The US Bureau of Economic Analysis has announced that it is conducting a survey of all US businesses whose voting interests are 10% or more owned, directly or indirectly, by a foreign person.
IRS Issues Guidance on Non-Fungible Tokens – What It Says and Does Not Say
The Proposed Guidance and Implications
The IRS and Treasury Department announced on March 21, 2023, that they intend to issue guidance providing that certain NFTs qualify as collectibles under Section 408(m) of the Code. The Notice is the first guidance issued by the IRS addressing the U.S. federal income tax treatment of NFTs. The IRS
New Initiatives Launch in Staking, DeFi, DAOs; IRS Issues NFT Guidance; White House Report Criticizes Crypto; SEC and DOJ Crypto Enforcement Continues
In this issue:
• Staking Market Launches, ‘Defi Cover’ Data Published, DAO Buys Golf Course• IRS Issues Guidance on Non-Fungible Tokens• Economic Report of the President Criticizes Digital Assets• SEC Charges Crypto Entrepreneur and Celebrities; DOJ Targets Crypto Fraudster• U.S. Crypto Exchange Receives SEC Wells Notice, Publishes Staking Analysis• Moscow
NFTs Used to Serve Complaint; Treasury Official, SEC Chairman Address Crypto Compliance; NYAG Sues Crypto Exchange; DOJ Takes Down Crypto Mixer
In this issue:• NFT Integration Software Released; NFTs Used to Serve Complaint in Civil Action• US Treasury Official Signals Forthcoming DeFi Illicit Finance Risk Assessment• SEC Chairman Comments on Crypto Activities, NYAG Sues Crypto Exchange• US and International Law Enforcement ‘Takedown’ Crypto Mixing Service• Hackers Use ‘Flash Loan Attack’ to Steal
DOJ Announcements on Corporate Compliance Programs, Compensation Clawbacks and National Security
The US Department of Justice made several recent announcements expanding on its expectations for corporate compliance programs and unveiling new guidance on executive compensation structures, consequence management and business communications and ephemeral messaging.
Bank Turmoil Brings Increased Risk of Litigation and Investigations
Hunton Andrews Kurth LLP continues to assist clients and monitor developments in the financial markets arising from the liquidity challenges and market volatility currently facing the banking industry. Late Tuesday brought the first inevitable wave of lawsuits and government investigations. There will be many more in the days ahead.
Bank Term Funding Program: Understanding Borrowing from the Federal Reserve Bank
In its ongoing efforts to stabilize the banking system, the Federal Reserve announced the creation of the new Bank Term Fund Program (“BTFP”). The Federal Reserve established the BTFP to make available additional funding to eligible depository institutions in order to help ensure that banks have the ability to meet the needs of all their
What You Need to Know: Historically Large Bank Closures Resulting in Unprecedented Actions Taken by Regulators
We have linked three client alerts that highlight the key events that occurred over this past weekend in the wake of the failure of Silicon Valley Bank.
Australia and BIS Address CBDCs; OCC, PCAOB and U.S. Senators Address Crypto Risks; SEC, DOJ and USSS Continue Crypto Enforcement Actions
• Reserve Bank of Australia and BIS Commence Efforts to Advance CBDCs• Acting Comptroller of the Currency and PCAOB Address Crypto Risks• Binance and Binance.US Face Inquiry from U.S. Senators• SEC and DOJ Continue Enforcement Actions Targeting Crypto Fraud Schemes• Bitcoin ATM Operators Arrested, Charged with Criminal Violations
Nine Legal Questions You Might Encounter While Doing Business in the Metaverse
The metaverse is brimming with multifaceted, thought-provoking legal issues. What is the connection among blockchain, cryptocurrency, NFTs, and the metaverse? We consider these questions and others in this nine-part series.