Virtual Currency

Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender... more +
Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency.    less -
News & Analysis as of

Blog: European Parliament Calls On Commission To Establish Virtual Currency Taskforce

As we anticipated yesterday, the European Parliament has voted by an overwhelming majority to call on the European Commission to establish a Virtual Currency Taskforce....more

Blog: European Parliament Moves To Crack Down On The Use Of Virtual Currencies For Money Laundering & Terrorism

The European Parliament has just published a press release, describing a “move to crack down on [the] use of virtual currencies for money laundering, terrorism“, although that’s not quite what the backstory suggests is about...more

Blog: UK Government Considers Powers To Seize, Hold & Sell Virtual, Digital And Crypto-Currencies

The terms of reference for the UK Home Affairs Select Committee’s Proceeds of Crime Inquiry include, “Whether additional measures are required to achieve the objectives of ensuring criminals do not benefit from their crimes“....more

Key Takeaways from SEC/DOJ Enforcement Panel

Last week, representatives of the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Department of Justice (“DOJ”) participated in Sandpiper Partners LLC’s Annual SEC/DOJ Enforcement 2016 Panel at the Metropolitan...more

UK Financial Regulatory Developments - May 2016 #10

EBA seeks views on the use of consumer data - EBA has published a discussion paper on innovative uses of consumer data by financial institutions. It identifies risks and benefits for consumers and financial institutions,...more

Your Next IPO Could Be on the Blockchain

Delaware’s corporate law blockchain initiative includes a new class of “distributed ledger shares” and promises to lower transactional costs, speed up and automate manual processes, and reduce fraud. The public and...more

The Continuing Mystery of Satoshi Nakamoto

Bitcoin was born on November 2008 when an anonymous user named “Satoshi Nakamoto” published a post on a cryptography blog linking to a paper the user had written about a decentralized peer-to-peer electronic cash system. ...more

DOJ Sentences Founder of Money Laundering Operation to 20 Years Imprisonment

On May 6, the DOJ announced that U.S. District Judge Denise L. Cote sentenced the founder of a Costa Rica-based virtual currency company to 20 years imprisonment and ordered him to pay a $500,000 fine for charges related to...more

Weekly Web Wrap-Up

Welcome to Sheppard Mullin’s Weekly Web Wrap-Up, a quick list of the past week’s top news in the social media, gaming, and virtual goods and currencies industries curated by Social Media & Games Team. Here are some of the...more

Spotlight Article: Work Continues on the Model Regulation of Virtual Currencies Act

On April 2-3, 2016, the third meeting of the Uniform Law Commission (ULC) Drafting Committee on the Regulation of Virtual Currencies (the “Committee”) was held in Chicago, Illinois. Dana Syracuse was in attendance as an...more

Blog: Virtual Currencies – The European Parliament’s Box Of Frogs (Part 2)

The European Parliament’s Committee on Economic and Monetary Affairs has published its final report on virtual currencies. Our comparison version shows that it’s in materially the same form as the draft published by the...more

NYS approves Gemini Trust Company to trade digital currency ether

The New York State Department of Financial Services has approved the application of Gemini Trust Company to trade the digital currency ether on its platform, which is the first time the state has consented to the trading of a...more

Georgia Department of Banking and Finance Authorized to Enact Money Transmission Regulations

On April 26, Georgia Governor Nathan Deal signed into law HB 811, an Act to amend Title 7 of the Official Code of Georgia Annotated, which includes banking and finance provisions. Notably, the Act authorizes the Georgia...more

Weekly Web Wrap-Up

Welcome to Sheppard Mullin’s Weekly Web Wrap-Up, a quick list of the past week’s top news in the social media, gaming, and virtual goods and currencies industries curated by Social Media & Games Team. Here are some of the...more

Your daily dose of financial news The Brief – 5.6.16

And just as quickly as he was back on the scene, now he’s gone. With a wipe of the evidence purporting to show he invented Bitcoin and a new post entitled “I’m sorry,” Craig Steven Wright appears poised to fade back into the...more

Blockchain: What is all the buzz about?

Blockchain technology, introduced as the magic behind Bitcoin, is being touted by many as the next major disruptive innovation – in global trade and way beyond. At its core, Blockchain shifts the accounting function...more

UK Financial Regulatory Developments - April 2016 #26

Commission reports on CMU - The Commission has published a working report on the progress and momentum around the CMU action plan since its launch in September 2015. The first report also sets out 11 key initiatives...more

Blockchain Basics: A Primer - Blockchain, the technology underlying the cryptocurrency Bitcoin, is poised to revolutionize how all...

You have probably heard of Bitcoin, a peer-to-peer, non-governmental currency. Bitcoin is the first money that is its own payment system. That is, no bank, money transmitter or intermediary of any kind is required to clear...more

Your daily dose of financial news The Brief – 5.3.16

Craig Steven Wright—the Australian who claims to be famed Bitcoin mastermind Satoshi Nakamoto—is not exactly being welcomed with open (and unquestioning) arms – NYTimes... Stocks came booming back yesterday after a tough...more

Corporate and Financial Weekly Digest - Volume XI, Issue 17

BROKER-DEALER - SEC Modifies and Extends Pilot Program for NMS Plan to Address Extraordinary Market Volatility - The Securities and Exchange Commission has issued an order that modifies and extends the National...more

Bitstamp obtains first payment institution license in the world

Bitstamp, the third largest Bitcoin exchange in the world and located in Luxembourg, announced on April 25, 2016, that it has obtained a payment institution license from Luxembourg, which means it is the first nationally...more

Copyright’s “Double Spend” Problem: Digital First Sales

For those interested in the evolution of digital currencies, I highly recommend Steven Levy’s “E-Money (It’s What I Want)” article from Wired way back in December 1994. It’s a great read, and presages many current...more

Ransomware gets even more nightmarish with Jigsaw

We have been alerting all of our readers to the nightmares of ransomware, and that the healthcare industry is a prime target. Just when you thought it couldn’t get any worse, a new strain of ransomware, known as Jigsaw,...more

Blog: Virtual Currency Regulation: The European Parliament’s Box Of Frogs

On 26 April 2016, the European Parliament’s Internal Market & Consumer Protection (IM&CP) Committee published an Opinion about virtual currencies. The Opinion was prepared by Ulrike Trebesius (MEP) and it calls on the...more

Blog: European Parliament: Opinion on virtual currencies – regulation’s on its way (part 2)

The European Parliament’s Internal Market & Consumer Protection Committee has published an Opinion about virtual currencies. In the Opinion, which was prepared by rapporteur Ulrike Trebesius, the Committee calls on the...more

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