On March 9, 2022, the Biden Administration released its much-anticipated “Executive Order on Ensuring Responsible Development of Digital Assets”. The White House describes the Executive Order as the “first whole-of-government strategy” on digital assets and attempts to strike a balance between encouraging innovation and US leadership in the digital asset space, while signaling an appetite to protect against a variety of stated risks through additional regulation and legislation. 
Continue Reading President Biden Issues Executive Order on Digital Assets

On March 8, 2022, President Biden issued an Executive Order prohibiting the importation of Russian-origin oil, liquified natural gas, and coal into the United States and prohibiting US persons from making new investments in Russia’s energy sector. On March 9, 2022, President Biden issued an Executive Order directing US government agencies to study and report on cryptocurrencies and other digital assets and consider, among other things, the use of digital assets to circumvent US sanctions.
Continue Reading US Sanctions Target Russia’s Energy Sector and Ban Imports of Russian Oil, LNG, and Coal as Enforcement Efforts Increase and Agencies Consider Cryptocurrency and Other Digital Assets

On May 28, 2021, President Biden released some of the legislative items that would be added by his American Families Plan, which includes a provision that could impact tax information reporting for cryptocurrency asset exchanges and custodians. If enacted, this proposal could require substantial effort to implement and administer.
Continue Reading President Biden’s Proposal to Enhance Cryptocurrency Information Reporting Regime on Form 1099