Bitcoins

News & Analysis as of

Silk Road’s Ulbrecht Fails in Dismissal Bid, Court Strengthens Federal Bitcoin Enforcement

In another installment of the continuing saga surrounding the shuttering of the Silk Road online marketplace and arrest of its alleged creator and operator, Ross William Ulbricht (Ulbricht), a Southern District of New York...more

Bank of Italy warns on Bitcoin and its illegal usage

Bitcoin and its potential usage as part of money laundering crimes as well as of crimes associated with terrorism has been the subject of concerns raised by the UIF, the harm of the Bank of Italy dedicated, among others, to...more

GAO Issues Report Concerning Emerging Challenges Posed by Virtual Currencies

The Government Accountability Office (the “GAO”) issued a report concerning virtual currencies (the “Report”) to the U.S. Senate’s Committee on Homeland Security and Governmental Affairs. The Report discusses emerging...more

Bitcoin: Bringing you up to speed on a digital currency

How would you like to pay for that? Cash, credit or bitcoins? While the use of Bitcoin may not presently be widely accepted like cash or electronic funds transfers, it is undeniable that the interest and market...more

GAO Wants CFPB to Focus on Virtual Currencies

GAO issued a report discussing virtual currencies. One example of these is bitcoin, which was developed in 2009. Bitcoin and similar virtual currency systems operate over the Internet and use computer protocols and encryption...more

Trade Group White Paper Assesses Virtual Currency Landscape

On June 23, the ICBA and The Clearing House published a white paper on virtual currency that (i) defines virtual currency and describes the current regulatory environment; (ii) describes key players in the Bitcoin system...more

Mixed feelings: China censures bitcoin while Hong Kong embraces it

Last December, bitcoin prices plummeted by nearly half, after Chinese authorities banned all financial institutions and payment processor companies in China from engaging in bitcoin-related business, denominating prices in...more

Bitcoin and gaming – what legal issues?

Issues affecting Bitcoin and gaming are becoming a very frequent topic of discussion since a number of gaming websites decided to allow Bitcoin transactions and even relevant gambling regulators decided to take actions to...more

U.S. Government Begins First Ever Bitcoin Auction

As reported in our earlier post, the U.S. Government has begun its first ever auction of Bitcoins. The Bitcoins to be auctioned were seized in connection with the shutdown of the Silk Road - the "dark net" site that served as...more

Bitcoin Investment Vehicles Beware – The SEC is Watching

The Securities and Exchange Commission (SEC) recently charged the co-owner of two Bitcoin-related websites for publicly offering shares in the ventures without registering the securities under the Securities Act of 1933 (the...more

Advertising News & Analysis - June 2014 #3

In this issue: - Dan Silverman Provides Analysis of POM Wonderful Decision - Senators to FTC: Knock Off Outlet Knock Offs - Understanding What Just Happened in POM Wonderful v. Coca-Cola -...more

Secured Lender Protection Limited When Bitcoin is Collateral

On June 17, 2014, the U.S. Bankruptcy Court in Dallas granted recognition under chapter 15 of the Bankruptcy Code of the bankruptcy proceeding in Japan of failed bitcoin exchange, Mt Gox. Mt. Gox shut down after claiming to...more

Bitcoin Mining Firm Consistently Attaining Control of the Market

Bitcoin mining firm GHash is reportedly consistently attaining over 51% of all of the hashing power of all Bitcoin miners. As a decentralized currency, Bitcoin depends on an open ledger called the "block chain" to track every...more

US Marshals Service Announces Auction of Silk Road Bitcoins

The US Marshals Service (USMS) announced that it will hold an online auction on June 27 to sell bitcoins contained in wallet files seized from the servers of Silk Road, the “deep web” black market shut down by the Federal...more

Kansas Bank Commissioner Issues Virtual Currency Guidance

On June 6, the Kansas Office of State Bank Commissioner (OSBC) issued guidance on the regulatory treatment of virtual currencies under the Kansas Money Transmitter Act (KMTA). The guidance focuses on money transmission...more

Credit Crunch Digest -- May 2014

This issue of the Credit Crunch Digest focuses on ongoing investigations into Libor manipulation by Deutsche Bank; fines against Barclays stemming from manipulation of the gold market; a warning by the SEC regarding Bitcoins;...more

Corporate and Financial Weekly Digest - Volume IX, Issue 24

In this issue: - Commissioner Kara M. Stein Calls for More Stringent Net Capital Requirements for Broker Dealers - US Marshals Service Announces Auction of Silk Road Bitcoins - Investment Adviser Accused...more

Bitcoin Reportability and Taxation

June 30 is the deadline for taxpayers with a connection to foreign financial accounts to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). As this is the first year in which all FBARs must be...more

Bitcoins Do Not Require FBAR Filing

I have been posting a lot of FBAR-related posts lately. Here’s one more. There has been a question whether owners of “bitcoins” and other virtual currencies that have non-U.S. aspects, are subject to annual reporting...more

Week in Review

For months, the discussion about cryptocurrency - primarily "Bitcoin" - has steadily increased in technology news. This week, Dish Network became the largest company to accept Bitcoin payments, following Tesla, Virgin...more

This Week In Securities Litigation (Week ending June 6, 2014)

The SEC had mixed results in court this week. A Manhattan jury returned a verdict against the agency in a high profile and long-running insider trading case where the agency had previously obtained favorable rulings from the...more

SEC, Bitcoin and Unregistered Offerings

Bitcoin has been a much discussed item recently. The virtual currency is a digital representation of value that is traded and can serve as a medium of exchange. There are websites that use it. At one time there was a stock...more

Hazards Abound for Companies Seeking to Accept Bitcoin

The Bitcoin “Cryptocurrency” has gained momentum in the market, and some businesses, including Overstock. com and TigerDirect.com, now accept bitcoins as payment. Many others are wondering if Bitcoin is a good fit for...more

Senate Banking Committee Leaders Seek Regulators’ Views On Virtual Currencies

On May 19, the Senate Banking Committee’s chairman and ranking member, Senators Tim Johnson (D-SD) and Mike Crapo (R-ID), sent a letter to the leaders of the Treasury Department, the SEC, the CFTC, the OCC, the FDIC, and the...more

SEC Alerts Investors: Of Bitcoin Risks

For the second time in less than one year, the Securities and Exchange Commission (SEC) has issued an alert to investors about the risks of investing in Bitcoin and other virtual currency-related opportunities....more

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