Addressing legal issues with the latest technological developments and social media trends.
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MPL pic 2.jpgMany of us have been focused on cyber-security, especially in the wake of the recent data breaches over the holidays, among other things.  Two Maryland Law Enforcement Officers are leveraging the power of social media and the Internet to enable you to “Secure What’s Yours.”   In 2013, acting on their vision, they introduced an innovative approach to reuniting owners with their tangible personal property that was stolen or is missing, e.g., iPhones, Androids, laptops, iPads, TVs, etc., working with law enforcement officers across the nation.

My Property Locker‘s database allows its users to register valuables that are serialized or contain identifiable marks, enabling them to add pictures of the items along with a copy of their purchase receipts.  Its Apple and Android apps also allow users to scan product UPC codes as part of the registration process. If an item is stolen or comes up missing, the owner can report the loss to My Property Locker — according to My Property Locker, in 2011, there were an estimated 9,063,173 property crimes offenses across the nation, totaling an estimated $15.6 billion in losses.  Law enforcement officers across the U.S. are able to register with credential verification and to use the Police Advanced Search function to identify the owners of stolen or missing items.  Law enforcement officers and the property owners are then able to work together to reunite the owner with their stolen or lost property.  And, My Property Locker is free to consumers.

My Property Locker reports that it has been endorsed by the Maryland Crime Prevention Association and the Virginia Crime Prevention Association.  Additional information about My Property Locker is expected to be available on Officer.com.

Additional Sources:  YouTube, My Property Locker Tutorial – How to add/remove property; Facebook, My Property Locker; iTunes App Store; Google play Android App

Photo:  Courtesy of My Property Locker, All Rights Reserved

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On February 12, 2014, the National Institute of Standards and Technology (NIST) released the final version of its Framework for Improving Critical Infrastructure Cybersecurity (the “Cybersecurity Framework” or “Framework“) and the companion NIST Roadmap for Improving Critical Infrastructure Cybersecurity (Roadmap). The final version is the result of a year-long development process which included the release of multiple iterations for public comment and working sessions with the private sector and security stakeholders. The most significant change from previous working versions is the removal of a separate privacy appendix criticized as being overly prescriptive and costly to implement in favor of a more general set of recommended privacy practices that should be “considered” by companies.

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Both the Central Bank of Russia and the Russian Prosecutor General’s Office explained that the rouble is the country’s sole official currency and that the production of alternative monetary products, such as Bitcoin and other virtual currencies, is illegal under current law.  Russian regulators also warned that anyone who exchanges virtual currency for national or foreign currency, goods, or services will be treated as if they are potentially involved in suspicious activities, money laundering, or terrorism financing.

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Although many of you are obviously fascinated by the fast-paced virtual currency industry, trying to read a news article or blog can sometimes be incredibly difficult due to the sheer number of acronyms and terms of art commonly used by industry participants. The author of the attached document endeavored to capture the key acronyms, abbreviations and definitions relevant to the VC industry to assist you so that you can keep up with key developments. Still have questions or additional acronyms, abbreviations or definitions that you would like us to add? Please contact the author, Amy Pierce, or any of our Social Media & Games attorneys.

Check out our helpful guide here: Virtual Currency – Acronyms Abbreviations and Key Definitions

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The United States Attorney’s Office for the Southern District of New York announced the forfeiture of approximately 29,655 Bitcoins in connection with the seizure of the Silk Road website.  The Silk Road operated as a marketplace for illicit goods and services before it was shutdown in October 2013.  At the time the U.S. Attorney’s Office seized the Silk Road website and its servers, a large number of Bitcoins was found in a digital wallet stored on the website’s servers.  Since the seizure, no claims have been filed for the wallet, and on January 16, 2014, United States District Judge J. Paul Oetken held that the wallet was deemed forfeited to the U.S. Government.

A spokesman for the U.S. Attorney’s Office stated that it has not yet been determined how the Bitcoins will be liquidated.  Since the seizure of the Bitcoins, the value of the virtual currency has grown with the market’s increasing demand.  At the present exchange rate, the Bitcoins are valued at approximately $28 million, approximately 4x their value at the time of the seizure.

