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Articles 1 - 18 of 18
Full-Text Articles in Law
Are Cryptocurrencies 'Super' Tax Havens?, Omri Y. Marian
Are Cryptocurrencies 'Super' Tax Havens?, Omri Y. Marian
Omri Y Marian
I describe the mechanisms by which cryptocurrencies — a subcategory of virtual currencies — could replace tax havens as the weapon-of-choice for tax-evaders. I argue such outcome is reasonably expected in the foreseeable future due to the contemporary convergence of two processes. The first process is the increasing popularity of cryptocurrencies, of which Bitcoin is the most widely recognized example. The second process is the transformation of financial intermediaries to agents in the service of tax authorities, as part of the fight against offshore tax evasion. Financial institutions are faced with increased governmental pressure to deliver information about account holders, …
‘Coin’Ing The Tax ‘Bit’, Asmita Bedekar
‘Coin’Ing The Tax ‘Bit’, Asmita Bedekar
The Contemporary Tax Journal
No abstract provided.
Smart Contracts, Bitcoin Bots, And Consumer Protection, Joshua A.T. Fairfield
Smart Contracts, Bitcoin Bots, And Consumer Protection, Joshua A.T. Fairfield
Joshua A.T. Fairfield
Trustless public ledgers (“TPLs”)—the technology underneath Bitcoin—do more than just create online money. The technology permits people to directly exchange money for what they want, with no intermediaries, such as credit card companies. Contract law is the law of bargained-for exchange, so a technology that enables direct exchange online will change the reality of online contracting. The current problem with consumer contracting online is that courts and companies have collaborated to create an online system in which consumers cannot bargain. Under the current regime, consumers have no choice but to click the “I Accept” button. Online, contract law is not …
Barter, Bearer, And Bitcoin: The Likely Future Of Stateless Virtual Money, Cara R. Baros
Barter, Bearer, And Bitcoin: The Likely Future Of Stateless Virtual Money, Cara R. Baros
University of Miami Business Law Review
Over the past few years, virtual money has emerged via the Internet. Although currently unregulated, Internal Revenue System Notice 2014-21 will most likely cause virtual money to lose its mass appeal in the United States. Historically, other means of tax avoidance, including barter transactions and bearer bonds, have suffered the same fate. Virtual money will likely have more success as a technology than as a means of value.
Introduction To Social Gaming—Gambling In Substance, But Not Form, Michael S. Alires
Introduction To Social Gaming—Gambling In Substance, But Not Form, Michael S. Alires
UNLV Gaming Law Journal
No abstract provided.
Smart Contracts, Bitcoin Bots, And Consumer Protection, Joshua A.T. Fairfield
Smart Contracts, Bitcoin Bots, And Consumer Protection, Joshua A.T. Fairfield
Washington and Lee Law Review Online
Trustless public ledgers (“TPLs”)—the technology underneath Bitcoin—do more than just create online money. The technology permits people to directly exchange money for what they want, with no intermediaries, such as credit card companies. Contract law is the law of bargained-for exchange, so a technology that enables direct exchange online will change the reality of online contracting. The current problem with consumer contracting online is that courts and companies have collaborated to create an online system in which consumers cannot bargain. Under the current regime, consumers have no choice but to click the “I Accept” button. Online, contract law is not …
Did New York State Just Anoint Virtual Currencies By Proposing To Regulate Them, Or Will Regulation Spoil Them For Some?, Sarah Jane Hughes
Did New York State Just Anoint Virtual Currencies By Proposing To Regulate Them, Or Will Regulation Spoil Them For Some?, Sarah Jane Hughes
Washington and Lee Law Review Online
This Essay previews issues raised by the general subject of regulating virtual currencies and the specific efforts of New York State’s Department of Financial Services’ proposed Virtual Currency Regulatory Framework (the BitLicense) in particular. It focuses on five topics in the proposal and their interplay with the current regulation of “money services” and “money transmission” in other states, using the Commonwealth of Virginia and the State of Washington approaches on a few common topics for comparison purposes. It also asks whether regulation of virtual currencies is likely to cause more widespread adoption of virtual currencies or to frustrate the proponents …
Dynamic Common Law And Technological Change: The Classification Of Bitcoin, Shawn Bayern
Dynamic Common Law And Technological Change: The Classification Of Bitcoin, Shawn Bayern
Washington and Lee Law Review Online
Most legal analysis of Bitcoin has addressed public-law and regulatory matters, such as taxation, securities regulation, and money laundering. This essay considers some questions that Bitcoin raises from a private-law perspective, and it aims to show that technological innovation may highlight problems with conceptualistic, classical rules of private law.
Taxing And Regulating Bitcoin: The Government's Game Of Catch Up, Patrick Mcleod
Taxing And Regulating Bitcoin: The Government's Game Of Catch Up, Patrick Mcleod
CommLaw Conspectus: Journal of Communications Law and Technology Policy (1993-2015)
No abstract provided.
Bitcoin: Crypto-Currency Or Bust, Ilon Oliveira
Bitcoin: Crypto-Currency Or Bust, Ilon Oliveira
GGU Law Review Blog
Bitcoin’s nature makes regulation extremely difficult for international governments. The currency’s resistance to regulation also makes it appealing to people who want freedom from government or central bank control. However, given the rapidly moving growth and emerging uses of Bitcoin, governments will need to take action sooner rather than later, to prevent fraud and protect Bitcoin users.
