Poor Form: Terraform Labs to pay $4.5 Billion On June 13, 2024, Terraform Labs PTE, Ltd. and Do Kwon agreed to pay more than $4.5 billion to settle the SEC’s case against them. The settlement followed a jury verdict holding Terraform Labs and Kwon liable for securities fraud. Read More
New IRS Tax Form for Digital Asset Broker Reporting The IRS released a draft of a new tax form, Form 1099-DA, that brokers will use to report proceeds from certain digital asset transactions. The draft Form 1099-DA can be found on the IRS website and below. The effective… Read More
Two Thoughts About the ETH ETP Approval That May Have Gotten Lost in the Shuffle On May 23, 2024, the SEC approved listing of eight ETH ETPs. The order approved the applications to list the ARK 21Shares Ethereum ETF,… Read More
Much Sad Stop all the clocks, cut off the telephone,Prevent the dog from barking with a juicy bone… We here at SKrypto are saddened to report that Kabosu—the Shiba Inu who rose from shelter dog to the face… Read More
Greenbook Tax Proposals Tax reform, like spring, is in the air. The Biden Administration recently released its fiscal year 2025 revenue proposals, known as the annual “Greenbook.” The Greenbook’s 250+ pages of tax reforms include six potential changes to modernize U.S. federal income tax law for digital asset… Read More
Crypto Tax Evasion is Just…Tax Evasion Tax evasion is as old as tax collection, so it is no surprise that there is tax evasion related to crypto. In a recent case, United States v. Frank Ahlgren… Read More
Home is Where Your Server Is? On March 8, 2024, the U.S. Court of Appeals for the Second Circuit reversed and remanded a District Court decision that dismissed all claims by plaintiff crypto investors against Binance, an international electronic exchange where the plaintiffs purchased their crypto… Read More
There Is Really Nothing I Can Add, Even If I ShapeShift As lawyer, I pride myself of my ability to wordsmith; like most lawyers, I cannot resist marking up a draft even if it is only just stylistic changes. But sometimes, there is just no way… Read More
Who Will Eat Prometheum’s Liver? According to mythology, the titan Prometheus gave humans the gift of fire. As punishment, Zeus had Prometheus chained to a rock and an eagle would swoop down to eat his liver, which… Read More
SEC Gets in Line at the Genesis Bankruptcy On January 31, 2024, bankrupt Genesis Global Holdco, LLC, on behalf of its subsidiary Genesis Global Capital, LLC1 asked the United States Bankruptcy Court for the Southern District of New York to approve a settlement reached with the SEC to… Read More