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Virtual Currency › Bitcoin

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 -
Winstead PC

Texas PUC Finalizes Registration Rule for Large Miners of Bitcoin and Other Virtual Currencies

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The Public Utility Commission of Texas (PUC) has adopted 16 TAC § 25.114 (available here), requiring certain virtual currency mining facilities (VCMFs) to register as “large flexible loads” if they receive more than 75 MW of...more

Sheppard Mullin Richter & Hampton LLP

NFT Legal Issues

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This year, the SEC has ramped up its enforcement efforts against digital asset marketplaces for selling non-fungible tokens (“NFTs”) (and other digital assets) the agency alleges are securities. In response, some potential...more

BakerHostetler

Weekly Blockchain Blog - December 2024 #3

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Digital Asset Companies Achieve Licenses, Launch Stablecoin Products - According to a recent press release, Anchorage Digital, a digital asset platform and infrastructure provider, announced that the New York State...more

Wiley Rein LLP

[Podcast] 2024 Crypto Year in Review

Wiley Rein LLP on

Join Josh and Frank on this special year-end episode of CryptoCounsel as they take a look back at the most significant developments in crypto law and regulation in 2024. From Bitcoin's incredible surge past $100,000 to the...more

Cadwalader, Wickersham & Taft LLP

Stick a Fork in It: Crypto Litigation Heating Up

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The crypto industry and government are engaging one another in various courtrooms to gain an advantage on unresolved crypto tax questions like forks and staking. In this issue, we spotlight an early Bitcoin investor...more

BakerHostetler

Weekly Blockchain Blog - November 2024 #3

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Crypto Exchanges and Stablecoin Issuers Announce Multiple New Products - Multiple crypto sector companies have recently announced new products. In a press release, LayerZero, “an omnichain interoperability protocol that...more

Cadwalader, Wickersham & Taft LLP

First Stand-Alone Crypto Tax Fraud Case Leads to Guilty Plea

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On September 12, 2024, the U.S. Department of Justice (“DOJ”) announced that Frank Richard Ahlgren III pleaded guilty to filing a false tax return underreporting gains from selling $3.7 million in Bitcoin. As we discussed...more

BakerHostetler

Weekly Blockchain Blog - October 2024 #3

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Crypto Companies Announce New Stablecoin Products and Partnerships - In recent press releases, U.S. crypto companies Paxos and Ripple announced new stablecoin products and partnerships. Paxos announced the launch of a new...more

Wilson Sonsini Goodrich & Rosati

Pending Changes to Anti-Money Laundering Program Requirements for MSBs and Other Financial Institutions

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Money services businesses (MSBs), a category which includes money transmitters (e.g., PayPal and other payment facilitators), as well as administrators and exchangers of convertible virtual currencies (e.g., Bitcoin...more

McGlinchey Stafford

TIGTA Reports: Virtual Currency Tax Compliance Enforcement Can Be Improved

McGlinchey Stafford on

The number of virtual currency types has added to this problem. According to TIGTA, the number of virtual currencies has grown significantly since April 2020, from 5,000 to over 26,000 (420 percent) as of July 2023. The two...more

Morgan Lewis

Bitcoin Identity Trial Concludes Dr. Craig Wright Is Not the Creator of Bitcoin

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Dr. Craig Wright’s claim to be Satoshi Nakamoto, the elusive creator of bitcoin and author of the bitcoin white paper, has been unequivocally dismissed by Mr. Justice Mellor of the British High Court. The judgment, issued on...more

Cadwalader, Wickersham & Taft LLP

Crypto: Give Unto Caesar What Is Caesar’s

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Earlier this year the U.S. Department of Justice (“DOJ”) brought USA v. Ahlgren, its first crypto case with tax evasion allegations unrelated to another crime, demonstrating the DOJ’s willingness to pursue stand-alone crypto...more

Ballard Spahr LLP

PA Department of Banking and Securities: Virtual Currency is “Money”

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On April 20, 2024, the Pennsylvania Department of Banking and Securities (“DoBS”) issued a policy statement (“Policy Statement”) to “clarify” that the Department’s interpretation of the term “money” in the Pennsylvania Money...more

Goodwin

Significant State Regulatory Development in the Virtual Currency Industry in California and New York

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California enacted its own version of New York’s “BitLicense” law, the Digital Financial Assets Law (DFAL), becoming one of the first US states to implement a virtual currency-specific regulatory regime. ...more

BakerHostetler

Weekly Blockchain Blog - April 2024 #5

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Hong Kong Approves Crypto ETFs; Crypto Security, Payments Products Launch - According to recent reports, the Hong Kong Securities and Futures Trading Commission has conditionally approved the launch of the first spot...more

Woodruff Sawyer

Howey Livin’? Domestic Crypto Regulation in 2024

Woodruff Sawyer on

In 2008, as the global banking system melted down, a shadowy figure or figures in a dim room filled with empty Cheetos bags created Bitcoin.   In the following years, your younger brother talked excitedly about the blockchain...more

McDermott Will & Emery

Bitcoin-Halving steht vor der Tür

McDermott Will & Emery on

Nach der Zulassung von Krypto-ETF in den USA steht mit dem für Mitte April 2024 erwarteten Bitcoin-Halving demnächst ein weiteres Fundamental-Ereignis für die Krypto-Branche vor der Tür. Die Zulassung sogenannter Bitcoin-Spot...more

Ballard Spahr LLP

Blockchain Analysis and Related Expert Testimony Admissible In Criminal Trial

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It is challenging for law enforcement to track down and trace illicit activities conducted through digital currencies. The process can be very time- and resource-intensive. Further, securing charges and arrests, and...more

BakerHostetler

No Further Warnings - Prosecutors Bring First Pure Legal Digital Asset Tax Indictment; More Criminal Cases to Come

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After years of explicitly warning taxpayers that failing to report or underreporting income from transactions involving digital assets would lead to criminal charges, federal prosecutors are now beginning to follow through on...more

Foodman CPAs & Advisors

Activos Digitales 2023 Formulario 1040

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El 01/22/24, el IRS le recordó a los contribuyentes que deben responder nuevamente a la pregunta sobre activos digitales 2023 en los formularios 1040 y 1040-SR y reportar todos los ingresos relacionados con activos digitales...more

Foodman CPAs & Advisors

Digital Assets 2023 Form 1040

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On 1/22/24, the IRS reminded taxpayers that they must again answer the digital asset 2023 question on Forms 1040 and 1040-SR and report all digital asset related income when they file their 2023 federal income tax return, as...more

Polsinelli

Blockchain+ Bi-Weekly - February 2024

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The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more

Braumiller Law Group, PLLC

Hot Topics in International Trade - February 2024 - Assessing the Benefits and Challenges of Tokenizing Real World Assets

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The world of cryptocurrencies on blockchains and the world of traditional assets in markets have often stood in stark contrast to one another since Bitcoin’s creation in 2008. The lack of a reliable bridge between these two...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - December 2023 Updates

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On the one hand, the year ended where it began. The legislation on stabelecoins and market structure that would provide a regulatory framework for digital assets has still not been enacted into law. And Securities and...more

Katten Muchin Rosenman LLP

After Over a Decade of Rejections, SEC Approves 11 New Spot Bitcoin ETPs

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Eleven spot bitcoin-based exchange-traded products (ETPs) were finally approved by the Securities and Exchange Commission (SEC) on January 10, 2024, after multiple such ETPs had been rejected by the SEC over the last ten...more

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