Bitcoin Legal Issues Important Cases You Should Watch

Ways To Make Money

This subreddit is a place for people to share ideas about making money- legal or illegal. We are always open to any and all ideas you may have. Don't be shy, great things don't happen without putting minds together!
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Take your shoes off (and put them on your head)

Bitcoin's less serious side, a subreddit for the community of bitcoin users, not just speculatards. You will find no cultists here.
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X Nation: A seasteading ex-nation, conceived in /r/Bitcoin, and dedicated to the proposition ...

"X Nation" refers to the idea of using wealth from the Bitcoin economy to build an independent nation comprised of seasteading communities in international waters. The purpose of /xnation is to provide an online meeting place and discussion forum for people interested in collaborating to create and execute a plan to make X Nation a reality.
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$1 Million BITCOIN Legal Issues & Impact on Banks Like JP Morgan - Coinbase Selling Your Data!

submitted by PrimeCoinz to DigitalAssets [link] [comments]

$1 Million BITCOIN Legal Issues & Impact on Banks Like JP Morgan - Coinbase Selling Your Data!

$1 Million BITCOIN Legal Issues & Impact on Banks Like JP Morgan - Coinbase Selling Your Data! submitted by PrimeCoinz to CryptoMarkets [link] [comments]

$1 Million BITCOIN Legal Issues & Impact on Banks Like JP Morgan - Coinbase Selling Your Data!

$1 Million BITCOIN Legal Issues & Impact on Banks Like JP Morgan - Coinbase Selling Your Data! submitted by cryptoallbot to cryptoall [link] [comments]

$1 Million BITCOIN Legal Issues & Impact on Banks Like JP Morgan - Coinbase Selling Your Data!

$1 Million BITCOIN Legal Issues & Impact on Banks Like JP Morgan - Coinbase Selling Your Data! submitted by PrimeCoinz to Crypto_Currency_News [link] [comments]

Bitcoins Legal Issues Vexing Bitcoin Community Of India

Bitcoins Legal Issues Vexing Bitcoin Community Of India submitted by Indiannews16 to Cyberpunk [link] [comments]

Bitcoins Legal Issues Are Still Vexing Bitcoin Community And Businesses Of India In 2016

submitted by EncryptionCrazy007 to business [link] [comments]

Bitcoins Legal Issues Vexing Bitcoin Community Of India

Bitcoins Legal Issues Vexing Bitcoin Community Of India submitted by RK416 to Bitcoin [link] [comments]

Bitcoins Legal Issues Vexing Bitcoin Community Of India

Bitcoins Legal Issues Vexing Bitcoin Community Of India submitted by BitcoinAllBot to BitcoinAll [link] [comments]

05-03 17:21 - 'Bitcoins Legal Issues Vexing Bitcoin Community Of India' (technolegalthoughts.wordpress.com) by /u/SecureWorld87 removed from /r/Bitcoin within 320-325min

Bitcoins Legal Issues Vexing Bitcoin Community Of India
Go1dfish undelete link
unreddit undelete link
Author: SecureWorld87
submitted by removalbot to removalbot [link] [comments]

International wiring of money via bitcoin. Legal issues?

If you made a service that wired money like western union by buying and selling bitcoins, or transferring them from one account to another, what might the legal problems be? What if you bought and sold bitcoins to yourself to convert it from one currency to another or one bank to another automatically? Would that make immigrant remittance easier?
submitted by NeoSpartacus to Bitcoin [link] [comments]

CSW has gone off the deep end again. 🤦🏻‍♂️ In a rambling rant, he claims to be “the sole creator of bitcoin” (still without evidence to back it up), and is now “giving notice” to “CoreCoin” and “Bcash” (his words) that they may face legal issues for “infringing” on his invention. 🤦🏻‍♂️🤷🏻‍♂️

CSW has gone off the deep end again. 🤦🏻‍♂️ In a rambling rant, he claims to be “the sole creator of bitcoin” (still without evidence to back it up), and is now “giving notice” to “CoreCoin” and “Bcash” (his words) that they may face legal issues for “infringing” on his invention. 🤦🏻‍♂️🤷🏻‍♂️ submitted by scotty321 to btc [link] [comments]

Should it be legal and a respected right to issue equities for decentralized autonomous organizations with out undue government hassle? Such equities can potentially be implemented utilizing Bitcoin Cash and Bitcoin Cash Tokens.

