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IRS Issues Significant Convertible Virtual Currency Ruling – Bitcoin Community Abuzz

The IRS has issued its first major ruling on the U.S. federal tax implications of transactions in, or transactions that use, Bitcoin and other convertible virtual currencies. The ruling stresses that it relates to convertible...more

3/28/2014 - Bitcoins IRS Property Tax Virtual Currency

IRS Issues Significant Convertible Virtual Currency Ruling - Bitcoin Community Abuzz

The IRS has issued its first major ruling on the U.S. federal tax implications of transactions in, or transactions that use, Bitcoin and other convertible virtual currencies. The ruling stresses that it relates to convertible...more

3/26/2014 - Bitcoins FinCEN IRS Virtual Currency

More fallout from Silk Road

Another set of Bitcoin-related arrests for failing to comply with the Bank Secrecy Act. Interestingly, investors in one of the companies include the Winkelvoss twins. Anyone who is involved in Bitcoin or other virtual...more

1/28/2014 - Bank Secrecy Act Bitcoins Money Laundering Silk Road Virtual Currency

Sacramento Kings Announce They Will Be The First Pro Sports Franchise To Accept Bitcoin

On January 16, 2014, The Sacramento Bee in its article Kings will be first pro sports franchise to accept online currency Bitcoins announced that by March 1, 2014, Sacramento Kings fans "will be able to purchase team...more

1/20/2014 - Bitcoins Mobile Apps Spectator Sports Virtual Currency

Taxation of Virtual Currencies

The taxation of virtual currencies has garnered increasing attention, in part due to the princely fortunes some are making from the rapid increase in the price of Bitcoins. Yet, the U.S. IRS has issued little guidance in this...more

1/14/2014 - Bitcoins GAO IRS Online Gaming Retailers Virtual Currency

Does Bitcoin Violate the Stamp Payments Act?

Based on some recent articles, a number of people have asked whether Bitcoin might be declared illegal under an archaic law known as the "Stamp Payments Act." According to a recent Congressional Research Service report, the...more

1/10/2014 - Bitcoins Stamp Payments Act Virtual Currency

Healthcare Gamification - Regulation of Wellness Programs

Gamification has become pervasive in many every day activities, including health and wellness programs. For companies involved in these activities, you should make sure you are aware of the final Affordable Care Act ("ACA")...more

8/28/2013 - Affordable Care Act Gamification Healthcare Healthcare Reform New Regulations Wellness Programs

FINCEN Virtual Currency Guidance

As recently reported, FINCEN issued significant guidance on legal isesues with virtual currency. Shortly thereafter, an enforcement action was intitiated against Mt. Gox, one of the largest bitcoin exchanges for operating...more

7/5/2013 - Bitcoins Enforcement FinCEN Foreign Exchanges Virtual Currency

Money Laundering through Virtual Currency Provider Shut Down

The U.S. Department of the Treasury has targeted Liberty Reserve S.A. as a financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act (Section 311). According to Financial Crimes...more

5/29/2013 - FinCEN Money Laundering Patriot Act U.S. Treasury Virtual Currency

FINRA Levies $9 Million Fine Against Financial Service Company Over Email Failures

The Financial Industry Regulatory Authority (FINRA) has levied a $7.5 million fine against LPL Financial LLC (LPL) for a series of email system failures which prevented LPL from accessing hundreds of millions of emails and...more

5/22/2013

Bitcoin Exchange Assets Seized

Federal authorities executed a seizure warrant against a bank account associated with one of the leading bitcoin exchanges. The warrant was not based on bitcoins themselves being illegal. Rather, the entity was not registered...more

5/20/2013 - Bitcoins FinCEN Virtual Currency

DMCA Saves YouTube...Again

Yesterday a NY court again dismissed Viacom's $1 billion suit against Google/YouTube for copyright infringement. The court found that the DMCA shielded YouTube from liability after an appelate court vacated the prior...more

