News & Analysis as of September 20, 2024

Internal Revenue Service

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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 for Supply Chain Payments

Foley & Lardner LLP on 2/1/2022

Today’s supply chains are frequently paper-based operations subject to human error and delay. Therefore, some companies are beginning to invest in digital infrastructure, including blockchain tools, to strengthen supply...more

Legal Implications of Secondary SAFT Sales

Pillsbury Winthrop Shaw Pittman LLP on 7/7/2020

Simple Agreements for Future Tokens pose difficult and controversial legal questions under U.S. securities, commodities and tax laws. SAFT holders face significant difficulties in securing liquidity, and regulatory issues...more

Can Virtual Currency Traders Elect into Special Rules that Allow Current Deductions for Trading Losses?

McDermott Will & Emery on 6/24/2020

Traders in virtual currency seeking to deduct trading losses and avoid application of the capital loss limitations would want to elect into the special tax rules found at I.R.C. § 475(f). However, such taxpayers should...more

When Virtual Currency Positions Are Subject to the Wash Sales Rule

McDermott Will & Emery on 6/17/2020

Under the wash sales rule, taxpayers cannot deduct a loss on the sale of stock or securities if the taxpayer purchases the same or substantially similar assets a short time before or after the sale that triggered the loss....more

Who will have the last word with Virtual Currency? IRS, FinCEN, SEC, OFAC or the CFTC?

Foodman CPAs & Advisors on 5/11/2018

Virtual Currency (VC) investors are currently investing without clarity regarding which Government Agency(s) has the final word with respect to the treatment of VC. US Agencies: IRS, FinCEN, SEC and CFTC – have expressed...more

Bridging the Weeks - March 2018 #3

Katten Muchin Rosenman LLP on 3/26/2018

The Department of Justice and the Securities and Exchange Commission opposed a motion to dismiss filed by a defendant named in a criminal indictment, charging him with offering and selling two types of digital tokens issued...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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