Goodbye Switzerland, Hello Bitcoins

August 14, 2013  |  The Insider: White Collar Defense and Securities Enforcement

Bitcoins are everywhere. Last week, a federal judge in Texas held that the virtual currency qualifies as a form of money and allowed the SEC to charge a promoter of a scheme to invest in bitcoins with violations of the federal securities laws. Earlier this week, the New York Department of Financial Services issued subpoenas to 22 virtual currency companies with an eye to determining whether the industry needs new regulations, and the Senate Homeland Security and Government Affairs Committee asked several federal agencies for information regarding their policies with respect to bitcoins and other virtual currencies. Combined, these actions will undoubtedly fuel calls to regulate the burgeoning virtual currency market, and the IRS will surely be getting in the action soon. [...]

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