On February 29, 2024, the U.S. House of Representatives Financial Services Committee passed a resolution (H.J. Res. 109) which, if enacted, would undo the recent US Security and Exchange Commission (“SEC”) Staff Accounting Bulletin No. 121 (“SAB 121”). It acted under the Congressional Review Act (“CRA”), which allows Congress to use their oversight authority to overturn rules issued by federal agencies. SAB 121 requires reporting entities which perform custodial duties in relation to crypto assets…
On January 16, 2024, the United States Internal Revenue Service and Treasury Department announced the delay of the reporting requirements for businesses who receive USD 10,000 or more in digital assets, pursuant to section 6050I. Section 6050I obligates any person who receives USD 10,000 or more in cash, in the course of their trade or business, in a single or multiple related transactions, to report such to the IRS using Form 8300. Form 8300 requires…
On November 20, 2022, two Estonian citizens were arrested in Tallinn, Estonia on the basis of an indictment returned by a grand jury in the Western District of Washington. The indictment against Sergei Potapenko and Ivan Turõgin contains 18 criminal counts including: conspiracy, wire fraud, and conspiracy to commit money laundering. The two are alleged to have defrauded hundreds of thousands of would-be investors in a virtual currency bank as well as fraud in connection…