In comments on October 14, 2014, Ben Lawsky commented on changes to the proposed bitlicense regulations. The main points he made were these: Regarding who will be required to obtain a bitlicense, he said the focus will be financial intermediaries, not software developers or individual users. To the extent that…
On August 1, 2014, the Food and Drug Administration (FDA) released draft guidance that would exempt from premarket 510(k) review many low-risk medical devices–including certain mobile applications that can convert a cell phone into a medical device, such as a thermometer or a stethoscope. Although the guidance is not yet…
On Friday, Michael Dell, CEO of Austin-based Dell Inc., announced on twitter that Dell.com is now accepting Bitcoin as a direct payment option for consumers and small businesses in the U.S. Other major companies, such as Overstock and Expedia, began accepting Bitcoin earlier this year and have reported favorable results,…
Bitcoin mining firm GHash is reportedly consistently attaining over 51% of all of the hashing power of all Bitcoin miners. As a decentralized currency, Bitcoin depends on an open ledger called the “block chain” to track every transaction using the Bitcoin protocol. The integrity of the block chain is generally…
As reported in our earlier post, the U.S. Government has begun its first ever auction of Bitcoins. The Bitcoins to be auctioned were seized in connection with the shutdown of the Silk Road – the “dark net” site that served as a marketplace for illegal goods. The U.S. Marshals Service…
The California Attorney General recently published recommendations for developing meaningful privacy policies that comply with the California Online Privacy Protection Act of 2003 (CalOPPA), including recommendations for complying with “Do Not Track” disclosure requirements. According to the Attorney General, a meaningful privacy policy is one that addresses significant data collection…
More and more federal and state agencies are weighing in on virtual currency. Here’s what they are saying: Financial Crimes Enforcement Network (FinCEN): FinCEN Statement on Providing Banking Services to Money Services Businesses (Nov. 10, 2014) Request for Administrative Ruling on the Application of FinCEN’s Regulations to a Virtual Currency Payment…
Join members of Pillsbury’s leading Virtual Currency practice, partners, James Gatto, and Deborah Thoren-Peden, to understand and analyze some of the key legal and business issues related to Bitcoin and other crypto-currencies. This webinar will highlight the history of Bitcoin and other digital currencies and associated unique business models. They…
The IRS has issued its first major ruling on the U.S. federal tax implications of transactions in, or transactions that use, Bitcoin and other convertible virtual currencies. The ruling stresses that it relates to convertible virtual currencies. The legal landscape with respect to Bitcoin and other convertible virtual currency continues…
Explore the Future of Bitcoins After taking Inside Bitcoins to Las Vegas this past winter, this definitive Bitcoin event is returning to New York City, April 7-8 at the Javits Convention Center. Join us in New York City as our industry experts, business visionaries, and virtual currency veterans converge to…