Bitcoin blockchain & digital currency law
Requires the attorney general to defend the corporation and directors, officers and employees of the corporation against a claim or charge brought for actions in performing duties of the corporation. Pennsylvania Establishes a task force on digital currency and the impact on widespread use of cryptocurrency and other forms of digital currencies in this Commonwealth. Pennsylvania Relates to public officers, in ethics standards and financial disclosure; provides for definitions, for restricted activities and for penalties.
Includes virtual currency in definition. Pennsylvania SB Relates to public officers, in ethics standards and financial disclosure; provides for definitions, for restricted activities, for statement of financial interests and for penalties; relates to lobbying disclosure; provides for definitions, for reporting and for penalties; relates to Turnpike Commission standards of conduct; provides for code of conduct. Includes virtual currency. The Financial Literacy Education Commission FLEC will lead public-awareness efforts to help consumers understand the risks involved with digital assets, identify common fraudulent practices, and learn how to report misconduct.
Roughly 7 million Americans have no bank account. Another 24 million rely on costly nonbank services, like check cashing and money orders, for everyday needs. And for those who do use banks, paying with traditional financial infrastructure can be costly and slow—particularly for cross-border payments.
The digital economy should work for all Americans. That means developing financial services that are secure, reliable, affordable, and accessible to all. Some digital assets could help facilitate faster payments and make financial services more accessible, but more work is needed to ensure they truly benefit underserved consumers and do not lead to predatory financial practices.
To promote safe and affordable financial services for all, the Administration plans to take the following steps: Agencies will encourage the adoption of instant payment systems, like FedNow, by supporting the development and use of innovative technologies by payment providers to increase access to instant payments, and using instant payment systems for their own transactions where appropriate — for example, in the context of distribution of disaster, emergency or other government-to-consumer payments.
The President will also consider agency recommendations to create a federal framework to regulate nonbank payment providers. Agencies will prioritize efforts to improve the efficiency of cross-border payments by working to align global payments practices, regulations, and supervision protocols, while exploring new multilateral platforms that integrate instant payment systems. The National Science Foundation NSF will back research in technical and socio-technical disciplines and behavioral economics to ensure that digital asset ecosystems are designed to be usable, inclusive, equitable, and accessible by all.
Fostering Financial Stability Digital assets and the mainstream financial system are becoming increasingly intertwined, creating channels for turmoil to have spillover effects. Stablecoins, in particular, could create disruptive runs if not paired with appropriate regulation.
Building on this work, the Administration plans to take the additional following steps: The Treasury will work with financial institutions to bolster their capacity to identify and mitigate cyber vulnerabilities by sharing information and promoting a wide range of data sets and analytical tools. The Treasury will work with other agencies to identify, track, and analyze emerging strategic risks that relate to digital asset markets.
It will also collaborate on identifying such risks with U. Advancing Responsible Innovation U. Digital asset firms are no exception. The U. It sponsors cutting-edge research, helps firms compete globally, assists them with compliance, and works with them to mitigate harmful side-effects of technological advancement. In keeping with this tradition, the Administration plans to take the following steps to foster responsible digital asset innovation: The Office of Science and Technology Policy OSTP and NSF will develop a Digital Assets Research and Development Agenda to kickstart fundamental research on topics such as next-generation cryptography, transaction programmability, cybersecurity and privacy protections, and ways to mitigate the environmental impacts of digital assets.
It will also continue to support research that translates technological breakthroughs into market-ready products. Additionally, NSF will back social-sciences and education research that develops methods of informing, educating, and training diverse groups of stakeholders on safe and responsible digital asset use. The Treasury and financial regulators are encouraged to, as appropriate, provide innovative U.
Powering crypto-assets can take a large amount of electricity—which can emit greenhouse gases, strain electricity grids, and harm some local communities with noise and water pollution. Opportunities exist to align the development of digital assets with transitioning to a net-zero emissions economy and improving environmental justice. The Department of Commerce will examine establishing a standing forum to convene federal agencies, industry, academics, and civil society to exchange knowledge and ideas that could inform federal regulation, standards, coordinating activities, technical assistance, and research support.
Reinforcing Our Global Financial Leadership and Competitiveness Today, global standard-setting bodies are establishing policies, guidance, and regulatory recommendations for digital assets. To reinforce U. Agencies will promote standards, regulations, and frameworks that reflect values like data privacy, free and efficient markets, financial stability, consumer protection, robust law enforcement, and environmental sustainability.
