Showing 7 posts in Bitcoin.
On April 17, 2018, New York Attorney General Eric T. Schneiderman (the “NY AG”) launched the “Virtual Markets Integrity Initiative” (the “Initiative”), a fact-finding inquiry into the policies and practices of platforms used by consumers to trade virtual currencies like bitcoin and ether. Read More ›
It Begins: The First ICO-Related Securities Litigation Has Been Filed - and There are Lessons in it for Those Hoping to File Their Own ICO
On October 25, Plaintiff, Andrew Baker filed a proposed class action against Dynamic Ledger Solutions, Inc. (“DLS”) and several other related entities (“Defendants”) regarding an initial coin offering (“ICO”) for tokens known as “Tezzies.” While time and the courts will determine the merits of the class action, given the increasing popularity of ICOs, there are lessons to be learned from the accusations, both for aspiring ICOs and potential investors. Read More ›
The Commodity Futures Trade Commission’s (CFTC’s) recent publication of “A CFTC Primer on Virtual Currencies” indicates that cryptocurrency will remain in the CFTC’s crosshairs for the foreseeable future. Though the CFTC primer begins with a caveat—content therein should not be construed as an “official policy or position”—the document is valuable insofar as it defines virtual currencies (VCs), outlines their utilities and their potential for malfeasance. At the same time, the CFTC primer provides insight into the commission’s current thinking on cryptocurrency and may therefore portend the kind of regulatory measures and other exigencies VC developers and their counsel need to prepare for. Read More ›
The traditional ATM is a truly ubiquitous part of our culture. Although the first American ATM was not installed until the fall of 1969 in New York City, most Americans, regardless of geography, probably cannot imagine life without the ease and convenience they provide. And this story is now likely to be repeated with Bitcoin ATMs. Read More ›
Most businesses must deal with federal, state, and local laws and regulations from time to time. Operators of Bitcoin ATMs are no different. For such operators, the primary regulations arise out of the federal Bank Secrecy Act (the “BSA”), as discussed below, and the state-level money transmitter laws are discussed in another article. Read More ›
Depending on the state where the Bitcoin ATM operator sets up the business, the operator may – or may not – need to comply with that state’s laws, regulations and/or licensing. For operators, the primary state-level matters of concern are typically its state or states of operation’s money transmitter laws. Read More ›
As previously discussed, Bitcoin ATMs are a growing industry, offering consumers great flexibility in exchanging Bitcoin tokens for cash, or purchasing Bitcoin tokens for cash, via standalone kiosks. Many merchants are starting to get on-board with owning, or leasing space to, Bitcoin ATMs as a way to serve an expanding market. Read More ›
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William T. Repasky practices with the Litigation Department at Frost Brown Todd. He focuses on lending and commercial services; banking litigation and financial institutions.