James G. Gatto

James G. Gatto

Pillsbury Winthrop Shaw Pittman LLP

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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

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

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

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