Bitcoins

News & Analysis as of

U.S. Marshals to Auction 50,000 Bitcoins Seized During Investigation of Silk Road Operator

On February 18, the U.S. Marshals Service announced that it will auction 50,000 bitcoins seized from wallet files found on computer hardware belonging to Ross Ulbricht, who was recently convicted in connection with his...more

How Not to Use Bitcoin

The use of Bitcoin has both legal and potentially illegal applications. Bitcoin is just a contemporary version of the Informal Value Transfer System, (“IVTS”) which in some countries is known as the Hawala. The IVTS has been...more

This Week In Securities Litigation

The Commission recently filed an amicus brief defending its Dodd-Frank whistleblower rules. Those rules specify that the anti-retaliation provisions of those amendments to the Exchange Act protect those who chose not to...more

Bridging the Week - December 2014 #4

ESMA Publishes Implementing Rules for MiFID II - The European Securities and Markets Authority issued its final technical advice and initiated a consultation regarding proposed regulatory and technical standards...more

CSBS Emerging Payments Task Force Issues Virtual Currency Policy Framework

The recently formed Emerging Payments Task Force of the Conference of State Bank Supervisors (CSBS) issued a proposed policy on state virtual currency regulation on Dec. 16, 2014 (the “Policy”). The Policy identifies core...more

Orrick's Derivatives in Review - December 2014

The Bitcoin Marketplace and Regulatory Environment: An Overview - Startup companies and financial products focused on bitcoin continue to burgeon, resulting in various regulators recently proposing regulations, making...more

Corporate and Financial Weekly Digest - Volume IX, Issue 49

In this issue: - Delaware Chancery Court Declines to Dismiss Fraud Claims Against Private Equity Fund and Directors - Agencies Amend Regulatory Capital and Liquidity Coverage Ratio Rules - FINRA Proposes...more

NYS Department of Taxation and Finance Issues Tax Guidance on Virtual Currency Transactions

On December 5, the New York State Department of Taxation and Finance (DTF) issued the memorandum “Tax Department Policy on Transactions Using Convertible Virtual Currency.” The memorandum clarified that under New York law,...more

SEC Sanctions Operator of Unregistered Virtual Currency Exchanges

On December 8, the Securities and Exchange Commission sanctioned a computer programmer for operating two online exchanges that traded securities using virtual currencies without registering them as broker-dealers or stock...more

Five Things You Should Know About New York State’s Taxation of Convertible Virtual Currency

On December 5, 2014, the New York State Department of Taxation and Finance issued TSB-M-14(5)C, (7)I, (17)S, explaining its policy regarding convertible virtual currency....more

Corporate and Financial Weekly Digest - Volume IX, Issue 48

In this issue: - Recent Developments Relating to Rights to Exclude Shareholder Proposals from Proxy Statements - SEC Approves MSRB Best Execution Rule - SEC Sanctions Operator of Unregistered Virtual...more

NYS DFS Publishes All BitLicense Comments; California Considers Regulation

On December 3, the New York State Department of Financial Services (DFS) published all 3,746 public comments it received on the proposed “BitLicense” regulatory framework that would cover businesses participating in “virtual...more

Corporate and Financial Weekly Digest - Volume IX, Issue 47

In this issue: - SEC Sets October 2015 Target Date for Certain Dodd-Frank and JOBS Act Rulemaking - FINRA Issues Notice on TRACE Trade Reporting Obligations - NFA Issues Guidance on Exempt and Excluded...more

FinCrimes Update - November 2014 Summary, Volume 1, Issue 9

IN THIS ISSUE: BSA/AML & OFAC | Virtual Currency & Payment Systems | FCPA & Anti-Corruption | Criminal Enforcement. ...more

NYDFS Publishes BitLicense Comments

Yesterday, the New York Department of Financial Services (NYDFS) published all comments that it received on its “BitLicense” proposal. A total of 3,746 comments were submitted, many of which were written by individuals based...more

Taxation of Convertible Virtual Currency, Part III: Reporting and Penalties for Noncompliance

When it comes to Bitcoins and other convertible virtual assets, anonymity may not be all it’s cracked up to be. For one thing, an underlying assumption is that individuals who keep their financial transactions hidden have...more

Recent Key Bitcoin and Virtual Currency Regulatory and Law Enforcement Developments

In recent months, US federal and state regulators have continued to focus on Bitcoin and the adoption of a regulatory framework for it and other "virtual currencies," as well as the enforcement of existing securities laws to...more

New York Federal Prosecutor Intensifies Scrutiny of Illegal Bitcoin Activity

The U. S. Attorney for the Southern District of New York, Preet Bharara, has issued several recent statements signaling a steady pursuit of criminal conduct related to bitcoin. First, on Thursday, November 6, 2014, Trendon...more

New Bitcoin Firms May Get Transitional License in New York

On November 2, New York Superintendent Lawsky delivered remarks at the Money 20/20 Conference on the state’s virtual currency and Bitcoin regulation. In October, Lawsky publicly stated that, as a result of the comments...more

Taxation of Convertible Virtual Currency, Part II: Taxation of Virtual Currency Income

In Part I of this series, we discussed the IRS guidelines on the taxation of gains and losses associated with convertible virtual currency. In this post, we will focus on the taxation of income--wages, self-employment income...more

FinCEN Continues Scrutiny of Virtual Currency Companies

The Financial Crimes Enforcement Network recently issued two administrative rulings holding that certain virtual currency trading platforms and payment systems were subject to registration as money services businesses....more

FinCEN Rules Proposed Virtual Currency Exchange, Bitcoin Payment System Subject to BSA

On October 27, FinCEN issued two administrative rulings to companies seeking guidance on whether they must register as MSBs and be subject to the required reporting, recordkeeping, and monitoring obligations. In its first...more

FinCEN Strikes at Virtual Currency Anonymity, Rules that Virtual Currency Converter is a Money Services Business Under Bank...

On October 27, 2014, FinCEN ruled in response to a Request for Administrative Ruling that a company that converts traditional currencies into Bitcoin to facilitate payments must comply with regulations that govern Money...more

Internet Startups: Beware of Being a Money Transmitter

So, you’ve got a great idea. Social media platforms are all about finding new solutions for old inefficiencies. And what’s more efficient than serving as a platform for an account holder to obtain a single cash payment in...more

Taxation of Convertible Virtual Currency, Part I: It’s Not Money

Ecuador will soon be the first country in the world to have digital currency issued by a central bank. Although the new Ecuadorian currency won’t necessarily function like Bitcoin, Litcoin, Peercoin and Freicoin, or other...more

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