Did the IRS Just Help or Hurt the Bitcoin Economy?
Hot Trends in Federal Enforcement on the Web in 2013 from Ifrah Law Partners
Ransomware is a type of malware that locks access to a computer and its drives. Many forms of ransomware take complete control of the computer system, encrypt all of the files, and deny access to the system and any files...more
This chart is provided by Perkins Coie LLP’s Decentralized Virtual Currency industry practice group for informational purposes only and is not legal advice. This information is not intended to create, and receipt of it does...more
The Commodity Futures Trading Commission (CFTC) recently took a series of actions confirming views expressed late last year by CFTC Chairman Timothy Massad that "[d]erivatives contracts based on a virtual currency represent...more
On September 22, NYDFS Acting Superintendent Anthony Albanese announced that the New York Department of Financial Services (NYDFS) granted its first BitLicense from its current applicant pool. In June 2015, the NYDFS...more
IOSCO Chairman Greg Medcraft has discussed digital disruption in capital markets in a speech at Carnegie Mellon University. He identifies blockchain technology, the algorithm behind bitcoin, as having the potential to...more
On September 24th, the U.S. Commodity Futures Trading Commission (CFTC) settled charges against TeraExchange LLC, a provisionally registered bitcoin swap execution facility (SEF). The charges stem from a non-deliverable...more
Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more
In the space of just seven days, the CFTC has brought two enforcement actions regarding Bitcoin transactions.
In the first action, the CFTC issued an order filing and simultaneously settling charges...more
On September 15, the Conference of State Bank Supervisors (CSBS) issued its Model Regulatory Framework for State Regulation of Certain Virtual Currency Activities (Model Framework). The CSBS Emerging Payments Task Force...more
On September 17th, the Commodity Futures Trading Commission (“CFTC”) announced an enforcement order and settlement against an unregistered bitcoin options trading platform. The order is notable for six reasons:
1) It is...more
On August 25, a three judge panel of the U.S. Court of Appeals for the Eighth Circuit affirmed a lower court’s decision to deny consumers’ motion to intervene in the FTC’s suit against BF Labs, Inc. d/b/a/ Butterfly Labs...more
Vermont. Early this month, Vermont’s governor formally asked a broad coalition of stakeholders to consider whether blockchain technology could be used to help manage state records. While still in its investigative stage,...more
On August 14, FinCEN issued an Administrative Ruling, FIN-2015-R001, determining that a company that: i) provides Internet-based brokerage services between buyers and sellers of precious metals; ii) buys and sells precious...more
Why it matters -
The AML compliance community is still wrestling to understand the full implications of an indictment filed against two men who allegedly operated a Bitcoin exchange that had not been registered as a...more
On July 21, U.S. Attorney for the Southern District of New York Preet Bharara, along with the Assistant Director-in-Charge of the New York Field Office of the FBI and the Special Agent-in-Charge of the New York Field Office...more
Domestic Developments -
Florida. Anthony Murgio and Yuri Lebedev, operators of bitcoin exchange service Coin.mx were arrested on July 21, 2015 for operating the exchange without a money transmission license. The U.S....more
The CRA recently provided its views on whether digital currency, including Bitcoins, are considered “specified foreign property” under the foreign property reporting rules in section 233.3 of the Income Tax Act.
Virtual currencies such as Bitcoin, once a novel means of exchange, have become so commonplace that in May of this year the New York Stock Exchange created a first-of-its-kind index (the “Index”) representing the U.S. dollar...more
On June 26, 2015, the ITC handed down its Commission Opinion in Certain Loom Kits for Creating Linked Articles, Inv. No. 337-TA-923, Comm’n Op. (Feb. 3, 2015) (hereinafter “Loom Kits ”), granting a general exclusion order. ...more
The June 22 FTC blog posting warning consumers about the use of bitcoins and other virtual currencies should be a call to action for those accepting or facilitating the acceptance of bitcoin and other virtual currencies in...more
Why it matters:
The New York Department of Financial Services (DFS) released the final regulations for the much-anticipated BitLicense, the first state regulatory regime designed specifically for virtual/digital currency...more
It’s tempting to think that Bitcoin services would be immune to patent litigation.
After all, Bitcoin protocol is open source and seems to be in the public domain. Satoshi Nakamoto, the pseudonymous designer of...more
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