News & Analysis as of September 22, 2024

Virtual Currency › Personal Property

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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 -

Cryptocurrency Is Property Not Currency Even if Legal Tender, Per IRS

Cadwalader, Wickersham & Taft LLP on 5/24/2023

In Notice 2014-21, the IRS announced its position that cryptocurrencies constitute property for tax purposes, rather than foreign currency, and observed that while cryptocurrency may operate like “real” currency in some...more

Digital Assets and the IRS

Lathrop GPM on 7/18/2019

Within the past year, the IRS has not changed its position on the way they are treating the taxation and reporting of digital token transactions. This alert serves as an update to last year’s rundown of cryptocurrency...more

The Bitcoin Identity Crisis: Currency or Property?

BakerHostetler on 3/1/2016

The confusion over Bitcoin grows in the latest lawsuit brought in a California bankruptcy court by Trustee Mark Kasolas against Marc Lowe, a former employee of HashFast Technologies LLC. The trustee alleges, among other...more

Five Things to Know about New Jersey’s Taxation of Convertible Virtual Currency

Pillsbury - Internet & Social Media Law Blog on 4/17/2015

On March 10, 2015, the New Jersey Division of Taxation issued Technical Advisory Memorandum TAM-2015-1, explaining its policy regarding convertible virtual currency. The IRS has held that convertible virtual currency (CVC),...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

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