Laura E. Jehl

Alert: IRS Issues New Guidance and FAQs on Virtual Currencies

By Nicholas C. Mowbray, Robert A. Musiala, Betsy Smith, Laura E. Jehl and Brian Davis on October 10, 2019 Posted in Cryptocurrency

On Oct. 9, the Internal Revenue Service (IRS) issued additional guidance regarding the taxation of cryptocurrency. The guidance comes more than five years after the IRS issued Notice 2014-21, the first and, until now, only official guidance regarding cryptocurrency. Revenue Ruling 2019-24 (the Revenue Ruling) reaffirms that virtual currency is treated as property and does … Continue Reading

New FinCEN Guidance for Cryptocurrency and Blockchain Businesses

By Laura E. Jehl, Robert A. Musiala, Jonathan A. Forman and Joanna F. Wasick on June 11, 2019 Posted in Banking

On May 9, 2019, the Financial Crimes Enforcement Network (FinCEN) published FIN-2019-G001, which provides new guidance on the application of the Bank Secrecy Act (BSA) and FinCEN regulations to money services businesses that engage in money transmission involving convertible virtual currencies. While stating that it “does not establish any new regulatory expectations or requirements,” the … Continue Reading

Five Things Blockchain Firms Need to Know About the GDPR

By Laura E. Jehl, Robert A. Musiala and Stephanie N. Malaska on June 11, 2018 Posted in Blockchain

We’re witnessing the convergence, and perhaps the collision, of two powerful new forces in data privacy: the European Union General Data Protection Regulation (GDPR) and the emergence of blockchain based privacy solutions. These two forces share similar fundamental principles, such as individual control over personal information and data minimization, and blockchain may very well offer … Continue Reading