On January 10, the Securities and Exchange Commission gave the green light to 11 issuers that applied for bitcoin exchange-traded funds (ETFs). After a false announcement and a course change due to the ruling in Grayscale...more
During a speech in San Francisco last week at the Yahoo Finance All Markets Summit, William Hinman, Director of the Division of Corporation Finance of the Securities and Exchange Commission (SEC), provided some welcome...more
6/25/2018
/ Bitcoin ,
Certificate of Deposit ,
Cryptocurrency ,
Digital Assets ,
Ether ,
Howey ,
Initial Coin Offering (ICOs) ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Investment Contract ,
Investors ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Token Sales
On March 29, 2017, Perkins Coie partner Dax Hansen and associate Josh Boehm were invited to the Cyber Initiative at Stanford Law School to deliver a presentation on several cutting-edge legal issues relating to blockchain...more
4/15/2017
/ Bank Secrecy Act ,
Bankruptcy Code ,
Banks ,
Bitcoin ,
BitLicense ,
CFTC ,
Commodities ,
Custody Rule ,
FinCEN ,
Income Taxes ,
Money Transmitter ,
Ownership Requirements ,
Personal Property ,
Popular ,
Securities ,
Securities and Exchange Commission (SEC)
In this white paper, we analyze the treatment of bitcoin under applicable U.S. property law. We conclude that property interests should exist in bitcoin under such law, and that multiple sources of persuasive authority...more
3/30/2017
/ Bankruptcy Code ,
Bitcoin ,
BitLicense ,
CFTC ,
Civil Forfeiture ,
Commodities ,
FDIC ,
FinCEN ,
Intangible Property ,
IRS ,
Popular ,
Property Ownership ,
UFADAA ,
Uniform Commercial Code (UCC) ,
Virtual Currency
Argentina -
Virtual currencies are not legal tender under the country’s National Constitution, which designates the Central Bank as the only authority that may issue legal tender. Although not specifically regulated,...more
1/27/2017
/ Banks ,
Bitcoin ,
Blockchain ,
Cryptocurrency ,
Digital Currency ,
EU ,
European Banking Authority (EBA) ,
FATF ,
Financial Institutions ,
Financial Services Industry ,
Popular ,
Reporting Requirements ,
Technology ,
Virtual Currency
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
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
10/5/2015
/ AML/CFT ,
Anti-Money Laundering ,
Attorney-Client Privilege ,
Banking Sector ,
Banks ,
Bitcoin ,
Corporate Counsel ,
Cryptocurrency ,
CSSF ,
EU ,
European Banking Authority (EBA) ,
Financial Institutions ,
FSA ,
GST ,
HMRC ,
Money Laundering ,
PBOC ,
Popular ,
SFC ,
Terrorist Financing Regulations ,
Treasury ,
Value-Added Tax (VAT) ,
Virtual Currency ,
Young Lawyers
The New York State Department of Financial Services (“NYDFS”) released its revised proposed BitLicense regulatory framework earlier today. Once the revised framework is published in the New York State Register, it will...more
Last week, the Russian Finance Ministry, in conjunction with the Ministries of Economic Development, Communications, Internal Affairs and Financial Monitoring, issued draft legislation amending existing Russian law to...more
Argentina -
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...more
Overview -
On January 30, 2014, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued two administrative letter rulings that clarify the application of FinCEN’s regulations to...more
The virtual currency industry is in the news once again following the October 1, 2013, Federal Bureau of Investigation’s shutdown of the “Silk Road” website. As part of the shutdown of the well-known underworld bazaar, the...more
A political action committee has sought an advisory opinion from the Federal Election Commission (FEC) as to whether bitcoins can be accepted as political contributions and, if so, how bitcoins should be characterized and...more
Riding the coattails of an August 6, 2013 federal court ruling that alleged Ponzi-schemer Trendon Shavers’ Bitcoin-based investment scheme constituted an investment contract, and therefore a “security” under the federal...more
In response to the SEC’s first civil complaint arising from online virtual currency trading, alleged Bitcoin Ponzi schemer Trendon Shavers recently challenged the district court’s authority to hear the case. ...more
On July 23, 2013, the SEC ventured into the electronic currency world by filing a civil complaint against virtual currency “trader” Trendon Shavers and his company, Bitcoin Savings and Trust, in the U.S. District Court for...more
Asset Seizures and Arrests Mark Recent Federal Virtual Currency Enforcement Actions -
Federal authorities have initiated several recent enforcement actions that are indicative of continuing regulatory changes in the...more
To address a perceived gap in regulatory treatment of increasingly popular virtual currencies, including Bitcoin, the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN) released new guidance on...more