Blockchain Legal Resource

On May 28, 2021, President Biden released some of the legislative items that would be added by his American Families Plan, which includes a provision that could impact tax information reporting for cryptocurrency asset exchanges and custodians. If enacted, this proposal could require substantial effort to implement and administer.

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, recently announced the organization of the Committee’s Digital Assets Working Group. At this time, the working group’s roster appears limited to Democratic Members.

On June 10, 2021, the Texas Department of Banking issued an industry notice addressing the authority of Texas state-chartered banks to provide virtual currency services to customers. This is a notable development as Texas has the most state-chartered banks of any state in the country.