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On December 23, 2020, FinCEN proposed new rules for banks and money services businesses about how they handle transactions with virtual currencies or digital assets that have legal tender status. These rules focus on transactions over $10,000 and involve specific types of digital wallets. Initially, feedback was allowed until January 7, 2021, but the comment period was reopened for more input. This document further extends the deadline for comments to March 29, 2021, allowing more time for feedback on the proposed rules.

The Office of the United States Trade Representative (USTR) has issued a notice regarding India's Digital Services Tax (DST). The USTR found that India's DST is unfair or discriminatory and negatively impacts U.S. businesses. This tax applies only to non-resident companies and is imposed on revenue instead of income, which is against international tax principles. Further actions will be considered under Section 301 of the Trade Act to address these issues.

The Office of the United States Trade Representative (USTR) has decided that Turkey's Digital Services Tax (DST) is unfair and discriminates against U.S. businesses, causing problems for U.S. trade. The tax targets companies based on digital services and revenue criteria, disadvantaging American companies. This conclusion came after an investigation and consultations with Turkey, during which public opinions and expert advice were considered. The USTR plans to take further actions under Section 301 of the Trade Act in response to these findings.

The Executive Order establishes a Strategic Bitcoin Reserve and a United States Digital Asset Stockpile to strategically manage the U.S. government's holdings of digital assets like Bitcoin. The Treasury Department will oversee these reserves, using Bitcoin obtained through legal means such as forfeiture. The order prohibits selling these assets unless it's legally required or benefits crime victims, law enforcement, or is shared with state and local agencies. The Treasury is also tasked with evaluating the legal and investment aspects of managing these digital assets, ensuring they are handled responsibly without burdening taxpayers.

The Consumer Financial Protection Bureau (CFPB) has issued a final rule to identify larger participants in the market for digital consumer payment apps, like digital wallets and payment apps used for personal payments. A nonbank must manage at least 50 million transactions annually and not be a small business to qualify as a larger participant and fall under CFPB supervision. This new rule, effective January 9, 2025, will not add new consumer protection obligations but will help the CFPB monitor compliance with federal consumer financial laws and assess risks to consumers. The rule follows a public comment phase and consultation with other federal agencies.

The Office of the United States Trade Representative (USTR) has decided to indefinitely suspend additional duties on French products that were set to begin on January 6, 2021, in response to France's Digital Services Tax (DST). This decision comes as investigations into similar taxes in other countries continue, with the aim of allowing more time for discussion and potential resolution. The suspension reflects ongoing consideration of public comments and the advice of advisory committees. The USTR will keep monitoring developments in both the France DST investigation and other related investigations.

The Office of the United States Trade Representative (USTR) determined that the United Kingdom's Digital Services Tax (DST) is unreasonable and discriminatory towards U.S. digital companies. The tax targets certain online services and has revenue thresholds that disadvantage U.S. businesses, while also conflicting with international tax principles by applying to revenue instead of income. This tax is seen as an unreasonable burden on U.S. commerce, and further proceedings will decide what actions, if any, the U.S. will take in response.

The Treasury Department and the Internal Revenue Service (IRS) have finalized rules for reporting digital asset transactions performed by brokers. These new regulations, effective January 1, 2027, require brokers who regularly facilitate digital asset sales, like those in decentralized finance (DeFi), to provide forms reporting gross proceeds from these transactions. The rules primarily apply to trading front-end service providers, who are best positioned to report on such transactions due to their close interaction with customers. The regulations aim to enhance tax compliance by ensuring digital asset transactions are reported similarly to traditional financial trades.

The U.S. Copyright Office has introduced an interim rule aimed at safeguarding confidential information managed by the mechanical licensing collective and the digital licensee coordinator under the Music Modernization Act. This rule establishes procedures to secure private and sensitive data and regulates who has access to this information, emphasizing that disclosure should be limited to authorized personnel for specific tasks. The rule was created after receiving public comments, and it aims to balance transparency with protecting confidential business and personal data. It includes provisions for handling how this information can be shared and used, ensuring compliance with statutory licensing requirements.

The Digital Manufacturing Design Innovation Institute (DMDII) has updated its membership list by adding multiple new organizations, including Ubisense and ProshopERP. This was reported to both the Attorney General and the Federal Trade Commission as per the National Cooperative Research and Production Act of 1993, which allows limited recovery of antitrust damages for certain cooperative activities. DMDII has confirmed that membership remains open and further changes will be reported as needed. The last update was filed on September 30, 2020, with notice published on October 15, 2020.