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Virtual Currency › Securities

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 -
Cozen O'Connor

New York AG Alleges Fraud was the Genesis of $1 Billion in Crypto Losses

Cozen O'Connor on

New York AG Letitia James filed a lawsuit against cryptocurrency companies Gemini Trust Company, LLC; Genesis Global Capital, LLC and its affiliates (“Genesis”); Digital Currency Group, Inc.; and the CEOs of Genesis and DCG...more

BakerHostetler

Crypto Custody Services Expand; CFTC Enforcement Targets DeFi, SEC Targets NFTs; FinCEN Warns of Crypto Scams; Major Hacks Steal...

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Financial Services Firms Expand Cryptocurrency Custody Services - According to recent reports, the cryptocurrency custody arm of a major international bank has launched its institutional cryptocurrency custody services in...more

Perkins Coie

Digital Asset SEC Timeline - March 2023

Perkins Coie on

The Digital Asset SEC Timeline serves as an interactive compilation of select SEC guidance, enforcement actions, and speeches relating to the application of the federal securities laws to digital assets. Beginning with the...more

Paul Hastings LLP

The SEC Scored Another Crypto Victory in the LBRY Case, but the Sky Is Not Falling

Paul Hastings LLP on

Last week’s wild ride in the crypto-verse started, of all places, in New Hampshire. On Monday, a federal judge ruled that LBRY Credits (“LBC”) are securities, and thus LBRY violated Section 5 of the Securities Act of 1933 by...more

Brownstein Hyatt Farber Schreck

NFTs: Gateway to Financial Independence or Litigation Risk?

Brownstein Hyatt Farber Schreck on

NFTs—or “nonfungible tokens”—are everywhere. What was once seen as a collectors’ item for crypto geeks and LeBron James TopShop fanatics is now gaining popularity with a much wider audience. Take the recent example of the...more

Patterson Belknap Webb & Tyler LLP

A Brief Overview of the SEC’s Guidance on Cryptocurrencies in the Context of the Commission’s Enforcement Action Against Ripple...

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A key question for any company considering the issuance of cryptocurrency is whether that digital asset will be treated by regulators as a security, like BP stock, or a commodity, like Bitcoin.  In 2019, the Securities and...more

Foley & Lardner LLP

Cryptocurrency for Supply Chain Payments

Foley & Lardner LLP on

Today’s supply chains are frequently paper-based operations subject to human error and delay. Therefore, some companies are beginning to invest in digital infrastructure, including blockchain tools, to strengthen supply...more

Allen Matkins

SEC Alleges Form 10 Was Misleading, But Is The SEC's Order Itself Misleading?

Allen Matkins on

Last week, the Securities and Exchange Commission announced that it had "instituted proceedings against American CryptoFed DAO LLC, a Wyoming-based organization, halting the effectiveness of the company’s registration of two...more

Sheppard Mullin Richter & Hampton LLP

NYAG’s Warning to Crypto Businesses Muddies Regulatory Waters

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New York’s chief law enforcement agency recently squandered an opportunity to bring much needed guidance to the digital assets space. On October 18, the Office of New York Attorney General Letitia James (“NYAG”) issued a...more

Pillsbury Winthrop Shaw Pittman LLP

Legal Implications of Secondary SAFT Sales

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Simple Agreements for Future Tokens pose difficult and controversial legal questions under U.S. securities, commodities and tax laws. SAFT holders face significant difficulties in securing liquidity, and regulatory issues...more

McDermott Will & Emery

Can Virtual Currency Traders Elect into Special Rules that Allow Current Deductions for Trading Losses?

McDermott Will & Emery on

Traders in virtual currency seeking to deduct trading losses and avoid application of the capital loss limitations would want to elect into the special tax rules found at I.R.C. § 475(f). However, such taxpayers should...more

McDermott Will & Emery

When Virtual Currency Positions Are Subject to the Wash Sales Rule

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Under the wash sales rule, taxpayers cannot deduct a loss on the sale of stock or securities if the taxpayer purchases the same or substantially similar assets a short time before or after the sale that triggered the loss....more

Barnea Jaffa Lande & Co.

