Virtual Currency Bitcoin

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

DTCC Explores Blockchain Technology

The Depository Trust & Clearing Corporation, or DTCC, is integrally involved with settlement of trades in public company stocks. It has issued a white paper examining the use of blockchain technology to settle securities...more

"Developments in Oversight of Virtual Currency Businesses"

Virtual currency businesses saw increased oversight by U.S. regulators in 2015, and continued interest by federal and state authorities is expected as regulation evolves. Two recent developments in this arena are particularly...more

"Bitcoins and the Blockchain: The CFTC Takes Notice of Virtual Currencies"

As interest in bitcoin derivatives has increased, the Commodity Futures Trading Commission (CFTC) has turned more of its attention toward virtual currencies. For a little more than a year, at least two trading facilities...more

Bitcoin: Currency, Property, and Now, Commodity

In September 2015, the Commodity Futures Trading Commission (CFTC) issued an order filing and settling charges against a cryptocurrency company for conducting commodity options-related activity without complying with...more

Virtual Currencies and the Risks They Bring to Community Banks and the Financial Industry

Virtual currencies are once again at the forefront of discussion about top issues facing community banks and the financial industry as a whole. The Independent Community Bankers of America (“ICBA”), a trade association...more

The United States Taxation of Bitcoins and Transactions Denominated in Bitcoins

On March 25, 2014 the Internal Revenue Service published Notice 2014-21 which described the United States taxation of Bitcoins and the United States taxation of transactions denominated in Bitcoins. This Notice generally...more

SEC Files Complaint Against Bitcoin Mining Companies for Running Alleged Ponzi Scheme

On December 1, the SEC announced that it charged two Connecticut-based Bitcoin mining companies and their founder with allegedly running a Ponzi scheme, from approximately August 2014 through December 2014, to defraud...more

Mining For Virtual Currencies – The SEC Charges Fraud

Virtual currencies such as bitcoin have grown in popularity. With that popularity it may well have been inevitable that the SEC would bring enforcement actions centered on the new phenomenon, alleging fraud. A new variation...more

Not a Coin Toss: Regulatory Agencies Bringing Enforcement Actions Against Virtual Currency Start-ups

The Commodity Futures Trading Commission (“CFTC”) and the SEC are flexing their regulatory muscles to rein in securities and commodities rules violations by start-up companies in the virtual currency space. On September 17,...more

Virtual Currencies: International Actions and Regulations

In addition to issuing warnings about their use, Argentina has suggested an increased interest in virtual currency transactions by requiring financial institutions and other entities to report virtual currency transactions...more

ECJ rules bitcoin exchange is VAT exempt

In the case of Skatteverket v. Hedqvist, the ECJ ruled that the exchange of traditional currency for bitcoin virtual currency and vice versa constitutes a VAT exempt supply of services under the VAT Directive. The ECJ ruled...more

DOJ Announces Sentencing of Former DEA Agent for Criminal Involvement in Silk Road Investigation

On October 19, the DOJ announced that a former DEA agent was sentenced to 78 months in prison for crimes he committed while working as an undercover agent in the Silk Road investigation. On July 1, the former DEA agent...more

European Court Gives Bitcoin a Tax-Free Boost

In an important ruling for digital currency service providers, EU’s top court, the Court of Justice of the European Union (CJEU), ruled that transactions to exchange a traditional currency for bitcoin virtual currency, or...more

What We Know About BitCoin, and What Is Still Unknown

In Part I, we gave an overview of Bitcoin and how it’s different from the digital “real currency” that is in widespread use today. In Part II, we’ll ask and answer the question – Is Bitcoin just a fad? Is it novel in...more

Corporate Investigations & White Collar Defense - October 2015

"Wherefore Art Thou Due Process?" Part III - Why it matters: It is time for another installment in our continuing "Wherefore Art Thou Due Process?" coverage into the ongoing constitutional challenges to the SEC's...more

Re-thinking What We Think We Know About Bitcoin (Part I)

It’s no surprise that, as the way we exchange information continues to evolve at an ever-increasing pace, the way we exchange value is rapidly evolving too. This two-part series explores the Bitcoin evolution occurring in...more

Don’t Get Locked Out: Is Ransomware a Threat to Your Business?

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

Virtual Currencies: International Actions and Regulations

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

"CFTC Asserts Jurisdiction in Bitcoin Markets"

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

NYDFS Approves Virtual Currency Firm’s Application: First Company to Receive BitLicense

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

Bitcoin Week in Review 09.19.15 – 09.25.15

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

CFTC Moves Against Bitcoin Transactions

In the space of just seven days, the CFTC has brought two enforcement actions regarding Bitcoin transactions. Coinflip, Inc. In the first action, the CFTC issued an order filing and simultaneously settling charges...more

Bitcoin Week in Review 09.12.15 – 09.18.15

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

Financial Services Weekly News - September 2015 #4

Regulatory Developments - NYDFS Announces Approval of First BitLicense Application from a Virtual Currency Firm: The New York State Department of Financial Services (NYDFS) announced Sept. 22 that it has approved...more

Virtual Currencies - Mining the Possibilities

There are two distinct narratives surrounding virtual currencies. One picks up on countercultural elements – an extreme free market environment beloved by anarchists and criminals. The other describes a technology as...more

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