4/19/2013 - Copyright Copyright Infringement DMCA Liability YouTube

Mobile Payments Infographic

Check out this Mobile Payments Infographic brought to you by the Mobile Payments Working Group, as part of the Application Developers Alliance. Pillsbury team members Jim Gatto, Deb Thoren-Peden and JiJi Park are all members...more

4/17/2013 - Digital Goods Mobile Payments

SEC OKs Social Media Sites for Financial Disclosures

The Securities and Exchange Commission issued a report that makes clear that companies can use social media outlets like Facebook and Twitter to announce key information in compliance with Regulation Fair Disclosure...more

4/3/2013 - Facebook Investors Netflix Public Disclosure Regulation FD SEC Social Media

FINCEN Issues Virtual Currency Regulations

FINCEN has recently issued what is perhaps the most specific pieces of regulatory Guidance on the financial regulatory issues with virtual currencies. ...more

3/22/2013 - Bank Secrecy Act FinCEN

Who wants money for mobile app development?

Kongregate, the game portal owned by GameStop, has announced a financial assistance program to the tune of $10 million for free-to-play mobile app developers....more

2/4/2013 - App Developers Free-to-Play Games Games GameStop Kongregate Mobile Apps Social Media Startups

Social Media Guidance for Financial Institutions

The Federal Financial Institutions Examination Council (FFIEC) has released proposed guidance on the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted via social media...more

1/30/2013 - FFIEC Social Media Social Media Policy

Will Australia Ban Non-Real Money Gambling Apps?

As real money online gambling remains bogged down in the legislative and regulatory morass, social gaming applications have been on a tear. As we have previously reported, major players are leveraging social gaming...more

1/15/2013 - Caesars Gamblification IGT Internet Gambling Mobile Apps Social Gaming Zynga

Virtual Goods, Gaming and the Trouble With Secondary Markets

Since the early days of online games, 'virtual goods' have been used to enhance game play and to provide revenue to game developers. These are earned by accomplishing tasks or bought from the developer, typically for use in...more

1/8/2013 - Gambling Games Internet Internet Gambling Secondary Markets Social Media Video Games Virtual Goods Zynga

Gambling and Social Games Continue to Unite: Caesars Interactive Entertainment has acquired Buffalo Studios LLC

According to a report on Inside Social Games, Caesars Interactive Entertainment has acquired Buffalo Studios LLC, a social and mobile games developer most known for its Bingo Blitz and Bingo Rush....more

1/5/2013 - Acquisitions Games Internet Gambling Mobile Apps

How to Avoid Losing 25% of Your Customers Overnight

According to a recent report, Instagram lost nearly 25% of its users (as tracked by AppData) nearly overnight. The cause is believed to be due to a very unpopular change to its Terms of Service....more

1/3/2013 - Instagram Privacy Policy Social Media Terms of Service

Suit Over Ownership of Twitter Followers Settled

We previously reported on the lawsuit over ownership of Twitter followers, when an employee left PhoneDog and changed the twitter handle of an account that had been used to tweet to PhoneDog customers....more

1/3/2013 - Passwords Phonedog Settlement Social Media Trade Secrets Twitter

Are you properly disclosing your virtual goods sales?

As the multi-billion market for virtual goods continues to grow, so too does the regulatory scrutiny. One area where many companies in this space may want to review is their SEC disclosure practices....more

12/10/2012 - SEC Virtual Goods

Pin to Win - Do's and Don'ts of Pinterest Contests and Promotions

With the meteoric rise of Pinterest, many companies are leveraging its popularity. One way this is happening is that Brands are creating contests and promotions around users "pins." This is a growing trend in the use of...more

12/10/2012 - Contests & Promotions Gamblification Marketing Pinterest Social Media

Facebook Sued for Virtual Currency Monopolization

Kickflip, which does business under the name Gambit, sued Facebook for allegedly monopolizing the "virtual currency" market used in online games by requiring game publishers to use Facebook credits. It is also alleges...more

12/4/2012 - Facebook Monopolization

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