News & Analysis as of

Cryptocurrency Personal Property

BakerHostetler

Victory for Tornado Cash as Court Rules Sanctions Were Unlawful

BakerHostetler on

On November 26, 2024, in a three-judge panel decision, Van Loon v. U.S. Department of the Treasury, the United States Court of Appeals for the Fifth Circuit (Court) reversed a Texas district court and held that immutable...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Government Introduces Bill To Clarify the Legal Status of Digital Assets

On 11 September 2024, the UK government introduced the Property (Digital Assets etc) Bill, which provides that digital assets can be considered to be personal property under the laws of England and Wales, and could therefore...more

BCLP

Unpacking the Law Commission's Digital Assets Consultation

BCLP on

On Feb. 22, the U.K. Law Commission launched a consultation on the Property (Digital Assets etc) Act 2024, a draft legislation that confirms the existence of a third category of personal property. Given the current model...more

A&O Shearman

Law Commission Publishes Consultation on Digital Assets as Personal Property

A&O Shearman on

The Law Commission, a U.K. body which makes suggestions for legislative reform, is consulting on wording for a possible draft piece of legislation establishing a third category of personal property that would encompass...more

Cadwalader, Wickersham & Taft LLP

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

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

Mitchell, Williams, Selig, Gates & Woodyard,...

Estate Planning and Cryptocurrency

Digital assets, such as cryptocurrency, are becoming a larger component of investors’ portfolios. More and more people are owning some form of cryptocurrency....more

Holland & Knight LLP

Money Is Fungible. NFTs Are Not.

Holland & Knight LLP on

"Fungible" is an adjective that describes something easily capable of mutual substitution, such that one part or quantity may be exchanged by another equal part or quantity. Money is fungible. It is designed to be completely...more

Holland & Knight LLP

Planning for the Future: Estate and Tax Planning with Digital Assets

Holland & Knight LLP on

Cryptocurrencies are becoming a larger component of investors' portfolios, especially for millennials and Generation Z, who collectively make up 94 percent of cryptocurrency buyers. While it may seemingly be too early for...more

Proskauer - Blockchain and the Law

From cryptic to (some) clarity: English law and policy rising to the challenge of cryptoassets (Part 1)

Sir Geoffrey Vos, the Master of the Rolls, wants English law to be at the forefront of developments relating to cryptoassets and smart contracts. In his thought-provoking foreword to the government-backed UK Jurisdictional...more

Eversheds Sutherland (US) LLP

Stake your claim: Taxpayers claim the creation of cryptocurrency is akin to baking a cake and non-taxable

In a US District Court complaint filed May 26, 2021, a married couple is seeking a refund of taxes they paid on cryptocurrency tokens the husband created, asserting that current law does not permit the treatment of created...more

Hogan Lovells

“Of Ransoms, Bitcoin, and Injunctions”: English High Court grants subrogee insurer proprietary injunction over ransomed Bitcoin

Hogan Lovells on

In a gripping tale sure to excite die-hard Potter fans everywhere, the English High Court has granted a so-called ‘Harry Potter injunction‘ (i.e. a protective injunction against persons unknown) restraining the dissipation of...more

Orrick - On the Chain

English High Court Recognizes Cryptoassets to be a Form of Property: Considerations Following AA v Persons Unknown

Orrick - On the Chain on

On January 17, In AA v Persons Unknown [2019] EWHC 2556 (Comm), the Commercial Court held that a cryptoasset such as Bitcoin is a form of property capable of being the subject of a proprietary injunction. ...more

White & Case LLP

Status of cryptoassets and smart contracts under English law

White & Case LLP on

On 18 November 2019, the UK Jurisdiction Taskforce published an authoritative statement on the legal status of cryptoassets and smart contracts under English law. This is a leading development for the legal, business and...more

Latham & Watkins LLP

The Future Ain’t What It Used to Be: New Tax Guidance Issued for Cryptocurrencies

Latham & Watkins LLP on

The IRS has published a Revenue Ruling and FAQs clarifying some long-standing virtual currency questions. On October 9, 2019, the US Internal Revenue Service (IRS) issued its first guidance on the tax treatment of...more

Lathrop GPM

Digital Assets and the IRS

Lathrop GPM on

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

White & Case LLP

Cryptocurrencies: Property, Trust and Mistake

White & Case LLP on

B2C2 Ltd v Quoine Pte Ltd [2019] SGHC(I) 03, a decision of Simon Thorley IJ sitting in the Singapore International Commercial Court, is one of the first instances to apply contractual principles and trust law to a...more

Goodwin

Bank Fees Associated with Crypto Currency Purchases Contested

Goodwin on

The Southern District of New York is deciding whether a putative class action can proceed beyond the motion to dismiss phase in a lawsuit that may implicate how banks define crypto currency purchases, and how those purchases...more

Lathrop GPM

Cryptocurrency Taxation

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With the individual tax filing deadline approaching it is a good time to visit the tax treatment of your bitcoin and other cryptocurrency transactions from 2017. With the increase in publicity and use of cryptocurrencies,...more

Proskauer - Blockchain and the Law

Income, from Whatever Exchange, Mine, or Fork Derived: The Basics of U.S. Cryptocurrency Taxation

In this first of (we hope) many posts on the interesting and myriad tax issues arising in the world of cryptocurrency and blockchain technology, we focus on the very basic U.S. federal income tax consequences of...more

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