Kevin Kirby

Jul 5, 2024 | jdsupra.com | Matthew Dimon |David Forst |Kevin Kirby

The U.S. Treasury Department and the Internal Revenue Service issued final broker reporting regulations addressing transactions in digital assets for centralized exchanges and hosted wallet providers. Separate regulations for decentralized finance (DeFi) and other non-custodial industry participants are expected in the coming months. The final regulations are effective starting January 1, 2025, with certain provisions only coming into effect on January 1, 2026.

Nov 6, 2023 | jdsupra.com | Ran Ben-Tzur |Jennifer Hitchcock |Kevin Kirby

On October 31, 2023, the U.S. Government Accountability Office (GAO) published a formal decision concluding that the Securities and Exchange Commission (SEC) failed to follow prescribed Congressional Review Act (CRA) procedures in its 2022 issuance of Staff Accounting Bulletin No. 121 (SAB 121).

Aug 29, 2023 | mondaq.com | David Forst |Sean McElroy |Kevin Kirby |Matthew Dimon

On Friday, August 25, 2023, the U.S. Treasury Department (Treasury) released proposed regulations interpreting the broker reporting rules for digital assets that were part of the 2021 Infrastructure Investment and Jobs Act (the Infrastructure Act). The proposed regulations address the treatment of gross proceeds and basis reporting by brokers in digital assets as well as the determination of amount realized and basis for digital asset transactions.

Aug 28, 2023 | jdsupra.com | Matthew Dimon |David Forst |Kevin Kirby

On Friday, August 25, 2023, the U.S. Treasury Department (Treasury) released proposed regulations interpreting the broker reporting rules for digital assets that were part of the 2021 Infrastructure Investment and Jobs Act (the Infrastructure Act). The proposed regulations address the treatment of gross proceeds and basis reporting by brokers in digital assets as well as the determination of amount realized and basis for digital asset transactions.