Bitcoin

News & Analysis as of

IRS on the Hunt for Bitcoin Users

Bitcoin is the most popular of the virtual currencies. In Notice 2014-21, the IRS advised that such currencies are not money, but property, for tax purposes. Two implications of this are that persons who use Bitcoins to...more

The World in US Courts: Orrick's Quarterly Review of Decisions Applying US Law to Global Business and Cross-Border Activities

Alien Tort Statute (ATS)/Torture Victims Protection Act (TVPA)/Anti-Terrorism Act (ATA) - District Court Dismisses ATS Claim Where Alleged Conduct in US Was Not Directly Linked to Injuries Claimed in Other Countries...more

Digital Currency Exchange Customers Targeted in IRS Information-Gathering Sweep

Coinbase, one of the largest digital currency exchange companies in the world, will likely be asked to provide the Internal Revenue Service (IRS) with transactional data and other information on all U.S. customers who used...more

Westworld: A summary of the Money 20/20 conference 2016

It is perhaps natural to assume that a transaction on the old West frontier at the turn of the twentieth century is a world away from the future of Fintech and payments. However such an assumption is misplaced for two...more

Your Daily Dose of Financial News

The IRS isn’t waiting around for virtual currency to gain wider acceptance. No, it’s more than happy to go after Bitcoin users who have sought to use the virtual currency as a means of evading taxes....more

A Closer Look: Practical Tips to Managing a Ransomware Attack Part 2

Part 1 of this two part series laid out the state of the industry regarding ransomware. In Part 2, this post will examine what steps to take, or not to take, during and after a ransomware attack. “We’ve Been Hit – Now...more

Bitcoin Rebounding Following Security Breach

Bitfinex is a Hong Kong-based digital currency exchange – one of the world’s leading such exchanges, and the self-proclaimed largest exchange by volume for trading bitcoin against the US Dollar. On August 2, 2016, Bitfinex...more

Coins Series A Financing Opens Bitcoin to Underserved Global Community

A Philippines bitcoin startup, Coins, recently announced a $5 million investment from global investors, to help it expand its reach to underbanked communities in Southeast Asia. The Series A round is a big shot in the arm to...more

Digital Currencies and Blockchain Technology Threaten to Disrupt Traditional Banking Services

To most people, the concept of digital currencies is synonymous with the name Bitcoin. However, hundreds of digital currencies exist. In fact, WorldCoinIndex.com tracks 445 currencies, and CoinMarketCap.com tracks 732....more

Bitcoin: Cybersecurity Regulations on the Horizon?

As legislators grapple with creating legislation intended to bring virtual currencies, such as bitcoin, within the scope of anti-money laundering regulations, the vulnerability of Bitcoin exchanges to theft and other cyber...more

In Case You Missed It: Launch Links - October, 2016 #2

Some interesting links we found across the web this week: White House: ‘A.I. holds the potential to be a major driver of economic growth and social progress’ - The closing months of the Obama Administration have...more

What is Blockchain? Why Does It Matter? Observations As North Carolina’s Virtual Currency Legislation Goes Into Effect

J. K. Rowling’s world of Harry Potter included an array of amazing artifacts; our personal favorites were the books and pictures that changed themselves. Two decades later, a world of Kindles and iPads echoes the wonders of...more

Digital Democracy: The Future of Voting

In the wake of the most intensely anticipated?—?and certainly the most Tweeted and meme-ified?—?presidential debate in history, I spoke on a panel last week on election and voting tech at the New York County Lawyers...more

Your daily dose of financial news - The Brief – 10.4.16

The Journal gives us a closer look at Italy’s Monte dei Paschi—the world’s oldest bank (founded in 1472)—that’s deeply tied to Siena and that’s threatening to drag the whole of the region’s economy down with it if it fails,...more

Money, bits and banking: Florida case implicates legal status of digital currencies in the US

Introductory level economics textbooks often begin with a discussion of a surprisingly tricky question – what is money? In economics parlance, money is not simply what is in your wallet; rather, it is any asset that functions...more

In Case You Missed It: Launch Links - September, 2016 #4

Some interesting links we found across the web this week: The Hacking Law That Can’t Hack It - For 30 years and counting, courts have struggled with the vagaries of the Computer Fraud and Abuse Act, a federal law...more

Blockchain and Public Securities: Shedding Light on 'Going Dark'

The application of blockchain technology to the securities market could prove to be a game changer by adding transparency, reducing costs and speeding up settlements. Initially known as the technology underlying the...more

Bitcoin Again Held to Be “Funds” for Federal Money Transmitting Purposes

Murgio decision reflects a growing judicial consensus around the application of money transmitting laws to Bitcoin exchangers. On September 19, 2016, U.S. District Judge Alison J. Nathan of the Southern District of New...more

Your daily dose of financial news - The Brief – 9.21.16

Testifying before the Senate Banking Committee yesterday, Wells Fargo CEO John Stumpf admitted that the illegal sham-account-creation activity at the heart of its recent SEC fine may have begun earlier than first reported....more

The Aftermath of the Bitfinex Hack

In our August 9 blog post, we discussed the Bitfinex hack that rattled the bitcoin markets and raised serious questions about the security of bitcoin wallets and allocating risk in this new age of cyber theft. Through a...more

European Commission tackles financing risks linked to virtual currencies

The European Commission has adopted a proposal to strengthen anti-money laundering (AML) and counterterrorism financing (CFT) measures related to virtual currencies. The proposal, adopted in July 2016, seeks to bring...more

Your daily dose of financial news - The Brief – 9.12.16

The past 2 years have been just short of disastrous for most hedge funds. But even without much to show in the form of results, the world’s biggest fund manager—Bridgewater Associates—has attracted $22.5 billion in investor...more

Virtual Currency May Not Be Money but Dismissal Is Real

Is bitcoin money? Not according to a Florida judge who threw out criminal charges against a defendant accused of money laundering and acting as an unlicensed money services business in violation of state law. What...more

It's All About Blockchain - Don't Miss These 7 Reads

Don't miss these seven popular reads on Blockchain....more

Banks Announce Plan for Utility Settlement Coin

Several big banks running the very system of money exchange that bitcoin was created to replace are now planning on co-opting bitcoin technology. This blog previously discussed that banks were interested in using...more

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