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2 days ago | 
jdsupra.com | Matthew Dimon |David Forst |Sean McElroy
On April 10, 2025, President Donald Trump signed a joint resolution to repeal the DeFi broker reporting regulations which were finalized in December in T.D. 10021. Accordingly, participants in DeFi ecosystems are presently not subject to broker reporting requirements. The rules relating to centralized exchange broker reporting finalized in T.D. 10000 are still slated to go into effect in 2026 for transactions effected on or after January 1, 2025.
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1 month ago | 
jdsupra.com | Matthew Dimon |David Forst |Sean McElroy
On March 4, 2025, the U.S. Senate passed joint resolution S.J.Res.3, disapproving the DeFi broker reporting regulations Treasury finalized at the end of the Biden Administration. Senator Ted Cruz (R-TX) introduced the resolution earlier this year alongside several other senators. The resolution passed the Senate pursuant to the Congressional Review Act (CRA) with significant bipartisan support, with 70 senators approving the challenge.
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2 months ago | 
jdsupra.com | Matthew Dimon |Sean McElroy
The Senate and House have introduced a joint resolution challenging broker reporting regulations for non-custodial brokers under the Congressional Review Act. If passed and signed by the president, the challenge would render IRS broker reporting regulations with respect to certain DeFi service providers ineffective.
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Jan 3, 2025 | 
forbes.com | Sean McElroy
Sean McElroy is chief risk and security officer at Lumin Digital. If you work in regulated industries or with highly confidential systems, "quantum computing" has undoubtedly entered your lexicon. As the Chief Risk Officer of a large digital banking company, I oversee the protection of the sensitive financial data of millions of consumers. I spend a substantial amount of my time anticipating tomorrow's threats and the challenges on the horizon in the next few years.
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Dec 30, 2024 | 
jdsupra.com | Sean McElroy
The IRS published final regulations for broker reporting in DeFi on December 27, 2024, effective starting January 1, 2027. Front-end service providers and other services providers who provide "effectuating services" would be subject to these reporting obligations. Validation services are explicitly exempt from these reporting obligations. Infrastructure service providers do not appear to be covered.
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Nov 21, 2024 | 
forbes.com | Sean McElroy
Sean McElroy is chief risk and security officer at Lumin Digital. Whether consumers know it or not, digital banking providers are essential partners for financial institutions. They deliver transformational, forward-thinking tools to help consumers manage their financial lives and grow their relationships with financial institutions. They are also critical infrastructure providers securing the financial services system.
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Jul 4, 2024 | 
forbes.com | Sean McElroy
Sean McElroy is chief risk and security officer at Lumin Digital. In today's digital economy, data privacy has become more than just a regulatory requirement—it's a strategic differentiator. As companies increasingly integrate AI into their operations, the way they handle customer data can significantly impact their competitive edge. Prioritizing privacy can lead to numerous benefits, from enhanced customer trust to a stronger brand reputation, ultimately catalyzing business growth.
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Dec 20, 2023 | 
mondaq.com | David Forst |Sean McElroy
With the invention of every new technology comes an inevitable
question: how should that new technology be taxed? Generally
speaking, the history of American tax law has followed a
predictable pattern as it relates to the development of new
technology. The new technology is invented and then the existing
tax rules are adapted to provide clear answers as to how the new
technology fits into the existing Internal Revenue Code (the
"Code").
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Oct 18, 2023 | 
mondaq.com | Larissa Neuman |Julia Ushakova-Stein |Michael Knobler |Sean McElroy
In this installment of U.S. Tax Review, tax partners Larissa
Neumann, Julia Ushakova-Stein, and Mike Knobler, with input from
Sean McElroy on crypto matters, review IRS guidance on R&D
capitalization rules and the corporate AMT. They also explain
Treasury's proposed regs interpreting broker reporting
rules for digital assets, and examine taxpayer comments on the new
FTC notice, amount B, and Moore amicus briefs.
Read the full commentary and analysis in Tax Notes.
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Oct 5, 2023 | 
autoline.tv | Sean McElroy
Follow us on social media: Runtime: 11:47 0:00 UAW Strike Damaging U.S. Supply Chain 0:53 GM Builds $6 Billion Strike Fund 1:18 UAW Workers Will Retire Millionaires 1:57 Fain to Update Strike Tomorrow 2:20 GM Still Struggling with Ultium-Based EVs 3:51 Honda Passport Gets Rugged Upgrades 4:48 Honda Launches New Kei Car in Japan 5:41 Toyota to Buy Batteries from LG Plant in Michigan 6:20 U.S. Q3 Car Sales Surprise Analysts 7:33 Ford Fails to Sell Saarlouis Plant in Germany 8:10 Daimler Demos...
