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Virtual Currency › Coinbase

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 -
K2 Integrity

Implications of FinCEN’s Notice of Proposed Rulemaking on Virtual Currency Mixers

K2 Integrity on

On 17 January 2024, K2 Integrity hosted a webinar on FinCEN’s Notice of Proposed Rulemaking on virtual currency mixers and the implications of this first-of-its-kind 311 designation on the virtual currency industry. Elizabeth...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - December 2023 Updates

Akin Gump Strauss Hauer & Feld LLP on

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

Polsinelli

Blockchain+ Bi-Weekly - August 2023 #2

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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

Polsinelli

Blockchain+ Bi-Weekly - June 2023 #2

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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

BakerHostetler

US Crypto Exchange Consents to $100M DFS Settlement for AML Compliance Failures

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On January 4, 2023, the New York State Department of Financial Services (“DFS”) announced that Coinbase, Inc., a major U.S. cryptocurrency exchange, will pay a $50 million penalty and invest an additional $50 million in its...more

Wilson Sonsini Goodrich & Rosati

Coinbase Agrees to Pay $100 Million and Improve Compliance Program as Regulators Continue Scrutiny of Crypto Asset Companies

Wilson Sonsini Goodrich & Rosati on

The consent order issued by the New York Department of Financial Services (NYDFS) to crypto asset exchange, Coinbase, serves as a reminder of regulators’ growing interest in ensuring that crypto asset companies meet their...more

Shipkevich PLLC

Coinbase Agrees To Settlement With New York Regulator

Shipkevich PLLC on

On January 4, 2023, the New York State Department of Financial Services issued a consent order against Coinbase, a virtual currency company. Pursuant to the consent order, Coinbase will be paying a $50 million penalty to the...more

Freeman Law

IRS Wins Ex-Parte Petition for Another Crypto John Doe Summons

Freeman Law on

On September 21, 2022, the U.S. District Court for the Southern District of New York granted the IRS’s ex-parte motion for leave to serve a John Doe summons to M.Y. Safra Bank after the IRS’s investigation into digital asset...more

Cole Schotz

How to Use Cryptocurrencies

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Uses of Cryptocurrency Overview- As previously detailed, there are a number of regulations surrounding Cryptocurrencies which vary by location (State Regulations) and by federal agency (FINCEN Regulations, IRS Regulations,...more

Troutman Pepper

State Regulators Block Celsius From Offering Interest-Bearing Cryptocurrency Accounts

Troutman Pepper on

State regulatory agencies in Alabama, Kentucky, New Jersey, and Texas have increased their efforts to challenge digital asset-related products by issuing cease-and-desist or “show cause” orders against New Jersey-based...more

McDermott Will & Emery

Finding John Doe, Part II: IRS Secures Another Victory to “Root Out” Virtual Currency Tax Noncompliance

McDermott Will & Emery on

The Internal Revenue Service (IRS) has scored another significant victory in its rapidly increasing virtual currency tax enforcement efforts. On May 5, 2021, the US District Court for the Northern District of California...more

Gray Reed

The IRS is Hunting for Cryptocurrency Investors with John Doe Summonses

Gray Reed on

The IRS has several tools in its arsenal to encourage compliance and audit and enforce those it believes are failing to comply.  One of the most powerful tools is the John Doe summons. A regular IRS summons seeks information...more

Rosenberg Martin Greenberg LLP

Bitcoin, the IRS, and the Love that was Lost

Rosenberg Martin Greenberg LLP on

We have all heard the stories. Romeo and Juliet, Cleopatra and Mark Antony, and my personal favorite, Illsa Lund and Rick Blaine. Everyone loves a great love story.  A developing romance leading to an emotionally pleasing and...more

Obermayer Rebmann Maxwell & Hippel LLP

Five Tips for Dealing with Cryptocurrency in Your Divorce

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Do you or your spouse have cryptocurrency? Did it exist during the marriage? Do you know how the cryptocurrency will be addressed in your divorce? Is it income? Is it an asset?...more

