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Two new bills in Congress would clarify agency jurisdiction over cryptocurrency
Three longstanding policy issues facing cryptocurrency technology are being addressed by two new bi-partisian bills introduced in the House today: (1) the patchwork of state-by-state licensing of exchanges, (2) the...
Are regulators poised to demand cryptocurrency address whitelisting? Probably not.
Rumors are circulating that regulators will soon require exchanges to only allow cryptocurrency withdrawals to “whitelisted” addresses or, worse, that withdrawals to unhosted wallets won’t be allowed at all. These...
The ideal regulatory environment for Bitcoin
We’re often asked what our ideal regulatory environment would be for Bitcoin and cryptocurrencies like it. A few years ago, in a regulatory submission to the Indian Ministry of Finance,...
Congress to IRS: Proof-Of-Stake block rewards should not be taxed as income
A bipartisan group of members of Congress have sent a letter to the Internal Revenue Service asking that staking rewards for validators in proof-of-stake networks be taxed when sold rather...
Federal regulator: National banks can hold cryptocurrency
The Office of the Comptroller of the Currency has formally stated that nationally chartered banks can hold cryptocurrencies for their customers. As Brian Brooks, Acting Comptroller said, From safe-deposit boxes...
Do we really need more guidance from FinCEN?
In May of last year, FinCEN issued guidance on “virtual currency” that reiterated and explained its original 2014 guidance. It essentially articulates a general principle: a business is subject to...
Do anti-encryption bills in Congress pose a risk to cryptocurrency?
Two bills threatening encryption are driving headlines in the cryptocurrency space, the Lawful Access to Encrypted Data (LAED) Act and the Eliminating Abusive and Rampant Neglect of Interactive Technologies (“EARN...
Can we decentralize physical infrastructure along with software protocols?
With the launch of Bitcoin in 2009, Satoshi Nakamoto demonstrated a means of achieving distributed consensus (agreement over important data like Bitcoin transactions) at a planetary scale without the need...
What’s in the Bitlicense’s 5-year update?
On the Bitlicense’s 5th anniversary, NYDFS has announced plans to streamline the licensing application process, the new coin listing process, and it has updated a Frequently Asked Questions page. These...
How the OCC can clear a path for financial technology entrepreneurs
At last week’s Consensus: Distributed virtual conference Brian Brooks, chief operating officer of the U.S. Office of the Comptroller of the Currency (OCC), said the agency should consider a federal licensing scheme...