Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.

Domestic Developments

New York.  On June 24th, New York

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.

International Developments

Swiss. Swiss Federal Tax Administration clarified that

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.

U.S. Developments

New Jersey. Lawmakers in New Jersey recently

In December 2014, the Study Committee of the Uniform Law Commission (ULC) recommended to the ULC to convene a Drafting Committee to draft uniform state legislation concerning alternative currencies and mobile payment systems. Although the Study Committee was charged with examining both alternative currencies and mobile payment systems, the Study Committee has decided to focus primarily on possible uniform legislation concerning virtual currencies. As a first step towards the initiative, the Study Committee is holding a Stakeholder’s Meeting on April 23, 2015, to invite questions, generate discussion and listen to what the participants in the virtual currency sector have to say regarding certain topics on the agenda. The objective of the Meeting is to present a framework of rules derived from experience with the Uniform Commercial Code and identify components critical to a law on virtual currency through a discussion with the attendees.
Continue Reading Uniform Law Commission Study Committee to Host a Stakeholder’s Meeting on April 23

On February 27, 2015, California Assembly member Matt Dababneh (D – Encino) introduced AB 1326, which would require virtual currency businesses to be licensed by the Department of Business Oversight (DBO).  To get licensed, businesses must pay $5,000 to register, provide detailed information (including audited financials for the most recent year) and keep a specified amount of funds (established case by case by the Commissioner of the DBO) in certain types of investment-grade permissible investments, which excludes virtual currencies.
Continue Reading California Legislature Proposes Virtual Currency License