The State Department, Treasury, USAID, and other agencies will explore further technical assistance to developing countries building out digital asset infrastructure and services. As appropriate, this assistance may include technical assistance on legal and regulatory frameworks, evidence-gathering and knowledge-sharing on the impacts, risks, and opportunities of digital assets.
The Department of Commerce will help cutting-edge U. While our efforts have strengthened the U. It is in the national interest to mitigate these risks through regulation, oversight, law enforcement action, and the use of other United States Government authorities. To fight the illicit use of digital assets more effectively, the Administration plans to take the following steps: The President will evaluate whether to call upon Congress to amend the Bank Secrecy Act BSA , anti-tip-off statutes, and laws against unlicensed money transmitting to apply explicitly to digital asset service providers—including digital asset exchanges and nonfungible token NFT platforms.
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We regularly counsel clients through voluntary disclosures to come into compliance while mitigating exposure. We also represent clients through current and amended tax returns; prior, unfiled tax returns; and in IRS examination and criminal investigations. Exchange Licensing and Compliance We represent clients through the exchange licensing and compliance process. ICOs raise particular regulatory challenges and risks. Depending on the circumstances, an ICO may be classified as the issuance of a security subject to state or federal security regulations or a commodity subject to CFTC oversight.
Investors and issuers need astute legal counsel regarding these risks and associated compliance measures. Our lawyers represent clients with respect to federal and state securities and commodities laws applicable to digital assets. Digital asset transaction, including those involving tokenized assets, decentralized finance DeFi products, and crypto-based investment vehicles. Issues faced by Fortune Companies, Governments, and Start-ups f.
Legal Tools to Navigate Cryptocurrency Exchanges h. Case Law Update j. Legal Effects of "Smart Contracts" k. Taxation of Bitcoin and Virtual Currency l. He provides legal advice and consultation to businesses and individuals operating in the blockchain and cryptocurrency industry. Bull has become a national, legal thought leader on blockchain and cryptocurrency. His background in blockchain includes extensive business, legal, and academic experience.
Prior to his career in law, Mr. Bull founded a digital asset investment fund and ran one of the first cryptocurrency mining companies in the United States. He started Bull Blockchain Law in direct response to the lack of legal clarity in the industry. Through his legal expertise in digital transactions, practical experience in the cryptocurrency and blockchain industries, and academic background in policy and regulation, Mr.
Bull offers a unique interdisciplinary perspective to address the wide range of issues his clients face. He is a regarded speaker and author on blockchain and cryptocurrency issues. Bull has written several publications for legal journals, spoken at international conferences, contributed to a publication on U. He has been quoted in Forbes regarding digital assets. Lawler practices at the cutting edge of law relating to emerging industries and technologies, including cannabis and distributed ledger technology.
His M and A clients include private equity groups, public and private companies, fundless sponsors, family offices and sellers of large assets. In collaboration with multi-lingual colleagues, Mr. Lawler often works across languages and sovereign borders to execute international transactions.
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Businesses and individuals need up-to-date guidance and insight regarding the tax law and its impact on virtual currency activities at the state, federal, and international levels. Freeman Law is positioned to advise clients on the latest cryptocurrency tax strategies and thinking. The IRS and other tax authorities are aggressively enforcing tax laws with a heightened focus on cryptocurrency.
The IRS and Department of Justice have increased the use of John Doe summonses targeting cryptocurrency transactions and have engaged in publicized campaigns to identify and target unreported cryptocurrency transactions. We regularly counsel clients through voluntary disclosures to come into compliance while mitigating exposure.
We also represent clients through current and amended tax returns; prior, unfiled tax returns; and in IRS examination and criminal investigations. Exchange Licensing and Compliance We represent clients through the exchange licensing and compliance process.
ICOs raise particular regulatory challenges and risks. While it is clear that most state and federal laws governing securities, currencies, commodities, etc. Our firm has assisted in many facets of the digital currency and blockchain space, from helping individuals to plan for digital currencies in their estate plans and tax plans, to assisting businesses with best practices for holding digital assets on their books, to assisting start ups and small businesses with planning for the creation of their own Digital Currency and many of the securities and taxation issues that come along with it.
Our Clients generally fall in one of the following categories: Digital Currency Estate and Tax Planning: we advise individuals and companies with regards to the current estate and tax implications that come along with digital currencies. Digital Currency Creation, Issuance, and Investment: We advise individuals and entities creating or issuing tokens, commonly referred to as initial coin offerings or token generation events Conduct Impact Assessments of the Digital Currencies and their relation to various laws such as securities and other related laws Superlawyers is issued by Thomson Reuters.
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