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Virtual Currency › Government Accountability Office

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 -
Ballard Spahr LLP

GAO Publishes Report on Nexus Between Virtual Currencies and Human and Drug Trafficking Financing

Ballard Spahr LLP on

The U.S. Government Accountability Office (“GAO”) recently issued a public version of a more detailed and confidential report previously sent to Congress summarizing the GAO’s review of the use of virtual currencies to...more

Troutman Pepper

GAO Report Indicates Tightening Regulations Coming on Crypto ATMs

Troutman Pepper on

In a January 10 report titled, “Virtual Currencies: Additional Information Could Improve Federal Agency Efforts to Counter Human and Drug Trafficking,” the Government Accountability Office (GAO) identified virtual currency...more

Ballard Spahr LLP

Congress Tasks GAO to Study the Intersection of Money Laundering and Humanitarian Issues:  Human Trafficking and De-Risking

Ballard Spahr LLP on

Fifth Post in an Extended Series on Legislative Changes to BSA/AML Regulatory Regime - As we have blogged, the Anti-Money Laundering Act of 2020 (“AMLA”) makes major changes to the Bank Secrecy Act (“BSA”) and the U.S....more

Polsinelli

BitBlog Bi-Weekly Update - March 2020

Polsinelli on

Strikeout for Bitcoin ETF -   Another ETF bites the dust. On February 26th the SEC rejected the application of NYSE Acre for the approval of an exchange traded fund sponsored by the New York firm of Wilshire Phoenix to...more

Perkins Coie

Blockchain Week in Review – April 2017 #3

Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Poyner Spruill LLP

What is Blockchain? Why Does It Matter? Observations As North Carolina’s Virtual Currency Legislation Goes Into Effect

Poyner Spruill LLP on

J. K. Rowling’s world of Harry Potter included an array of amazing artifacts; our personal favorites were the books and pictures that changed themselves. Two decades later, a world of Kindles and iPads echoes the wonders of...more

Goodwin

GAO Issues Report Concerning Emerging Challenges Posed by Virtual Currencies

Goodwin on

The Government Accountability Office (the “GAO”) issued a report concerning virtual currencies (the “Report”) to the U.S. Senate’s Committee on Homeland Security and Governmental Affairs. The Report discusses emerging...more

Morrison & Foerster LLP

CFPB to Assume a Larger Role in Virtual Currency Initiatives

Morrison & Foerster LLP on

On June 26, 2014, the U.S. Government Accountability Office (“GAO”) released a report, entitled “Virtual Currencies: Emerging Regulatory, Law Enforcement, and Consumer Protection Challenges.” The report, delivered earlier to...more

Stinson - Corporate & Securities Law Blog

GAO Wants CFPB to Focus on Virtual Currencies

Stinson - Corporate & Securities Law Blog on

GAO issued a report discussing virtual currencies. One example of these is bitcoin, which was developed in 2009. Bitcoin and similar virtual currency systems operate over the Internet and use computer protocols and encryption...more

Manatt, Phelps & Phillips, LLP

GAO: Virtual Currencies—Emerging Regulatory, Law Enforcement and Consumer Protection Challenges

Manatt, Phelps & Phillips, LLP on

The Government Accountability Office (GAO) released on June 26 its long-awaited report on virtual currencies undertaken at the request of Senator Tom Carper, chairman of the Senate Committee on Homeland Security &...more

Ballard Spahr LLP

GAO report recommends increased CFPB participation in virtual currency efforts

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In a report issued last week on virtual currencies, the Government Accountability Office recommended increased CFPB participation in interagency efforts related to such currencies. The report, entitled “Virtual...more

Pillsbury - Internet & Social Media Law Blog

Taxation of Virtual Currencies

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The taxation of virtual currencies has garnered increasing attention, in part due to the princely fortunes some are making from the rapid increase in the price of Bitcoins. Yet, the U.S. IRS has issued little guidance in this...more

Davis Wright Tremaine LLP

Virtual Currency Year-In-Review: Bitcoin and Beyond

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Bitcoin and other decentralized, math-based virtual currencies emerged in 2013 as nascent challenges to traditional payment systems, drawing widespread public attention, venture capital investment, and regulatory scrutiny....more

Mintz - Public Finance Viewpoints

Financial Services Legislative and Regulatory Update -- November 11, 2013

Mintz - Public Finance Viewpoints on

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - Last week ended with a stronger than expected jobs report at plus...more

Davis Wright Tremaine LLP

GAO Issues Report On Tax Compliance Issues Regarding Virtual Economies and Currencies

Davis Wright Tremaine LLP on

We are updating our resource page to include a May 2013 U.S. GAO report on potential tax compliance issues related to virtual economies and currencies, which followed on the heels of FinCEN’s virtual currency guidance in...more

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