News & Analysis as of September 21, 2024

Silk Road

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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 -

A Long Journey Through “Silk Road” Appeal: Second Circuit Affirms Conviction and Life Sentence of Silk Road Mastermind

Patterson Belknap Webb & Tyler LLP on 6/9/2017

On May 31, 2017, the Second Circuit issued its long-awaited decision in the “Silk Road” case, United States v. Ulbricht, (15-1815-cr) (2nd Cir. May 31, 2017) (Newman, Lynch, Droney)....more

Lines Crossed: From Enforcing to Breaking the Law

Goodwin on 7/6/2015

Silk Road was a notorious black market for narcotics that used seemingly untraceable digital currencies (i.e., Bitcoins) to facilitate illegal activities on the “dark web.” Last week, former Drug Enforcement Agency (“DEA”)...more

Bit Bites: Latest Legal Developments in Digital Currencies

Manatt, Phelps & Phillips, LLP on 9/30/2014

When Is Bitcoin “Money” Versus a “Security”? In motions involving a high-profile criminal prosecution with ties to Silk Road and a Securities and Exchange Commission (SEC) enforcement action, two federal courts have clarified...more

Bitcoins and Liability in the Wake of Recent Silk Road Arrests

Sheppard Mullin Richter & Hampton LLP on 2/10/2014

Last week’s arrests of Robert Faiella, an alleged seller on online marketplace Silk Road, and Charlie Shrem, the CEO of the startup BitInstant, marked a recent round in a series of law enforcement actions against what the...more

More fallout from Silk Road

Pillsbury - Internet & Social Media Law Blog on 1/28/2014

Another set of Bitcoin-related arrests for failing to comply with the Bank Secrecy Act. Interestingly, investors in one of the companies include the Winkelvoss twins. Anyone who is involved in Bitcoin or other virtual...more

Virtual Currency Year-In-Review: Bitcoin and Beyond

Davis Wright Tremaine LLP on 1/2/2014

Bitcoin and other decentralized, math-based virtual currencies emerged in 2013 as nascent challenges to traditional payment systems, drawing widespread public attention, venture capital investment, and regulatory scrutiny....more

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