Transfer of Digital Currencies - The Dream and its Collapse

Barnea Jaffa Lande & Co. on

Regulatory resistance and legal proceedings conducted by the U.S. Securities and Exchange Commission (S.E.C.) are currently hindering the realization of one of the greatest promises of blockchain technology – the transfer of...more

Pillsbury Winthrop Shaw Pittman LLP

All Eyes Are on Regulation of Digital Assets as Federal Agencies and Lawmakers Seek to Bring Clarity: Part 1—The SEC, Utility...

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Federal regulators start to address some of the recent questions about digital assets such as tokens and virtual currencies, though many questions remain. U.S. Regulators and Congress are grappling with how to manage the...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - April 2019

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In this issue, we examine the release of the much-anticipated Strategic Hub for Innovation and Financial Technology (FinHub) guidance for analyzing how U.S. federal securities laws apply to initial coin offerings, the...more

White & Case LLP

Cryptoassets and ICOs: EU Regulators Show Their Hand

White & Case LLP on

On 9 January 2019, the European Banking Authority (EBA)1 and the European Securities and Markets Authority (ESMA)2 published two reports with their advice on cryptoassets for the European Commission (EC) (and in ESMA's case,...more

Winstead PC

Federal Court Evaluates When Cryptocurrency May Constitute a Security in a Criminal Case

Winstead PC on

The regulatory framework for virtual currencies is evolving, as federal and state regulators and courts wrestle with the circumstances in which cryptocurrencies are securities. For instance, the staff of the Securities and...more

Foodman CPAs & Advisors

Is Virtual Currency worth the Risk?

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We have read that Virtual Currency (VC) is a “speculative asset” that under certain circumstances may be used to pay for goods or services or be held for investment; and that its sale, exchange or use has tax consequences...more

Latham & Watkins LLP

The yellow brick road for consumer tokens: The path to SEC and CFTC compliance

Latham & Watkins LLP on

Developing a framework for consumer tokens - With the rapid growth in the development of blockchain technology, virtual currencies and token sales (sometimes referred to as initial coin offerings, or ICOs) in 2017 and...more

Katten Muchin Rosenman LLP

Bridging the Weeks - August 2018 #4

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The Commodity Futures Trading Commission revised its rule related to the responsibilities of chief compliance officers of futures commission merchants, swap dealers and major swap participants, as well as the obligations of...more

Dechert LLP

US Blockchain Enforcement and Litigation Update: Government enforcement and private litigation drive important developments in...

Dechert LLP on

With soaring cryptocurrency prices attracting significant new investment in late 2017, U.S. regulators sought to fill the statutory void by exercising jurisdiction over a variety of digital assets. That trend continued in the...more

Foodman CPAs & Advisors

Who will have the last word with Virtual Currency? IRS, FinCEN, SEC, OFAC or the CFTC?

Foodman CPAs & Advisors on

Virtual Currency (VC) investors are currently investing without clarity regarding which Government Agency(s) has the final word with respect to the treatment of VC. US Agencies: IRS, FinCEN, SEC and CFTC – have expressed...more

Eversheds Sutherland (US) LLP

New York attorney general launches fact-finding inquiry into trading platforms for virtual currencies

Eversheds Sutherland (US) LLP on

New York is the most recent to join the fray in state-led efforts to regulate the virtual currency markets. On April 17, 2018, New York Attorney General Eric T. Schneiderman announced the launch of the Virtual Markets...more

Katten Muchin Rosenman LLP

Bridging the Weeks - March 2018 #3

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The Department of Justice and the Securities and Exchange Commission opposed a motion to dismiss filed by a defendant named in a criminal indictment, charging him with offering and selling two types of digital tokens issued...more

Skadden, Arps, Slate, Meagher & Flom LLP

Rise of Blockchain and ICOs Brings Regulatory Scrutiny

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In 2017, the increased adoption of blockchain technology in various industries was partially obscured by the dramatic fluctuations in the price of bitcoins and the prevalence of so-called initial coin offerings (ICOs) to...more

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