Digital Assets

Part 4 of 4: Digital Assets, Hybrid Licenses, and the Future Regulatory Map

In Part 1 of this series, Fastest Route to Market: Money Transmission Licensing Roadmaps for FinTechs, we explained why many early-stage FinTechs begin by assessing federal Money Services Business registration and state…

On June 5, the U.S. Tax Court issued a memorandum opinion in a closely watched case about the taxation of rewards from staked cryptocurrency tokens. In Paschall v. Commissioner, T.C. Memo. 2026-46, the Tax Court held that these rewards are includable in gross income…

Introduction

Over the past several weeks, secondary markets for private company stock have surged back into the spotlight. High-profile issuers like Anthropic and SpaceX are reportedly seeing active demand for “secondary exposure” through special purpose vehicles (SPVs), forward contracts, and other synthetic structures.1 For…