Should it be legal and a respected right to issue equities for decentralized autonomous organizations with out undue government hassle? Such equities can potentially be implemented utilizing Bitcoin Cash and Bitcoin Cash Tokens.
submitted by MichaelTen to btc [link] [comments]

My protest at MtGox Offices - 5 to 7th February 2014, Tokyo, Japan.

Day 1 – Wednesday 5 February
After repeated and failed attempts to withdraw my BTC from MtGox, I decided to jump on a plane and pay them a visit in Tokyo.
After a 16 hr. flight from Australia I went straight to their offices, arriving at around 4pm. The receptionist in the lobby told me there was no one available to meet me and I should arrange an appointment.
I refused to leave and after about 15 mins or so, the receptionist handed me the telephone to speak with a member of MtGox support. The support person referred me to their website. After a ‘lively’ conversation I told him I wasn’t gong anywhere, I didn’t travel 16 hrs to read a website I could have read at home. I would wait for Mark Karpeles to come down.
Same thing happened 15 mins later, another call, more non-sense about technical issues, and a suggestion the authorities might have to be called. I told him great, I could lodge an official complaint against MtGox while they were here.
After some hours had passed, the building cleared out and the receptionists left for the night. I was alone in the lobby. Then at approximately 8 pm, I was suddenly greeted by Gonzague Gay-Bouchery, Manager Business Development, and Mark Karpeles right hand man.
I recognized him from some news articles. I thought great, and straight away put some burning questions to him:
Q1. What is causing the withdrawal delays?
• Well, because Gox is the best known of all the exchanges, we have been under the regulatory spotlight.
• This has created problems with government agencies, and also with our banking partners.
• There are also some ongoing investigations, which we cannot talk about.
Q.2 Sure, and this would explain the FIAT delays, but what about the BTC delays; you can’t blame that on anyone else.
• The BTC withdrawal issue is a technical one, and one that has previously affected the MtGox system, our engineers are working hard to resolve the problem.
• As of now, some BTC withdrawals were going through
• For those transactions that remain broken for a week, the balance of BTC will be returned to a customers MtGox account.
Q3. A great way to buy time for a liquidity problem?
• No, it’s a technical issue.
Q4. So why are so many of the input addresses feeding into transactions in the queue coming up empty?
• This is a complex technical issue to which neither of us know the answer
Q5. Try to explain it to me.
• Its technical
Q6. There are over 40,000 BTC in the withdrawal queue, isn’t that the electronic equivalent of a bank run?
• The 40,000 figure is not correct, and the goxreport isn’t accurate.
Q.7 But I actually obtained this data from Delerium’s website who is a gox employee / contractor / associate.
• I will have to look into that.
Q8. Why doesn’t Gox prove they are solvent by transferring a large quantity of BTC between two internal wallets like Mark previously did. Then we can all check it out on the blockchain and be reassured?
• The overwhelming majority of BTC are held in cold storage. Logistically and legally in would be difficult to replicate the transfer “trick” Mark previously employed at Gox to prove their solvency.
Q9. Try me, how hard is it, what exactly is involved?
• Obviously I can’t go into too much detail for security reasons, but it would involve physically obtaining them from 6 or more locations.
Q10. Well, why don’t u do it, isn’t this a critical situation?
• It’s not that straight foreword.
Q11. You do realize no-one believes the technical excuses for the delay in BTC?
• Mt Gox has the coins, it is a technical issue and we need people to be patient.
Q12. What is you view on the poll recently published by Coindesk on Mt Gox?
• Coindesk have a vendetta against MtGox.
Q13. But they one of the most trusted sources of news in the Bitcoin community.
• Some people have it out for Mt Gox.
Q14. How do you explain the vastly different prices that appear on Gox compared with other exchanges? It recently went to 25%.
• Some traders were responsible for the manufacturing the differential in an attempt to financially benefit from arbitrage.
Q15. But people exploiting the arbitrage opportunity would actually reduce the price differential, not widen it.
[I can’t recall receiving a response to this particular point]
Q16. Is MtGox manipulating the price by directly purchasing Bitcoins on their own exchange?
• No, MtGox is not permitted to do this.
[coincidently, almost immediately after this meeting the price on MtGox tanked]
Q17. People have a lot of money tied up in your exchange, and they don’t believe your excuses. All the evidence suggests something more serious going on at gox. You are playing with people’s lives here.
• All the coins are safe; this is merely a technical issue.
When I left the office that night, I wanted to believe that everything was indeed fine, and these were indeed some temporary technical glitches, but this view was somewhat influenced by the fact I still have BTC on their exchange. All the evidence appears to suggest something more serious.
