News & Analysis as of November 15, 2024

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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 -

Blockchain+ Bi-Weekly - February 2024

Polsinelli on 2/9/2024

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

DOJ Targeting Crypto Industry for Enforcement

The Volkov Law Group on 8/15/2022

A basic truism — you do not want to become the subject of a Justice Department investigation. The wheels of justice — prosecutors and law enforcement — can cause real harm to organizations and individuals that violate the...more

Not So Stable: Stablecoin Volatility Causing Turmoil in Crypto Markets

Dechert LLP on 5/26/2022

Introduction - Cryptocurrencies have surged in popularity in recent years. As we have reported in recent OnPoints, the swift growth and adoption of cryptocurrencies raise legal questions about everything from their...more

California Governor Orders Agencies to Create Transparent Regulatory Framework for Blockchain and Digital Assets

Jones Day on 5/11/2022

California's governor issued an executive order requiring state agencies, led by the Department of Financial Protection and Innovation, to create a "transparent" regulatory framework for blockchain technologies and digital...more

NYSBA Tax Section’s Crypto Recommendations

Cadwalader, Wickersham & Taft LLP on 4/25/2022

On April 18, 2022, the New York State Bar Association (“NYSBA”) Tax Section published its second report on cryptocurrency and digital assets (“the Report”). The Report recommends...more

Why Are Crypto Investors Still Buying?

Foodman CPAs & Advisors on 12/14/2021

Danger signs abound - Despite its volatile and speculative nature, a single bitcoin is trading at around $61,134 (11/5/21.) Demand is growing exponentially, despite multiple danger signs. ...more

“Hashing” It Out: Federal Jury Decides Some Cryptocurrency Products are not Securities

Dechert LLP on 11/19/2021

Whether a cryptocurrency product is a security is an issue with serious regulatory consequences. In recent years, the Securities and Exchange Commission (“SEC”) has taken a broad position that various crypto assets are...more

China Bans Crypto Currencies and Related Services

Burr & Forman on 9/24/2021

The People’s Bank of China (“PBOC”) announced this morning that it is banning crypto currencies and related services, including “trading, order matching, token issuance and derivatives for virtual currencies are strictly...more

Debunking Five Myths About Cryptocurrency

Foodman CPAs & Advisors on 8/19/2021

A surge in cryptocurrency prices this year created many crypto paper millionaires and brought millions into the game. But the digital currency market is a rollercoaster ride. As a result, many of those fortunes have already...more

Tax Time and Virtual Currency

Foodman CPAs & Advisors on 4/8/2019

Virtual Currency (VC) investors continue to have accounting challenges at tax time. They are seeking to better understand and comply with their U.S. tax regulatory obligations when using VC. ...more

¿Vale la pena el riesgo de la Moneda Virtual?

Foodman CPAs & Advisors on 11/5/2018

Hemos leído que la Moneda Virtual (MV) es un "activo especulativo" que, en determinadas circunstancias, puede utilizarse para pagar bienes o servicios o ser retenido para inversiones; y que su intercambio o uso de intercambio...more

Is Virtual Currency worth the Risk?

Foodman CPAs & Advisors on 11/5/2018

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

UK and EU Move Slowly Toward Virtual Currency Regulatory Scheme in Recent Statements

Orrick, Herrington & Sutcliffe LLP on 10/5/2018

In the last month, UK and European politicians have been vocal about the regulation, or lack thereof, in the virtual currency sphere. ...more

SEC Takes Its Initial Aim at Crypto Funds

Kramer Levin Naftalis & Frankel LLP on 10/1/2018

In a regulatory first, the Securities and Exchange Commission (SEC) has issued a cease and desist order and imposed a $200,000 fine against a hedge fund that invested in digital assets and its founder. ...more

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