Source;
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Another set of Bitcoin-related arrests for failing to comply with the Bank Secrecy Act.
http://www.cnbc.com/id/101366511

Interestingly,
investors in one of the companies include the Winkelvoss twins. Anyone who is involved in Bitcoin or other virtual currency endeavors needs to ensure that they understand and comply with the law. This includes getting licensed when necessary and complying with all disclosure obligations. While there are many legal, sound investment opportunities in this space. Investors should be particularly careful in conducting legal diligence in these companies before investing.

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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 other criminals….”   Despite this concern,
the DFS, like FinCEN, has indicated a willingness to work with the virtual currency industry and other stakeholders to establish “appropriate regulatory guardrails to protect consumers and our national security.”  The DFS “is concerned that – at a minimum – virtual currency exchangers may be engaged in money transmission as defined in New York law, which is an activity that is licensed and regulated by DFS.”  Thus, even though the DFS has stated that it has not made a determination at this point about the necessary regulatory guidelines for virtual currencies, one might anticipate that, at a minimum,
these guidelines will include additional oversight and licensure “to bring virtual currencies out of the darkness and into the light of day.”

The upcoming hearings will be held in New York City and will include some high-profile players in virtual currency, such as Cameron and Tyler Winklevoss, Principals of Winklevoss Capital Management, Barry Silbert, Founder & CEO of SecondMarket and Founder of the Bitcoin Investment Trust, Fred Ehrsam,
Co-Founder of Coinbase, and Cyrus R. Vance, Jr., District Attorney of New York County.

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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 can be transferred through various exchanges.  In the article, Vivek Ranadive, the Kings managing partner and founder of the Silicon Valley tech firm Tibco Software Inc., confirms that “he wants the team to be among the most technologically-advanced franchises in the world. He calls his philosophy ‘NBA 3.0.'”  Among other technological advancements the Kings plan are a technology-rich proposed new arena and “a new Kings app for smartphones that allows fans to upgrade their seats at games, provides detailed maps of Sleep Train Arena and includes a virtual noise-making cowbell.”  Their approach is intended to make “the experience for those fans more seamless and hassle free.”

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Targetbillboard.jpgThere 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 December data breach. This is apparently a scam that directs consumers to fake domains pretending to be Target. Morrisey warns that “[c]onsumers also need to be wary of fake domain names pretending to Target popping up.”  He further suggested that “[I]f consumers receive communications or offers appearing to be from Target, they should call Target to confirm the communication is legitimate and report any instances of fraud to our office.”

Other Sources:  Legal Newsline, W. Va. AG warns of Target gift card scam (Jan.
15, 2014); Register Herald, AG warns Target gift card offer is a scam (Jan.
13, 2014); Charleston Daily Mail, Attorney General says Target gift card offers are scams (Jan.
13, 2014)
Image Source: Creative Commons

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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 experiences while also reducing operational costs.” Intel is “taking those efforts a step further by delivering more intelligent solutions and enabling retailers to make better use of big data to deliver a more personalized shopping experience.”

Avid shoppers may be excited to learn that, as reported by Intel, “[w]ith Intel-based Shopping Anywhere, consumers can intuitively shop the looks from their favorite television programs right from their couch.”  Or, “[I]f a consumer prefers to bring the ease of online shopping with them in-store, the Intel® Core™ i7-based MemoryMirror* full-length, digital ‘mirror,’ allows store shoppers to virtually try on multiple outfits, and view and compare previous looks on the mirror or via smartphone or tablet.”  The mirror will use “Intel integrated graphics technology to create avatars of the shopper wearing various clothing that can be shared with friends to solicit feedback or viewed instantly to make an immediate in-store purchase.”  This approaches is expected to provide shoppers with “an engaging and seamless buying experience, regardless of where they are or what device they are using.”

Additional Sources, Intel Newsroom, Intel Personalizes Shopping with Internet of Things, Big Data Technologies (Jan. 13, 2014)