Crypto exchange Bitfinex ordered by judge for documents of a $850 million misfortune and an ensuing loan from stablecoin backer Tether. Judge Cohen stated “the subject of whether these are securities…”

Cryptocurrencies are increasingly coming under government scrutiny, especially in light of a growing market for these issues following the success of bitcoin. With this increased government scrutiny has come likewise increased government action, and recently, New York Attorney General Letitia James announced a new court order obtained by her office to address the Bitfinex virtual […]

Defining Blockchain: Blockchain Promotion Act This Monday, October 1, it was announced that members of the Energy and Commerce Subcommittees introduced the Blockchain Promotion Act of 2018 bill (H.R. 6913) to direct the Secretary of Commerce to establish a Blockchain working group. Congresswoman Doris Matsui and Congressman Brett Guthrie of the House of Representatives and members of the […]

The New York Department of Financial Services (NYDFS), the agency responsible for regulating virtual currency and BitLicenses, approved “Stablecoin” on September 10, 2018. This price-stable cryptocurrency is being offered by the Winklevoss brother’s Gemini and Paxos Trust Company, one of the exclusive few companies allowed to operate cryptocurrency in the state of New York. Cameron […]

Coinbase Renews Wyoming Money Transmitter License Bringing Bitcoin Back to The Cowboy State Coinbase, one of the largest Bitcoin and cryptocurrency exchanges set out with an ambitious goal to operate in all 50 states and beyond, adhering to every federal and state regulations.  That endeavor proved to be a challenge as various states’ regulations had […]

CFPB Announces The New Office of Innovation Last week the Consumer Financial Protection Bureau (CFPB) issued a press release assigning the new Director for the Office of Innovation, Paul Watkins, a FinTech regulator from Arizona’s Office of the Attorney General. Similar to the FTC’s Blockchain Working Group and LabCFTC, the Office of Innovation will engage experts in […]

New York BitLicense May Be Replaced by Digital Seal Getting Rid of Fees Just over a year ago on January 2017, Coinbase became the third virtual currency business to obtain a New York Bitcoin license, or ” BitLicense, ” granted by the New York Department of Financial Services (DFS). The New York Bitcoin Licensing scheme […]

IRS Virtual Currency Taxes Reminder With the CFTC getting support from the federal courts that virtual currency is a commodity and SEC regulating them as securities, it’s easy to forget the yearly IRS reminders since 2014 that cryptocurrency transactions should be reported like any other property. Four years ago on March 23, 2014 the IRS issued […]

FTC Sues Bitcoin Scammers and a Forms Blockchain Working Group The Federal Trading Commission, the biggest consumer fraud protection agency in the U.S, filed a law suit on Friday against two companies and four defendants operating a Bitcoin pyramid Scheme and announced the formation of its very own Blockchain Working Group. The U.S District Court […]

Coinbase Announces SegWit Implementation Coinbase, one of the world’s largest Bitcoin wallet and exchange platform, announced a software update with SegWit to help with its notorious delays for costumer transactions. SegWit (Segregated Witness) is a transaction protocol for Bitcoin that expands the number of transactions that can be carried out in its Blockchain distributed ledger.  This update will […]