Internet Law Commentary

Law and Technology from a Palm Beach lawyer

‘Bitcoin’

Federal Reserve: What Community Banks Should Know About Virtual Currency

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The Federal Reserve System issues periodic newsletters to highlight information that community banks may find helpful in order to comply with Federal Reserve policy. To that end, the Federal Reserve’s “Community Banking Connections” is supposed to be a “primary source for information on guidance, resources, and tools to help community banks across the United States.”… Read More

Christopher Hopkins Discusses “Bitcoin Litigation” at Atlanta Bitcoin Consumer Fair

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Thanks to the Atlanta Bitcoin Consumer Fair for inviting me to speak about Bitcoin Litigation this Saturday. We discussed five pending bitcoin-related lawsuits including suits involving (1) mining hardware sellers, (2) mining companies, (3) exchanges, and (4) a suit over ownership of coins. More importantly, we discussed ways to avoid litigation AND what documents your company needs… Read More

Florida Virtual Currency “Fibonacci” Lawsuit

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As reported on Coindesk, we have filed suit on behalf of two defrauded purchasers against the “Fibonacci” manufacturing and mining organization (see Coindesk.com, “Florida Group Faces Fraud Charges for Alleged Altcoin Pump and Dump,” December 17, 2014).   You can read their excellent coverage here. A copy of the lawsuit is here. This is the… Read More

FTC v. Butterfly Labs: Complaint and Response

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The Federal Trade Commission (FTC) filed suit against bitcoin-mining hardware manufacturer, BF Labs, Inc. d/b/a Butterfly Labs, on September 15, 2014 alleging misrepresentations and deceptive omissions regarding the marketing and manufacturing of the BitForce and Monarch mining machines.  Among other relief, the suit seeks temporary and permanent injunctions as well as disgorgement of money. A… Read More

In Re Erik T. Voorhees (settlement): Not Really a Bitcoin Case

The hot bitcoin-related story involves the settlement between the Securities and Exchange Commission (SEC) and bitcoin-advocate, Erik T. Voorhees. This case involves bitcoin but is not about bitcoin.  Stated differently, this case is not an attack on bitcoin.  It simply involves charges of a crime unrelated to the virtual currency itself. Specifically, Voorhees was charged… Read More

What is Bitcoin: Currency, Property or Tulips?

A strange title to an article, I know.  But it will make sense at the end: Governments around the world are struggling to define, and therefore regulate or ban, virtual currency such as bitcoin.  Here in the U.S., various federal agencies have differing conclusions.  So do various states. Meanwhile, in the press, bitcoin is incorrectly… Read More