On December 5, the New York State Department of Taxation and Finance (DTF) issued the memorandum “Tax Department Policy on Transactions Using Convertible Virtual Currency.” The memorandum clarified that under New York law,...more
On December 8, the Securities and Exchange Commission sanctioned a computer programmer for operating two online exchanges that traded securities using virtual currencies without registering them as broker-dealers or stock...more
In this issue:
- Recent Developments Relating to Rights to Exclude Shareholder Proposals from Proxy Statements
- SEC Approves MSRB Best Execution Rule
- SEC Sanctions Operator of Unregistered Virtual...more
12/15/2014
/ Banks ,
Basel Committee on Banking Supervision (BCBS) ,
Bitcoin ,
Currency Exchange ,
Cybersecurity ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Insider Trading ,
Investors ,
MiFID ,
MSRB ,
Proxy Season ,
Proxy Statements ,
Securities and Exchange Commission (SEC) ,
Shareholder Proposals ,
Shareholders ,
Virtual Currency
On August 19, Judge Jed S. Rakoff of the US District Court for the Southern District of New York issued a ruling in the case of Robert Faiella, holding that bitcoins are “money,” citing the plain meaning of the term in The...more
The US Marshals Service (USMS) announced that it will hold an online auction on June 27 to sell bitcoins contained in wallet files seized from the servers of Silk Road, the “deep web” black market shut down by the Federal...more
In this issue:
- Commissioner Kara M. Stein Calls for More Stringent Net Capital Requirements for Broker Dealers
- US Marshals Service Announces Auction of Silk Road Bitcoins
- Investment Adviser Accused...more
6/16/2014
/ Akamai Technologies ,
Bitcoin ,
Broker-Dealer ,
Digital Assets ,
Enforcement ,
Enforcement Actions ,
Fraud ,
Investment Adviser ,
Rule 10(b) ,
Rule 10b-5 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Fraud ,
Virtual Currency
On May 8, the Federal Election Commission (FEC) unanimously affirmed in an advisory opinion that political committees (including candidate campaigns and political action committees) could legally accept small bitcoin...more
In this issue:
- FINRA Proposes to Amend Rule 11892
- SEC Approves FINRA Rule Change to Limit Self-Trading
- FATCA Transitional Relief and Extension of Time for the Implementation of New Account...more
5/12/2014
/ Bitcoin ,
Conspiracies ,
Cybersecurity ,
Disclosure Requirements ,
FATCA ,
FDIC ,
Federal Election Commission (FEC) ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
International Tax Issues ,
Investors ,
Privacy Laws ,
Reverse Mergers ,
Securities and Exchange Commission (SEC) ,
Self-Dealing
On March 25, the Internal Revenue Service (IRS) issued Notice 2014-21 (notice) containing guidance and frequently asked questions relating to virtual currencies such as bitcoins. Among other clarifications, the notice states...more
On January 30, the Financial Crimes Enforcement Network (FinCEN) published two administrative rulings (Administrative Rulings) clarifying that certain participants in the Bitcoin economy (and other convertible virtual...more
In this issue:
- FTC Announces New Filing Thresholds for Hart-Scott-Rodino Pre-Merger Notifications
- SEC Division of Corporation Finance Issues Three C&DIs Relating to “Unbundling Rule”
- NFA Members...more
2/4/2014
/ Bitcoin ,
Bundling Rules ,
CFTC ,
Derivative Suit ,
Federal Trade Commission (FTC) ,
FinCEN ,
Hart-Scott-Rodino Act ,
Insider Trading ,
NFA ,
Pre-Merger Filing Requirements ,
Securities and Exchange Commission (SEC) ,
Shareholder Litigation ,
Shareholders ,
The Clayton Act ,
Virtual Currency