Category: Federal

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Blockchain Week in Review – January 15, 2016

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 South Carolina Legislature Proposes Bill to Enact … Continue Reading

Blockchain Week in Review – May 14, 2015

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 North Carolina. On May 13, the North … Continue Reading

Uniform Law Commission Study Committee to Host a Stakeholder’s Meeting on April 23

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 … Continue Reading

Department of Justice

The Silk Road 2.0 website as well as dozens of other dark market websites were seized as part of a coordinated international law enforcement action involving the U.S. Attorney’s Office for the Southern District of New York, the Department of Justice’s Computer Crime and Intellectual Property Section, and multiple European law enforcement and intelligence agencies. … Continue Reading

Commodities Futures Trading Commission

The chairman of a CFTC Global Markets Advisory Committee panel discussing Bitcoin derivatives wrote an opinion article on bringing commodities regulation to Bitcoin. The article states that Bitcoin and other virtual currencies have great potential to reshape the financial-services industry, but policy-makers should act quickly to establish a framework for their regulation.… Continue Reading

District Court for S.D.N.Y.

a. Silk Road 2.0. Federal investigators arrested Blake Benthall, the alleged founder of the Silk Road 2.0 site, and filed a complaint charging him with conspiracy relating to narcotics trafficking, computer hacking, transferring fraudulent identification documents and money laundering in connection with the sale of illegal goods and services on the site. b. Shavers Ponzi Scheme. … Continue Reading

Bankruptcy Court for Northern Texas

During a status conference in Mt. Gox’s U.S. Bankruptcy case this week, the exchange’s Japanese trustee advised the bankruptcy judge that he was in the process of reviewing the final offers to purchase the exchange and currently plans to announce a decision during November. He told the judge that the guiding principles he is using … Continue Reading

Senate

Senator Chuck Schumer released an open letter addressed to U.S. Attorney General Eric Holder. In the letter, Schumer calls for the Department of Justice to remain vigilant in its efforts to combat the growth of dark websites selling illegal drugs, and pledges to continue to fight to ensure that the DOJ has adequate resources to … Continue Reading

FinCEN

FinCEN issued two advisory rulings responding to requests from a virtual currency payment processor and a virtual currency exchange platform regarding their money transmitter status under federal law.  A summary and analysis of the rulings can be found here.… Continue Reading

Department of Justice

An Assistant U.S. Attorney stated during a virtual currency panel discussion that the US government is examining whether certain virtual currency businesses, many of which are based in Silicon Valley, should register with FinCEN and comply with anti-money laundering regulations.… Continue Reading

District Court, S.D.N.Y

A district judge denied Silk Road founder Ross Ulbricht’s motion to suppress nearly all evidence in the case against him. Ulbricht had argued that the evidence submitted by U.S. prosecutors was obtained as a result of an illegal search of an Icelandic server, and should therefore be suppressed. The judge rejected the motion, based in … Continue Reading

Commodity Futures Trading Commission

The CFTC’s Global Markets Advisory Committee held a meeting consisting of two panels, one of which was devoted to a discussion of Bitcoin, as well as Bitcoin-based derivatives and secondary applications. CFTC Commissioner Mark Wetjen concluded the meeting with a statement that “some of those applications could be so compelling that it would be a … Continue Reading

FinCEN

FinCEN director Jennifer Shasky Calvery gave an interview discussing FinCEN’s approach to Bitcoin. She emphasized that FinCEN is actively monitoring new developments in Bitcoin and considering their regulatory implications, as well as emphasizing FinCEN’s expectation that Bitcoin businesses comply with existing anti-money laundering regulations.… Continue Reading

District Court for Western Missouri

The Federal Trade Commission filed a reply in support of its motion for preliminary injunction against Butterfly Labs, alleging that Butterfly Labs used machines that customers ordered to mine bitcoins for themselves before shipping the used machines to their customers, often months after the machines had been ordered. The FTC also alleged that Butterfly Labs executives … Continue Reading

District Court for Western Missouri

A judge granted the Federal Trade Commission’s motion for a temporary restraining order against Butterfly Labs. Among other things, the order enjoins misrepresentations by Butterfly Labs with respect to its products and services, freezes Butterfly Labs and its affiliates’ assets, and appoints a temporary receiver over the business and assets.… Continue Reading
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