The Chamber of Digital Commerce and Steptoe & Johnson LLP today announce the formation of the Digital Assets Tax Policy Coalition, a Washington, D.C.-based coalition created to help develop effective and efficient tax policies for the growing virtual currency markets. The move comes in response to a lack of recent guidance from the Internal Revenue Service, which since 2014 has considered digital currencies to be property, not currency, for tax purposes.
The Digital Assets Tax Policy Coalition intends to help develop policies that work for both the industry and government. Developing these policies will allow the IRS to implement the recent recommendations by the Treasury Inspector General for Tax Administration (TIGTA) that the IRS develop a strategic plan for its virtual currency program and create third-party tools to allow for greater compliance, while minimizing the need for aggressive and burdensome enforcement actions.
Led by the Chamber of Digital Commerce, industry participants include some of the leading exchanges, wallet providers, and transaction processing companies in the digital asset sector. Steptoe will serve as counsel to the Coalition.
“Clear tax treatment for digital assets is essential to ensure robust growth of this important sector,” said Perianne Boring, president and founder of the Chamber of Digital Commerce.
“We are proud to be working with the industry’s leading companies to engage with policymakers on an issue of vital importance to the sector. Tax solutions that allow the IRS to do its job without resorting to actions such as a John Doe summons will be of benefit to all,” said Jason Weinstein, partner at Steptoe and co-chair of Steptoe’s Blockchain and Digital Currency practice.
“Blockchain and digital asset technologies pose unique challenges to tax administration. We look forward to working with the Coalition to develop policies that minimize compliance burdens for the industry while also providing the IRS the tools it needs to administer the tax code effectively and efficiently,” said Cameron Arterton, of counsel at Steptoe.
The Digital Assets Tax Policy Coalition is another step in the industry’s efforts to proactively engage with government officials on issues of mutual concern. Last year, the Chamber of Digital Commerce co-founded the Blockchain Alliance to serve as a resource for law enforcement and a forum for open dialogue between the private and public sectors about digital assets and Blockchain technology. Steptoe leads and serves as counsel to the Alliance. The Digital Assets Tax Policy Coalition seeks to follow the same approach of open and cooperative engagement with policymakers on issues of mutual concern.
The Chamber of Digital Commerce is the world’s leading trade association dedicated to promoting the understanding, acceptance and use of digital assets and Blockchain-based technologies. Headquartered in Washington, D.C., the Chamber is the founder of the Smart Contracts Alliance, the Blockchain Alliance, the Global Blockchain Forum and many other key industry initiatives. For more information, please visit DigitalChamber.org or follow us on Twitter: @ChamberDigital.
Steptoe & Johnson LLP is an international law firm widely recognized for vigorous advocacy in complex litigation and arbitration, successful representation of clients before governmental agencies, and creative and practical advice in guiding business transactions. The firm has more than 500 lawyers and other professionals in offices in Beijing, Brussels, Chicago, London, Los Angeles, New York, Palo Alto, Phoenix and Washington.
Steptoe’s Blockchain practice has a unique role in the Blockchain industry and brings an unparalleled combination of FinTech, financial services, tax, regulatory, and law enforcement experience. Over the past two and a half years, Steptoe has advised just about every type of participant in the Blockchain ecosystem – including investors, entrepreneurs, early stage companies, exchanges, transaction processors, and retailers. During this time, Steptoe has helped lead efforts to spread the word about the almost limitless possible applications for Blockchain technology. For more information, visit www.steptoe.com.
