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Virtual Currency › Foreign Currency

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... more +
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 -
Proskauer Rose LLP

Proskauer's Hedge Start: When Is CFTC Registration Necessary?

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An initial question faced by a new hedge fund manager is whether or not registration with the U.S. Commodity Futures Trading Commission (CFTC) will be required. Limited Trading Exemption - CFTC Rule 4.13(a)(3), which...more

Eversheds Sutherland (US) LLP

Fork it over: IRS guidance reaffirms crypto position regarding significance of dominion and control in determining “virtual”...

Eversheds Sutherland (US) LLP on

On April 9, 2021, the Internal Revenue Service (Service) released Chief Counsel Advice 202114020 (the Guidance) regarding the tax consequences to an individual in receipt of Bitcoin Cash (BCH) following the August 2017 hard...more

Orrick, Herrington & Sutcliffe LLP

Derivatives In Review - August 2018

Orrick, Herrington & Sutcliffe LLP on

On July 12, ISDA initiated a market-wide consultation on technical issues related to new benchmark fallbacks for derivatives referencing certain interbank offered rates, or IBORs, in response to the expected discontinuance of...more

Proskauer - Tax Talks

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

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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

Robins Kaplan LLP

Your Daily Dose of Financial News

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While Wall Street’s been waiting with bated breath for the big Snap IPO, Jose Cuervo (yes, that Jose Cuervo, via parent company Becle) has briefly stolen a bit of its public offering thunder with its plans to sell shares on...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Former NJ Senator and Governor Jon Corzine has reached a $5 million settlement with regulators over the collapse of his MF Global firm, which filed bankruptcy in 2011 and lost more than $1 billion in customer investments....more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

Lynn Tilton’s very public spat with the SEC over the agency’s in-house court system may be heading to the Supreme Court, thanks in part to a recent 10th Circuit opinion last week that created a Circuit split over the...more

Robins Kaplan LLP

Your daily dose of financial news The Brief – 5.3.16

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Craig Steven Wright—the Australian who claims to be famed Bitcoin mastermind Satoshi Nakamoto—is not exactly being welcomed with open (and unquestioning) arms – NYTimes... Stocks came booming back yesterday after a tough...more

JD Supra Perspectives

What Does the IRS Bitcoin Ruling Mean for Virtual Currency?

JD Supra Perspectives on

Because Bitcoin is fungible and greatly fluctuates in value on a daily basis, Bitcoin users will need to track their cost basis for each Bitcoin obtained and determine whether they have gain or loss on the subsequent exchange...more

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