It may not be at the forefront of your digital currency interests, but cryptocurrencies have unique characteristics that require careful consideration for estate planning. If you have bitcoin, for example, but your beneficiaries do not know about it when you die, they likely never will. Bitcoin transactions are anonymous. And…
In this era of regulatory uncertainty, it is worth considering how privacy laws may affect digital currency businesses. Privacy law consists of a web of federal and state law – this first installment in a two-part series will discuss major threads in that web, the Privacy and Safeguards Rules of…
Last week, former Drug Enforcement Agency (“DEA”) agent, Carl Force, pleaded guilty to charges of money laundering, obstruction of justice, and extortion while investigating Silk Road’s illicit activities. Force’s plea follows the guilty plea of Shaun Bridges, former Secret Service agent, who also used his insider role to pilfer hundreds of…
It’s official. New York published the final BitLicense in its state register, which launched a 45-day period for businesses to submit a completed application for a License to Engage in Virtual Currency Business Activity. As the August 8th deadline approaches, employees might find themselves scratching their heads at how to…
Several states are in various stages of implementing regulations related to digital currency. Below is a short summary of the actions currently underway. California As discussed in a previous post, in February 2015 a California Assembly member introduced a bill (AB 1326) proposing a licensing framework for digital currencies in…
On June 12, global insurance giant Lloyd’s of London released a report titled Bitcoin: Risk Factors for Insurance. Lloyd’s knows a thing or two about risk—it has been underwriting for more than 300 years and has insured everything from the Titanic to Keith Richards’ hands—so what does Lloyd’s think about…
At first blush, one might not expect the digital currency and firearm industries to have much in common – when was the last time you heard someone utter Bitcoin and guns in the same breath? Recently, however, the two industries’ interests have aligned, and the pro-Second Amendment lobby’s efforts might yield…
It’s tempting to think that Bitcoin services would be immune to patent litigation. After all, Bitcoin protocol is open source and seems to be in the public domain. Satoshi Nakamoto, the pseudonymous designer of Bitcoin, uploaded a whitepaper describing the currency on October 31, 2008, and he released operative source…
In January 2014, Overstock.com became the first major online retailer to accept payment in bitcoin. Less than eighteen months later, Overstock is now the first company to offer qualified buyers the option of purchasing private cryptosecurities, in the form of bonds. The corporate bonds will trade using Bitcoin’s blockchain protocol….
Coindesk recently published Citi Bank’s response to the UK Treasury’s call for information on digital currency, in which Citi Bank told the UK government it should consider creating its own digital currency. Citi’s Treasury and Trade Services Technology and Innovation Team stated, “[t]o be a key participant may mean that…