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David Zaslowsky

David Zaslowsky chairs the Litigation Department of Baker McKenzie's New York office, and practices in the area of general commercial litigation and arbitration. He is the editor of the Firm's blockchain blog and co-editor of the Firm's International Litigation & Arbitration Newsletter. David has a degree in computer science and has worked on numerous technical-related disputes. He has also worked on many cases involving issues of international litigation, including matters related to the Foreign Sovereign Immunities Act, enforcement of foreign arbitral awards, the Alien Tort Claims Act, forum non conveniens, obtaining discovery in aid of foreign proceedings under 28 U.S.C. Section 1782, and foreign attachments. David has been included for a number of years in the Chambers USA Guide and Chambers Global Guide for his expertise in International Arbitration.

On November 15, President Biden signed the more than USD 1 trillion Infrastructure Investment and Jobs Act into law. Despite substantial criticism and various attempts to amend the bill while it was under debate in Congress, the Infrastructure Act includes two changes to provisions of the Internal Revenue Code that deal with reporting obligations for certain digital assets transactions. Although one of these changes received much more attention than the other.

On 10 August 2021, the U.S. Senate passed the USD 1 trillion infrastructure bill, known formally as the Infrastructure Investment and Jobs Act (Infrastructure Bill). The Infrastructure Bill includes provisions for approximately USD 550 billion in new federal spending over 10 years on various transportation, broadband, utilities, and other infrastructure projects. The Infrastructure Bill contemplates that USD 28 billion in income tax attributable to the disposition of digital assets will be collected over 10 years.

Bitcoin broke into the consciousness of the general public in 2017. In March of that year, the price surpassed its then-all-time-high of USD 1,342. By December 17, 2017, the price was USD 19,783, up 1,824% from January 1, 2017. About a year later, on December 7, 2018, the price had dropped to below USD 3,300, a 76% drop from the prior December.

U.S. District Court Declines to Accept SEC’s Argument that Token is a “Security” Until It Can Resolve Disputed Questions of Fact On November 27, 2018, the U.S. District Court for the Southern District of California issued a decision that is already being reported as one holding that a token is not…