The National Credit Union Administration recently published a request for information in the Federal Register that encourages credit unions and other industry participants to provide information on the current and potential impact of digital assets and related technologies on federal credit unions.
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Distributed Ledger
Senate Banking Committee Shows Continued Interest in Cryptoassets
By Scott H. Kimpel on
Posted in Cryptocurrencies, Regulatory
As a show of continued interest in the development of cryptoasset solutions, Senator Mike Crapo (R-ID), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, recently sent a letter to Acting Comptroller of the Currency Brian Brooks. Chairman Crapo’s letter requested an update on findings of the Office of the Comptroller of the Currency and information regarding next steps the OCC intends to take with respect to blockchain and distributed ledger technology.
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OCC Seeks Comment on Cryptocurrency and Distributed Ledger Technology
By Christopher Adcock on
Posted in Cryptocurrencies, Regulatory
Last week, the Office of the Comptroller of Currency, the primary federal regulator of national banks, issued an advanced notice of proposed rulemaking relating to the regulation of digital activities in banking, and in particular their activities involving cryptocurrency and distributed ledger technology.
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IRS Updates Guidance on Cryptocurrency
By Scott H. Kimpel on
On October 9, 2019, the Internal Revenue Service (Service) released Revenue Ruling 2019-24. The revenue ruling considers whether taxpayers should realize gross income under two common scenarios involving cryptocurrency and includes a number of illustrative examples. The Service concluded that a so-called “hard fork” on a cryptocurrency blockchain does not create taxable income if a taxpayer does not subsequently receive new units of cryptocurrency, but taxable ordinary income is generated by “airdrops” following a hard fork that delivers new units of cryptocurrency to a taxpayer.
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