The New York State Department of Financial Services (“NYDFS”) released its revised proposed BitLicense regulations on February 4, 2015. Changes from NYDFS’ initial proposed regulations are listed below. Among the more significant changes are: (a) helpful modifications of the definitions of “Virtual Currency” and “Virtual Currency Business” and (b) the addition of provisions giving the

Introduction

Mt. Gox has filed a civil rehabilitation proceeding under Japanese law, and subsequently filed a companion case in Dallas, Texas under Chapter 15 of the U.S. Bankruptcy Code. The U.S. Bankruptcy Court issued an initial stay (injunction) to protect Mt. Gox and its U.S. assets from actions by creditors and set a hearing for April 1 and 2 to consider whether Mt. Gox would receive the full protections allowed to foreign companies by Chapter 15. If the U.S. court allows the Chapter 15 case to be maintained, certain provisions of the U.S. Bankruptcy Code will apply to parties in interest. What are the implications of these cases for Mt. Gox’s creditors?
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