Tom Geraghty

Jun 6, 2024 | lexology.com | James Williams |Elizabeth S.M. Caires |Eric Hall |Tom Geraghty |Nicolás Fernández Madero

This monthly bulletin is designed to help companies identify important legal developments governing the use and acceptance of blockchain technology, smart contracts, and digital assets. While the use cases for blockchain technology are vast, this bulletin focuses on uses of blockchain and smart contracts in the financial services sector.

Jun 6, 2024 | lexology.com | Tom Geraghty

On April 30, Representatives Drew Ferguson (R-GA) and Wiley Nickel (D-NC) introduced the Providing Tax Clarity for Digital Assets Act which, if enacted, would defer tax on the receipt of block rewards from proof-of-work (PoW) or proof-of-stake (PoS) networks to the time when the rewards are sold or disposed of. The IRS’s current position is that the value of such block rewards generally should be included in income when the taxpayer receives the rewards.