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
Regulatory Updates

Congressional Bill Introduced to Modify Taxation of Small Cryptocurrency Purchases
Last week, Rep. Jared Polis (D – Colo.) and Rep. David Schweikert (R – Ariz.) introduced the Cryptocurrency Tax Fairness Act of 2017 (the “Bill”). The bipartisan legislation creates a structure for taxing purchases made with cryptocurrency. The Bill’s primary goal is to ease the burden on those who make purchases with cryptocurrency by establishing a threshold under which they would not be required to report profits and losses – thus making it easier to keep track of tax obligations. In doing so the Bill would bring cryptocurrency under a
Continue Reading Blockchain Week in Review – September 15, 2017

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

Regulatory Updates

SEC Suspends Trading of Four Bitcoin Firms and Warns About ICOs
The U.S. Securities and Exchange Commission (SEC) issued a press release this week warning investors about potential ICO scams, including ‘pump-and-dump’ and market manipulation schemes. This warning follows the SEC’s recent temporary trading suspensions of four publicly-listed technology companies. In its press release, the SEC identified certain circumstances that could lead to a suspension of trading, including lack of information resulting from a company’s failure to file periodic reports; doubts about the accuracy of public information including operational and financial information in a company’s press releases or reports; and questions about trading, including trading by insiders and potential market manipulation.
Continue Reading Blockchain Week in Review – September 1, 2017

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

     Regulatory

IRS Tailors Request for Coinbase Transactions
After launching an investigation of Coinbase customer accounts, the IRS filed a Notice in California District Court on July 6, limiting the scope of the investigation to only the accounts that issued
Continue Reading Blockchain Week in Review – July 14, 2017

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

Regulatory Updates

Illinois Regulators Determine that Digital Currencies Are Not Considered Money
In new guidance provided and finalized by the Illinois Department of Financial and Professional Regulation (“IDFPR”), the agency has taken the stance that decentralized digital currencies are not money because they are not “authorized or
Continue Reading Blockchain Week in Review – June 16, 2017

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

SEC Obtains Judgment Against Bitcoin Mining Companies The SEC obtained final judgment this week against GAW Miners, LLC and ZenMiner, LLC. – two virtual currency mining companies who, along with their principal, Homero “Josh” Garza – have been the subject of ongoing investigation and litigation since the SEC filed a complaint against them in December 2015. The two mining companies were accused
Continue Reading Blockchain Week in Review – June 9, 2017

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

Regulatory Updates

Vermont Law Recognizes Digital Currency as a Permissible Investment
Earlier this month, Vermont Governor Phil Scott signed
Continue Reading Blockchain Week in Review – May 26, 2017

On March 29, 2017, Perkins Coie partner Dax Hansen and associate Josh Boehm were invited to the Cyber Initiative at Stanford Law School to deliver a presentation on several cutting-edge legal issues relating to blockchain technology.  Their presentation, which focused on blockchain token sales and treatment of bitcoin under property law, is available here.

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

Uniform Law Commission
Over the past

Banks are exploring using blockchain to increase the efficiency of trading syndicated loans. The hope is to increase the liquidity and transparency of the secondary market for loans. The risk is that their efforts will be so successful that the loans may lose their historical exemption from the registration and anti-fraud provisions of the Securities