Digital Assets Download – Olympics Edition. What combines emotional storylines, a years-long road to high-stakes contests imbued with high-minded ideals and the purity of competition? I could be speaking about the Olympic Games… or digital assets and crypto markets!
Both have different areas that may appeal to vastly different audiences, and both have evolved over time to adapt to new circumstances (rock climbing wasn’t an Olympic sport the last time that Paris hosted the Games in 1924). And just like the Olympics, all eyes will be on the Digital Assets Download for insight into these storylines and glimpses of what lies ahead.
The Lead Block
Through The Looking Glass: US Internal Revenue Service Finalizes Cryptocurrency Tax Reporting Regulations
In August 2023, the US Internal Revenue Service (IRS) proposed regulations to fulfill the Congressional mandate to require US tax reporting of digital asset transactions by brokers and other intermediaries. After evaluating more than 44,000 comments, the IRS has reworked the proposed regulations and issued them in final form. The final regulations were published in the Federal Register on July 9, 2024, and will generally be effective for transactions undertaken in 2025 and thereafter. This means actual reporting must be made beginning in 2026. This Legal Update updates our 2023 Legal Update on the proposed regulations and summarizes, in Q&A format, the key takeaways from the final regulations and the changes from the proposed
News Node
A curated selection of headlines and news from around this multiverse—including deals, developments and other disruptions in DeFi.
Digital Payment Network Scores Partial Victory in SEC Case
US Spot Ether ETFs Make Market Debut in Another Win for Crypto Industry
South Korea Enacts First Crypto Investor Protection Law, Bolstering Existing Rules
Hong Kong Monetary Authority Proposes Rules for ‘Fiat-Referenced’ Stablecoins
DAO-Specific Legislation Isn't Needed Yet, Existing Rules Apply, Law Commission of England and Wales Says
New York Financial Regulator Hires New Crypto Unit Leaders
India Keeps Controversial Crypto Tax Rules Unchanged in Annual Budget
Swiss Banks Aim to Plug Crypto Payments Gap Left by US Collapses
Asset Manager Said to Explore Creating Stablecoin, Deposit Token
US House Passes Crypto Illicit Finance Bill That's Likely to be Rebuffed in Senate
Bank of England (BOE) Says It Wants to Carry Out a Series of WCBDC, DLT and Stablecoin Experiments
Michigan State Pension Fund Makes $6.6 Million Bitcoin ETF Investment
Web3 Startup Introduces Crypto Payments at NYC’s Hottest Restaurants
Lummis Unveils the BITCOIN Act to Establish Strategic BTC Reserve for the United States
France Regulator AMF Opens for MiCA Applications, First Among Biggest EU Economies
ESMA Sets Out What it Classes as Unlawful Business With EU Clients, When Working With Overseas Firms
Financial Services Company Advisors Given Go-Ahead to Pitch Bitcoin ETFs to Investors
Japan’s Top Finance Regulator Hesitant on Crypto ETF Approvals
Standard Chartered Subsidiary Bank Launches Bitcoin ETFs Trading
Stablecoin Market Faces Transformation with Upcoming US Regulations
Harris Triggers Crypto Tug-of-War Between Democrats
Select Events
Selected events for deeper dives into different parts of the digital assets and DeFi world.
CFTC Commissioner Pham Speaks on Digital Money Regulation at the Point Zero Forum
Commodity Futures Trading Commissioner Caroline D. Pham participates in a “Global Policymakers’ Dialogue on State of CBDCs and Digital Money Regulations” panel at the Point Zero Forum.
LEARN THE LINGO
For those new to the digital assets and DeFi world, each edition of the Digital Assets Download will highlight a different term to help you be a part of the conversation.
Total Value Locked (TVL)
The overall value of digital assets deposited or staked in a decentralized finance (DeFi) protocol. TVL is a form of fundamental value analysis for a particular DeFi protocol (or for DeFi overall) and has emerged as one of the most widely-used metrics for evaluating and comparing protocols. TVL is used to assess the levels of capital being used in a protocol, as well as its popularity and near-term viability. For comparison to another commonly-used financial metric for companies: The ratio of a protocol’s market capitalization (i.e., the total market value of all of a protocol’s tokens in circulation, measured at current market prices) to a protocol’s TVL is analogous to a traditional public company’s price/book ratio (i.e., the company’s market capitalization divided by the net book value of the company’s assets on its balance sheet).
Writing on the Wall, Translating ‘Crypto’ Terms with Mayer Brown
From Airdrop to Wrapped Token, our illustrated glossary, “Writing on the Wall, Translating Securities with Mayer Brown,” has been updated with additional digital assets and cryptocurrency terms. Check out our “featured” list for the crypto terms and the full list of terms.
