues more efficiently and save consumers time.
By Parag Patel, Barrie VanBrackle, and Deric Behar
On September 20, 2024, the Consumer Financial Protection Bureau (CFPB) proposed a rule amendment to disclosure requirements under the Electronic Fund Transfer Act…
The deadline is fast approaching for in-scope financial entities and their ICT service providers to conform to the EU’s new digital operational resilience regulation.
By Christian F. McDermott and Alain Traill
With effect from 17 January 2025, a broad range of EU financial entities will be subject to the new EU regulation on digital operational resilience for the financial sector…
