The American Bar Association’s Section on Taxation has recommended some changes for the Internal Revenue Service (IRS) regarding the way hard forks are taxed. Although the recommendations do not represent an ABA-approved position, the proposals indicate a general attitude that likely will move the IRS toward adoption of new rules.
Cameron and Tyler Winklevoss, the founders of cryptocurrency exchange Gemini, have submitted a proposal to create an industry-sponsored self-regulatory organization (SRO) that would police the cryptocurrency market.
In a company blog post, the Winklevoss twins proposed setting up the “Virtual Currency Association” (VCA).
The Israel Securities Authority (ISA) has published a report to help clarify which types of cryptocurrencies count as regulated securities under Israeli law.
According to the report, cryptocurrencies which are to be used as currencies only shall not be considered securities.
John Glen, Britain’s junior finance minister, said that the UK government and regulators will look in detail at the potential risks from cryptocurrencies like bitcoin.
Speaking at the Innovate Finance conference in London, Glen said that in their upcoming FinTech strategy, the government will announce further work with the Financial Conduct Authority and the Bank of England to consider these issues in more detail.
Hong Kong’s Securities and Futures Commission (SFC) has halted the initial coin offering (ICO) of marketplace startup Black Cell Technology on the grounds that the offering constituted an unregistered Collective Investment Scheme (CIS).
Black Cell operates a website, mykrops.com,
The Petro is a no-go. President Donald Trump has signed an executive order banning any US transactions in the Petro, the controversial digital token backed by Venezuela’s oil reserves. The move further squeezes Venezuela’s attempts to bypass US economic sanctions.
The executive order states,
Several companies in the cryptocurrency and blockchain ecosystem have come together to establish the Digital Asset Trade Association (DATA), a global non-profit organization focused on lobbying on behalf of the industry within all levels of governments, corporations, and communities.
The first order of business is to kick-off a search for candidates to lead the trade organization as executive director.
The New York State Public Service Commission (PSC) has ruled that upstate municipal power authorities can raise their electricity rates if cryptocurrency mining companies choose to use the state’s hydropower.
The ruling comes after the New York Municipal Power Agency (NYMPA) petitioned the PSC regarding concerns that high density load customers,
The Autorité des marchés financiers (AMF), the French financial supervisory authority, is reportedly preparing a new regulatory framework with regard to initial coin offerings (ICO).
According to local news outlet Les Echos, the French Ministry for the Economy and Finance confirmed that the regulatory framework proposed by the AMF would recognize ICOs as a legitimate means of investment.
A US district court in Florida has frozen the assets of four individuals who allegedly promoted deceptive money-making schemes involving cryptocurrencies.
The Federal Trade Commission (FTC) said Friday that the federal court of Florida’s southern district has upheld the agency’s request for a temporary restraining order against Thomas Dluca,