The year 2018 was a busy one for the SEC in the digital asset space, with the agency cementing its role as the primary de facto regulator of crypto finance in the United States.
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Tax
CFTC Publishes Primer on Smart Contracts
By Scott H. Kimpel on
The Commodity Futures Trading Commission (“CFTC”) recently published a detailed primer on smart contracts. The Primer discusses their functionality, use cases, regulatory environment and potential risks.…
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Ohio Allows State Tax Payments in Bitcoin
By Caitlin A. Sawyer on
Posted in Cryptocurrencies, Tax
Ohio is the first state in the United States to accept tax payments in cryptocurrency. Starting today, December 3, 2018, companies operating in Ohio can elect to pay certain Ohio state taxes in Bitcoin. …
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“Crypto-Property:” Ohio Court Says Crypto-Currency is Personal Property Under Homeowners’ Policy
By Michael S. Levine on
Posted in Cryptocurrencies, Tax
As reported on the Hunton Insurance Recovery Blog, in what appears to be a case of first impression, an Ohio trial court ruled in Kimmelman v. Wayne Insurance Group that the crypto-currency, Bitcoin, constitutes personal property in the context of a first-party homeowners’ insurance policy and, therefore, its theft would not be subject to the policy’s $200 sublimit for loss of “money.”…
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Recent Congressional Action Involving Digital Assets and Blockchain Technology
By Scott H. Kimpel on
Interest in the crypto economy continues to grow in Congress with the introduction of roundtables, hearings and new legislation. …
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Canadian Bitcoin Fund Granted Mutual Fund Trust Status
By Scott H. Kimpel & Christopher Adcock on
Posted in Cryptocurrencies, Tax
Recently, Canadian investment firm First Block Capital Inc. reported that FBC Bitcoin Trust, which the firm bills as the “first and only open-ended bitcoin fund approved by Canadian regulators,” has achieved mutual fund trust status under Canada’s Federal Income Tax Act.…
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