Senate

One Big Beautiful Bill Act – Senate Proposal Would Limit Applicability of House’s 3.5% Remittance Tax on Fund Transfers Abroad

By Shane Foster, Marina Olman-Pal, Robert Mangas & Erez I. Tucner on June 20, 2025

Posted in Anti-Money Laundering, banking, Banks, Blockchain, Client Alert, Featured, Government, GT Alert, Regulatory, Regulatory Compliance, Tax

On June 16, 2025, the Senate Finance Committee released its own version of the tax provisions of H.R. 1, entitled the “One Big Beautiful Bill Act,” which the U.S. House of Representatives passed on May 22, 2025. The full U.S. Senate is expected to debate the Senate Proposal in the days ahead, where additional changes may be made.
Continue Reading One Big Beautiful Bill Act – Senate Proposal Would Limit Applicability of House’s 3.5% Remittance Tax on Fund Transfers Abroad

Lawmakers Introduce Resolution to Nullify SEC’s Crypto Accounting Bulletin

By William Mack, Kyle Jaep, Robert Mangas & Barbara A. Jones on February 8, 2024

Posted in cryptocurrency, Featured, SEC, Securities and Exchange Commission

U.S. Sen. Cynthia Lummis (R-WY) and Reps. Wiley Nickel (D-NC) and Mike Flood (R-NE) are working to overturn a controversial Securities and Exchange Commission (SEC) staff accounting bulletin, SAB 121, that places restrictions on the custody of digital assets by public companies, including banks and trust companies, on behalf of their customers. On Feb.