Virtual Currencies: Bitcoin & What Now After Liberty Reserve, Silk Road, And Mt. Gox?, Lawrence J. Trautman
Virtual Currencies: Bitcoin & What Now After Liberty Reserve, Silk Road, And Mt. Gox?, Lawrence J. Trautman
Lawrence J. Trautman Sr.
During 2013, the U.S. Treasury Department evoked the first use of the 2001 Patriot Act to exclude virtual currency provider Liberty Reserve from the U.S. financial system. This article will discuss: the regulation of virtual currencies; cybercrimes and payment systems; darknets, Tor and the “deep web;” Bitcoin; Liberty Reserve; Silk Road and Mt. Gox. Virtual currencies have quickly become a reality, gaining significant traction in a very short period of time, and are evolving rapidly. Virtual currencies present particularly difficult law enforcement challenges because of their: ability to transcend national borders in the fraction of a second; unique jurisdictional issues; …
Virtual Currencies Bitcoin & What Now After Liberty Reserve, Silk Road, And Mt. Gox?, Lawrence Trautman
Virtual Currencies Bitcoin & What Now After Liberty Reserve, Silk Road, And Mt. Gox?, Lawrence Trautman
Richmond Journal of Law & Technology
During 2013, the U.S. Treasury Department evoked the first use of the 2001 Patriot Act to exclude virtual currency provider Liberty Reserve from the U.S. financial system. This article will discuss: the regulation of virtual currencies, cybercrimes and payment systems, darknets, Tor and the “deep web,” Bitcoin; Liberty Reserve, Silk Road, and Mt. Gox. Virtual currencies have quickly become a reality, gaining significant traction in a very short period of time, and are evolving rapidly.
Speculative Tech: The Bitcoin Legal Quagmire & The Need For Legal Innovation, Paul H. Farmer Jr.
Speculative Tech: The Bitcoin Legal Quagmire & The Need For Legal Innovation, Paul H. Farmer Jr.
Journal of Business & Technology Law
No abstract provided.
Bitcoin, The Law And Emerging Public Policy: Towards A 21st Century Regulatory Scheme, Gregory M. Karch
Bitcoin, The Law And Emerging Public Policy: Towards A 21st Century Regulatory Scheme, Gregory M. Karch
Florida A & M University Law Review
Bitcoin is the world's first decentralized digital currency. According to Lawrence Lessig, cryptography is "the most important technological breakthrough in the last one thousand years" and will be transformative. Bitcoin, capitalizing on cryptography, is a revolutionary digital currency protocol--a software system capable of tracking financial transactions without the need for a third party intermediary. The Bitcoin software is a "community-driven open source project released under an MIT license.”
This paper begins by briefly reviewing the mechanics of Bitcoin in Section I. Section II then surveys the rapidly expanding uses of Bitcoin, as well as the emerging application of Bitcoin. Since …
Bitcoin: The Economic Case For A Global, Virtual Currency Operating In An Unexplored Legal Framework, Jonathan B. Turpin
Bitcoin: The Economic Case For A Global, Virtual Currency Operating In An Unexplored Legal Framework, Jonathan B. Turpin
Indiana Journal of Global Legal Studies
Bitcoin is a virtual currency created by programmers, which is produced at a predetermined and knowable rate to simulate a limited resource. Its value is derived from the trust of its users and is protected by its limited nature and the cryptography by which the currency is secured and authenticated. Bitcoin has been, and continues to be, used by some for the purchase of illegal substances and in furtherance of crimes. Because Bitcoin is not issued by a central bank or government, its use entails risks, both legal and otherwise, that have not previously been explored. Nonetheless, Bitcoin possesses significant …
Virtual Economics Virtually Unregulated: How Clear Taxpayer Guidance Can Mitigate Tax Compliance Risks, Jeffrey Anand
Virtual Economics Virtually Unregulated: How Clear Taxpayer Guidance Can Mitigate Tax Compliance Risks, Jeffrey Anand
Hofstra Law Review
The article discusses the regulation of virtual economies and the author's claim that clear taxpayer guidance can mitigate the tax compliance risks as of 2014. America's national debt is addressed, along with government revenue in the country and noncompliance with the U.S. Internal Revenue Code. Virtual currencies such as Bitcoin are examined, along with tax havens and the country's Internal Revenue Service (IRS). Recommendations from the U.S. Government Accountability Office are assessed.
Bitcoin Financial Regulation: Securities, Derivatives, Prediction Markets, And Gambling, Jerry Brito, Houman B. Shadab, Andrea Castillo
Bitcoin Financial Regulation: Securities, Derivatives, Prediction Markets, And Gambling, Jerry Brito, Houman B. Shadab, Andrea Castillo
Articles & Chapters
The next major wave of Bitcoin regulation will likely be aimed at financial instruments, including securities and derivatives, as well as prediction markets and even gambling. While there are many easily regulated intermediaries when it comes to traditional securities and derivatives, emerging bitcoin denominated instruments rely much less on traditional intermediaries such as banks and securities exchanges. Additionally, the block chain technology that Bitcoin introduced for the first time makes completely decentralized markets and exchanges possible, thus eliminating the need for intermediaries in complex financial transactions. In this Article we survey the type of financial instruments and transactions that will …