On January 28th and 29th, the New York Department of Financial Services (DFS) will hold hearings to discuss the regulation of virtual currencies, including the potential issuance of a “BitLicense” specific to virtual currencies. The DFS previously expressed concern about virtual currencies remaining a “virtual Wild West for narcotraffickers and…
On January 16, 2014, The Sacramento Bee in its article Kings will be first pro sports franchise to accept online currency Bitcoins announced that by March 1, 2014, Sacramento Kings fans “will be able to purchase team merchandise and tickets using Bitcoins through BitPay.” Bitcoin is a virtual currency which…
There have been numerous reports that West Virginia Attorney General Patrick Morrisey issued a warning to consumers on Monday, January 13, 204, about a Target gift card scam occurring throughout the country on social media websites. Evidently, consumers are purportedly offered a Target gift card to make up for the widely-reported…
Joe Jensen, general manager of Intel’s Retail Solutions Division, at the National Retail Federation Convention & Expo, New York, Jan. 13, 2014, confirmed that “Intel has been actively working with leading retailers and the industry for several years to enable retailers to use the Internet of Things to deliver more entertaining brand…
The Singapore tax authority has issued guidance which confirms the viability of certain Bitcoin transactions. Like the central bank in China, the Inland Revenue Authority of Singapore (IRAS) took the position that Bitcoin is not a type of money or currency. This is still an unsettled question in other jurisdictions.…
The taxation of virtual currencies has garnered increasing attention, in part due to the princely fortunes some are making from the rapid increase in the price of Bitcoins. Yet, the U.S. IRS has issued little guidance in this area. This is likely to change soon. In May 2013, the GAO…
Based on some recent articles, a number of people have asked whether Bitcoin might be declared illegal under an archaic law known as the “Stamp Payments Act.” According to a recent Congressional Research Service report, the answer is …. likely not. The Stamp Payments Act of 1862 states: Whoever makes,…
All types of businesses are leveraging new and emerging business models around virtual currencies and virtual goods. Check out our video where we discuss the various legal issues that need to be addressed to safely and profitable capitalize on these significant business opportunities:
2013 was an incredibly active year for social media legal issues. Below are selected highlights on some of the more interesting legal issues that impacted social media, along with links to reference material relating to the topics. 1. Virtual Currency/Bitcoin FinCEN Virtual Currency Guidance and Enforcements – FinCEN published legal…
The Sacramento Bee in an article titled Job Front: Social media are growing recruitment tools reported that “[e]mployers in greater numbers are relying on social media to recruit new talent,” according to Jobvite’s 2013 Social Recruiting Survey. The Sacramento Bee noted that the survey “showed about 94 percent of employers either…