A&O Shearman

IRS Issues Virtual Currency Tax Guidance on Forks and Airdrops

A&O Shearman on

On October 9, 2019, the Internal Revenue Service (the “IRS”) issued Revenue Ruling 2019-24 (the “Revenue Ruling”) and questions and answers (the “Q&A” and, together with the Revenue Ruling, the “Guidance”) addressing certain...more

Perkins Coie

Blockchain Week in Review - October 2018 #3

Perkins Coie on

FATF Issues Virtual Currency Guidance - On October 19, the Financial Action Task Force (“FATF”) published the outcomes of its Plenary meeting. Included in the outcomes of the meeting were new recommendations related to the...more

Sheppard Mullin Richter & Hampton LLP

Crypto Firms Make Inroads with State and Federal Regulators

Sheppard Mullin Richter & Hampton LLP on

Over the past couple of years, the crypto industry has come under heavy scrutiny from skeptical regulators seeking to root out fraud and protect investors amid the initial coin offering boom that generated over $4 billion in...more

Foodman CPAs & Advisors

¡Los inversionistas de Moneda Virtual tienen muchas Responsabilidades!

Foodman CPAs & Advisors on

Para propósitos de los Impuestos Federales de la Renta de los EE.UU, la Moneda Virtual (MV) se trata como “propiedad” (property). Como resultado, un inversionista de MV debe vigilar muy de cerca las posibles ganancias netas...more

Foodman CPAs & Advisors

El IRS está pendiente al Cripto

Foodman CPAs & Advisors on

El Jefe de Investigación Criminal del IRS, Don Fort, declaró recientemente: "Es posible utilizar Bitcoin y otras Criptomonedas de la misma manera que las cuentas bancarias extranjeras para facilitar la evasión de impuestos"....more

The Volkov Law Group

Cryptocurrency Compliance: The Importance of Internal Investigations

The Volkov Law Group on

For those still new to the sector, Coinbase has established itself as one of (if not the) most prominent cryptocurrency exchanges operating in the U.S. Coinbase, to the delight of compliance officers everywhere, has been...more

Carlton Fields

In Crypto Litigations Mandatory Arbitration Agreements May Not Be Immutable

Carlton Fields on

Permissionless blockchains, like the one underlying the bitcoin payment network, were created to provide the public with transparency over transaction information and records....more

Sheppard Mullin Richter & Hampton LLP

New York’s AG Enters the Cryptocurrency Ring as Federal, State Authorities Find Regulatory Footing

Sheppard Mullin Richter & Hampton LLP on

On April 17, 2018, the New York State Attorney General (“NYAG”) sent a “Virtual Markets Integrity Initiative Questionnaire” to 13 companies operating virtual currency trading platforms. The questionnaire consists of 34...more

Ballard Spahr LLP

Coinbase Cannot Force Noncustomers to Arbitrate Suit Alleging Violations of BSA/AML Duties

Ballard Spahr LLP on

Earlier this week, the Eleventh Circuit affirmed, in an unpublished opinion, that Coinbase Inc., an online platform used for buying, selling, transferring, and storing digital currency, could not compel arbitration on a...more

Fox Rothschild LLP

Coinbase Notifies 13,000 Of Its Customers Of Upcoming Data Release To Internal Revenue Service

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On Friday, Coinbase, the largest U.S.-based Bitcoin exchange, notified approximately 13,000 of its customers that it would be turning over their account information to the Internal Revenue Service within 21 days. This...more

Ballard Spahr LLP

Court Enforces — Partially — IRS “John Doe” Summons Served on Virtual Currency Exchanger

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Last week, a federal magistrate judge in the Northern District of California granted in part and denied in part a motion by the IRS to enforce a “John Doe” summons served on Coinbase, Inc., which operates a virtual currency...more

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