News & Analysis as of October 12, 2024

Ethereum

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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 -

Weekly Blockchain Blog - June 2024 #4

BakerHostetler on 6/24/2024

Crypto Companies Announce Licenses, Acquisitions, New Products - According to recent reports, a major Chicago-based digital asset trading desk recently obtained a BitLicense from the New York Department of Financial...more

SEC Approves Exchange Proposals to List and Trade Spot Bitcoin Products. Are Ether Products Next?

Wilson Sonsini Goodrich & Rosati on 1/15/2024

The U.S. Securities and Exchange Commission (SEC) has approved proposals from three stock exchanges to list and trade shares of 11 spot bitcoin-based products (the “Spot BTC Approval”). Following the Spot BTC Approval, the...more

Global Developments in the Taxation and Reporting of Digital Assets

Morrison & Foerster LLP on 10/6/2022

Just 10 years ago, only your millennial, techie cousin had ever heard of, let alone purchased, any cryptocurrency. Fast forward to 2021, and the volume of cryptocurrency transactions has grown to $15.8 trillion....more

The green revolution of blockchain?

White & Case LLP on 9/21/2022

As current blockchain technology faces accusations of inefficiency and unsustainability, a new technology is finding its way to counteract them. Blockchain - Crypto blockchains are a highly discussed topic. Blockchain is...more

When Airdrop? New Approach for Service of Anonymous Crypto Defendants

Akin Gump Strauss Hauer & Feld LLP on 6/8/2022

Blockchain – Crypto theft – Alternative Service on anonymous defendants - Jurisdictions the world over are seeing a marked increase in civil cases relating to crypto theft, fraud and misrepresentation. However, a major...more

Tax Considerations for Transactions of Non-Fungible Tokens

Foley & Lardner LLP on 4/29/2022

Creators, investors, users, and dealers of non-fungible tokens (NFTs) are at the forefront of the intersection of art, music, sports, entertainment, and technology — and they are simultaneously charting a new path when it...more

The Digital Gold Rush: Should Your Company Accept Cryptocurrency?

Adler Pollock & Sheehan P.C. on 4/19/2022

Cryptocurrency, Bitcoin, Ethereum. You have likely heard of these terms as cryptocurrencies, and Bitcoin in particular, have seen immense growth in recent years, the so-called “digital gold rush.” In 2021, cryptocurrencies,...more

“Are You Guys Into Crypto???”: Celebrities Promoting Cryptocurrencies Become Class Action Targets

Venable LLP on 2/9/2022

A class action lawsuit filed against Kim Kardashian, Floyd Mayweather, and former professional basketball player Paul Pierce earlier this month underscores the need for celebrity endorsers to take care when they approach any...more

Cryptocurrency Primer

Bilzin Sumberg on 1/26/2022

We’ve previously written about the push for greater regulation of digital currency and a growing number of lawsuits targeting cryptocurrency companies and their celebrity endorsers. Notwithstanding cryptocurrencies’...more

The Taxation of Stablecoins

Freeman Law on 12/3/2021

Over the past few years, cryptocurrencies such as Bitcoin and Ethereum have received the lion’s share of attention from crypto enthusiasts and investors, sending the price of these coins to new highs. The price of...more

Digital Assets Key Terms Overview

Cole Schotz on 10/20/2021

The first Bitcoin ETF began trading today in the United States. Although this ETF is a Bitcoin Futures ETF, the world’s largest digital currency manager announced today that an application to convert its Bitcoin Trust into a...more

Like-Kind Exchanges of Cryptocurrency—Recent IRS Guidance

Freeman Law on 7/22/2021

In a recent Chief Council Advisory, the IRS found that certain cryptocurrencies did not qualify as like-kind exchanges under section 1031 prior to the Tax Cuts & Jobs Act of 2017. The IRS’s ruling, while limited to coin...more

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - April 2021

Skadden, Arps, Slate, Meagher & Flom LLP on 4/19/2021

This issue discusses a variety of legal, regulatory and enforcement developments in the digital asset space in the U.S. and Europe....more

The SEC Gets its Kiks out of a Successful Application of the Howey Test

Orrick - On the Chain on 10/6/2020

In a closely-watched cryptocurrency case, on September 30, the Southern District of New York ruled in favor of the SEC in SEC v. Kik Interactive, Inc., holding that the Kin tokens Kik had offered and sold through a pre-sale...more

IRS answers some, but not all, questions in long-awaited cryptocurrency guidance

Proskauer - Tax Talks on 10/18/2019

The first official guidance on the taxation of cryptocurrency transactions in more than five years has been issued. The guidance includes both a Revenue Ruling (Rev. Rul. 2019-24, 2019-44 I.R.B. 1) and answers to...more

CFTC Chairman States Ether is a Commodity

Proskauer - Blockchain and the Law on 10/14/2019

In remarks made at the Yahoo! All Markets Summit in New York, Heath Tarbert, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), said that he believed the Ether cryptocurrency was a “commodity” and should be...more

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

Skadden, Arps, Slate, Meagher & Flom LLP on 4/16/2019

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

Blockchain Attacks and the Fight for Immutability

Perkins Coie on 2/22/2019

The Ethereum Classic blockchain was the victim of a 51% attack (often called a majority or Sybil attack) on January 5, 2019 that reorganized portions of the blockchain and allowed the attackers to double-spend 219,500 ETC...more

Drawing Legal Lines in Cryptocurrency Regulation: The Importance of Decentralization

The Volkov Law Group on 7/5/2018

The cryptocurrency market is exciting to watch. Based on the revolutionary blockchain distributed ledger system, cryptocurrencies have exploded on the marketplace. As with any new “gold rush” to hit a market, cryptocurrency...more

Cryptocurrency Compliance: The Importance of Internal Investigations

The Volkov Law Group on 7/3/2018

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

Swapping Virtual Currencies will trigger tax obligations under the Tax Cuts and Jobs Act

Foodman CPAs & Advisors on 7/2/2018

There are investors that have an interest in “exchanging or swapping” Virtual Currency (VC). Prior to the passage of the Tax Cut and Jobs Act (TCJA), VC investors could take the position that if they “exchanged or swapped”...more

The 4 Types of Blockchain Networks Explained

Fisher Phillips on 2/16/2018

One of the questions I commonly get asked is what is the difference between public and private blockchains. It is easy to see why people get confused as public and private blockchains have many similarities....more

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