Cryptocurrency

Do You Understand NFTs? An Introduction To Non-Fungible Tokens – McDermott Will & Emery

Do You Understand NFTs? An Introduction To Non-Fungible Tokens - McDermott Will & Emery 1

LawFuel Briefing Add Yours McDermott Will & Emery – Andrea Kramer – As today’s hottest digital assets, non-fungible tokens (NFTs) have taken the arts and investment worlds by storm. But what are they, exactly, and how are they to be treated for tax purposes? This article provides an overview of need-to-know information regarding these exciting—and …

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Anonymity – Bitcoin’s Strongest Feature Is Also Its Legal Weak Spot

bitcoin law

Bitcoin is a type of cryptocurrency that appeals to many because of the anonymity it can provide. It is secured by cryptography tech that makes it impossible to find users based on transactions. Although Bitcoin is perhaps the best known of the fast-growing cryptocurrency markets, there are a vast range of products that come within …

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Key Points From the US Justice Department’s Report on Cyber Threats & The Cryptocurrency Industry

Key Points From the US Justice Department's Report on Cyber Threats & The Cryptocurrency Industry 2

Cozen O’Connor – On October 8, 2020, Attorney General William Barr announced the release of a Cryptocurrency Enforcement Framework produced by the Department of Justice (DOJ) Cyber-Digital Task Force. The 83-page framework is intended to help cryptocurrency entrepreneurs understand and comply with U.S. legal obligations. The framework outlines the DOJ’s strategies for addressing emerging cyber threats associated …

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Clifford Chance – BUSTING BITCOIN’S ANONYMITY – THE IMPLICATIONS FOR FINANCIAL INSTITUTIONS

bitcoin law

Power Law Briefing – A deliberate design feature of Bitcoin is that it enables users to buy or sell anything without revealing their identity. Yet, paradoxically, all Bitcoin transactions are stored publicly and permanently on blockchain. Now, as seen in recent cases, enterprising US prosecutors and private plaintiffs’ lawyers are using software called blockchain explorer …

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Is Cryptocurrency Regulatory Clarity Coming?

Is Cryptocurrency Regulatory Clarity Coming? 3

Farella Braun + Martel – Two United States congressmen introduced legislation in late December that would exclude certain digital currencies from being defined as securities – a bill that, if enacted, may finally provide the cryptocurrency industry with regulatory clarity regarding when the offer and sale of digital tokens must comply with federal securities laws. …

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How Distributed Ledger Technology Might Influence eDiscovery

Epiq –  Blockchain is a type of distributed ledger technology (“DLT”) that can occur on both public and private networks. Blockchain is revolutionary technology because it can securely and permanently record transactions without the presence of a centralized authority such as a bank or government. While this technology is complex and can be confusing, a …

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Cryptocurrency Tax Schemes on the IRS Radar

Cryptocurrency Tax Schemes on the IRS Radar 4

Moskowitz LLP In our recent blogs on the new Internal Revenue Service – Criminal Division (IRS-CI) priorities, we noted that new IRS-CI director John D. Fort has placed his department on high alert for tax fraud involving bitcoin and other digital currencies. Here, we discuss U.S. taxpayer noncompliance and various cryptocurrency tax schemes that are …

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Cryptocurrencies Being Phased Out of Online Advertising

Cryptocurrencies Being Phased Out of Online Advertising 6

Manatt Phelps & Phillips – Already the target of state and federal regulators, cryptocurrency is now being phased out of online advertising and social media. With three tech giants banning ads, the industry is facing increased hurdles to sustain itself. What happened Beginning in June, Google will block all ads for cryptocurrency with a change …

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The SEC and DOJ Go After BitFunder and Its BitFounder

The SEC and DOJ Go After BitFunder and Its BitFounder 8

Sheppard Mullin – Taking further steps into the world of cryptocurrency, two entities of the federal government recently took legal action against BitFunder, a now-defunct Bitcoin exchange, and its founder, Jon Montroll. The Securities and Exchange Commission filed civil charges against BitFunder and Montroll, and the U.S. Attorney’s Office in Manhattan brought criminal charges of …

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