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By Jamison Sites, J.D., LL.M., Washington, D.C., and Melanie Gulden, J.D., LL.M., Boston Editor: Mo Bell-Jacobs, J.D. Cryptoassets have increasingly proved to be a significant disruptive force across several industries, from financial services to energy and the arts. In this innovative and rapidly changing landscape, legislators and tax professionals are left trying to decipher how to tax and report this new asset class.
Digital banking is evolving in the wake of guidance from the Office of the Comptroller of the Currency as it concerns digital assets and their underpinning technology. The regulator issued an interpretative letter last July authorizing OCC-regulated national banks to hold digital assets and another one in early 2021 allowing such banks to use blockchain and stablecoin infrastructures.
RSM US LLP is an IMA Member On Oct. 31, 2018, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued proposed regulations (REG-114540-18) (the Proposed Regulations) updating the application of section 956 of the Internal Revenue Code (the Code) to account for changes to the U.S. international tax system due to the Tax Cuts and Jobs Act (the TCJA).
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