- Blockchain Startup Binded Raises $950k in Seed Round to Democratize Copyright - May 24, 2017
- Waves launches Gatway for the Euro - May 23, 2017
- Netki & Bitt Production Release Underway with Caribbean Financial Institution - May 23, 2017
- Kibo Lotto Launched in Ethereum Test Network - May 23, 2017
- Deloitte’s Blockchain Team Unveils Prototypes, Research and Alliances at Consensus 2017 - May 23, 2017
- Swiss e-government startup Procivis releases integrated e-identity platform - May 23, 2017
- Blockchain Wallet Jaxx Announces Massive Expansion - May 22, 2017
- ShapeShift Launches First Trustless Asset Portfolio Platform - May 22, 2017
- Status.im and Bancor Protocol Cut Deal to Issue Tokens From Smartphones - May 22, 2017
- Future\Perfect Lab Launches Blockchain, IoT, Artificial Intelligence and Security Convergence Project - May 21, 2017
- Storj Labs Claims Number Two ICO Spot With $20 Million Raised in Less than Six Hours - May 19, 2017
- Starta ICO Announces Crowdsale for Eastern European VC Vehicle on Waves Platform - May 19, 2017
- SingularDTV Announces New 11 Application Ecosystem - May 19, 2017
- Storj Labs Launches Token Sale - May 19, 2017
- CORION Announces Full-Service Blockchain Platform to Build and Manage Any Business - May 19, 2017
- Luxembourg Blockchain Group Incorporates Infrachain a.s.b.l. - May 18, 2017
- Fintech Investment Group Launches With AI Forex Trading Platform And Compcoin Digital Tokens Ahead Of Initial Coin Offering - May 18, 2017
- IBM and Chile’s Santiago Exchange to Deliver World’s First Securities Lending Blockchain Solution - May 18, 2017
- Supercomputer Organized by Network Mining (SONM) announces ICO - May 18, 2017
- Digital Assess Wants to Use Blockchain Technology to Replace Paper Qualifications - May 18, 2017
- Aragon Smashes ICO Record Pulling in $25 million in 15 Minutes - May 18, 2017
- Bloq Launches BloqLabs to Bring Open Source Blockchain Technologies to Enterprise - May 17, 2017
- Wagerr (WGR) — Sports Betting on the Blockchain - May 17, 2017
- Avalon Life Puts Land Ownership on Blockchain, Launches GREEN EARTH ZERO Service with NEM Technology - May 17, 2017
- Swiss EY Team Joins Polybius Cryptobank as Advisors, ICO to Follow - May 17, 2017
- IOTA Announces $2 Million IOTA Ecosystem Fund - May 17, 2017
- Crypviser Blockchain-Based Encrypted Communication Platform Announces the ICO of CVCoin Tokens - May 17, 2017
- Blockchain App Puts An End To Medical Records Being Held To Ransom - May 17, 2017
- Report on Blockchain Start-up Marketing Maturity Shows Challenges and Opportunities Ahead - May 17, 2017
- BlockEx Partners With Winston & Strawn to Leverage Blockchain for Bond Issuance - May 17, 2017
- US Brokerage Petitions SEC to Get Moving on ICOs - May 17, 2017
- Silicon Valley’s Boost VC to Invest in ICOs - May 16, 2017
- Aragon Partners with Leading Digital Asset Exchange ShapeShift Ahead of Highly Anticipated Token Sale - May 16, 2017
- LuxTrust and Cambridge Blockchain Announce Privacy-Protecting Identity Platform - May 15, 2017
- Sphre Partners with Airbitz to Power Secure Blockchain-Based Identity Management - May 15, 2017
- Furtherfield Gallery – Blockchain Art Exhibition London - May 12, 2017
- P2pfisy: An Innovative, Cross-sectoral Perspective On The Ongoing Disintermediation Of Financial Systems. - May 12, 2017
- How Exscudo Helps You To Store Cryptocurrencies - May 12, 2017
- Blockchain-Fueled Waves Platform Integrated in Microsoft Azure - May 12, 2017
- Nick Gogerty Joins the Lykke Team as Chief Strategist - May 12, 2017
- Countr POS Partners with Coinify to bring Blockchain Payments to its Merchants - May 12, 2017
- Wall Street Fintech PR Agency, Wachsman PR, Chooses Dublin as European HQ - May 12, 2017
- London Crypofinancing Conference – The Future of Startup Finance – Initial Coin Offerings, Token Sales, Cryptocurrencies and Blockchain - May 12, 2017
- AST to Deliver Blockchain-based Proxy Voting Solution - May 10, 2017
- Cofound.it Launches Token Sale for Startup Platform - May 10, 2017
- Global Graphchain Project FERMAT Expands, Partners with Cicada - May 9, 2017
- Gideon Greenspan – Where Flexible Thinking is Preferable to Dogmatism – The Blockchain Immutability Myth - May 9, 2017
- Mathematician and Israeli Bitcoin Association Chairman Meni Rosenfeld Joins Bancor Advisory Board - May 7, 2017
- South Korea’s BOScoin announces ICO May 10th, 2017 - May 6, 2017
- ICO Token Raises Blow Past VC for Blockchain Investment in last 12 Months - May 6, 2017