Publications
As Federal Agencies Organize, US States Continue to Lead in Regulating Digital Assets
CoinDesk
June 10, 2022
On March 9, 2022, the Biden administration issued a much anticipated executive order regarding digital assets, which called for "the first-ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology."
In this article, SRZ partner Kara A. Kuchar and associate Steven T. Cummings examine the effects of state regulation in the cryptocurrency world and the mixed reception of the Biden administration's approach to cryptocurrency regulation.
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Alerts
On April 24, 2024, the Internal Revenue Service (“IRS”) released final regulations (TD 9992) (“Final Regulations”) addressing the determination of whether a real estate investment trust (“REIT”) is “domestically controlled.” The Final Regulations finalize proposed regulations (REG-100442-22) (“Proposed Regulations”) under Section 897 of the Internal Revenue Code published on Dec. 29, 2022.[1]
Alerts
On Feb. 16, 2024, the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the United States Department of the Treasury (“Treasury”), issued a notice of proposed rulemaking (“Proposed Rule”)[1] continuing the process of implementing regulations to combat illicit finance risks posed by abuse by some in the real estate market. The Proposed Rule would require certain persons involved in residential real estate closings and settlements to submit reports (“Real Estate Reports”) and keep accurate records of certain non-financed transfers of US residential real property. The reasoning behind the Proposed Rule is explained extensively in FinCEN’s December 2021 Anti-Money Laundering Regulations for Real Estate Transactions Advanced Notice of Proposed Rulemaking, which discusses “the opacity of shell companies or other legal entity structures to mask true beneficial ownership of a property and their involvement in real estate transactions.”[2]
Alerts
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Alerts
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