For the record, I gave Gonzague an advance copy of this transcript and offered him the opportunity to have any of his answers amended if he felt I misrepresented him in any way. A member of his support team replied by stating he did not have any comment on my version of the conversation.
Day 2 – Thursday 6 February 2014
I arrived at MtGox early, approximately 8am, and stood outside with a sign reading “MtGox, where has my money gone”. I got some curious looks, and a lot of questions from passersby about my protest.
Then at approximately 9.20 am, Mark Karpeles himself came along carrying a large, and very fancy coffee in his hand that could have passed as a dessert. I immediately confronted him and told him we needed a chat. So he stopped to hear me out.
I told him he was playing with people’s lives, and some people stood to lose their entire savings. Like Gonzague told me the night before, he mentioned technical issues, and that he would look into my case.
Then 20mins later at around 9.40am Gonzague arrived. “Good news” he said, we have sorted out your account, go and check it online. After I got Wi-Fi connection back the hotel I discovered my failed BTC withdrawal transactions had been cancelled and all my BTC were put back in the one place in the world I didn’t want them: The MtGox website. Back to joining the queue of 40,000 other BTCs.
I think this was some sort of ironic joke. I quickly tried to withdraw them again; but surprise, surprise, stuck again.
By late evening, the majority of the other workers in the MtGox building had heard of my protest and were bringing me out sandwiches and beer, and inviting me to lunch. As it turns out, Japan is probably one of the better countries in the world to protest. Everyone is so friendly; I can see why the Goxies choose to set up shop here.
As the evening drew on, it looked like I would have do a late one to catch Mark again on the way out. However, at around 7.30pm, I was approached by a law professor from a local university who has written widely on bitcoin legal issues. He was on his way to a bitcoin “meet-up” and asked me to come along to tell my story to the other bitcoin enthusiasts. I was reluctant to leave the protest but was interested in what other Tokyo resident’s thought of MtGox.
When I arrived, everyone was very interested in hearing my story. There was a general consensus amongst the participants that MtGox was finished as an exchange. They acknowledged that MtGox had played an important role in propelling Bitcoin to what it is today, but its decline and ultimate closure was inevitable.
However, there was some divergent views on the reason for this, most people, including myself are of the view that bad business decisions and incompetence were primarily to blame, while others held the view that government restriction, and secret investigations were hampering MtGox’s ability to function efficiently. Who knows what the truth is, maybe it is a bit of both.
At the end of the day 2, there was a very worrying development, the data feed for the goxreport, and delerium’s MtGox transaction failure website were cut. Perhaps a final act of MtGox’s desperation to hide the truth.
Day 3 – Friday 7 February
I started my protest a little later today in the knowledge that most of the Goxies don’t start work until after 9am. Then there was an unexpected twist; another person showed up looking for Mark. He was an emissary of an early adopter and well known member of the bitcoin community, and was there to collect an eye watering amount of money.
My emotions were mixed on seeing this person; on one hand I was glad to see another protester to fight the good cause. On the other hand, my heart sank in the knowledge that if Mark isn’t paying off his old friends in the bitcoin community then what chance do small fry like me have?
As the emissary and I chatted, Mark Karpeles arrived, and we both confronted him, the conversation went on for some time and most of it conducted in French which I had trouble understanding. However I did mange to record the whole thing on video.
The episode only came to a halt when Gonzague appeared in the lobby and rescued Mark. Very soon after this point, MtGox released a statement announcing that all BTC withdrawals were suspended.
In conclusion, I think i just witnessed MtGox die today. I didn’t get my bitcoin, but glad I came and tried.
submitted by CoinSearcher to Bitcoin [link] [comments]

Steve Patterson: "Awesome tech on Bitcoin Cash: trivially easy dividend payments! When I wrote "What's the Big Deal About Bitcoin?", I envisioned stocks being issued on the blockchain, and this is the tech that can do it. Once legal issues are solved, this is the future."

Steve Patterson: submitted by Egon_1 to btc [link] [comments]

Trying to get 40,000 BTC out of the MtGOX exchange... and failing.

Day 1 – Wednesday 5 February
After repeated and failed attempts to withdraw my BTC from MtGox, I decided to jump on a plane and pay them a visit in Tokyo.
After a 16 hr. flight from Australia I went straight to their offices, arriving at around 4pm. The receptionist in the lobby told me there was no one available to meet me and I should arrange an appointment.
I refused to leave and after about 15 mins or so, the receptionist handed me the telephone to speak with a member of MtGox support. The support person referred me to their website. After a ‘lively’ conversation I told him I wasn’t gong anywhere, I didn’t travel 16 hrs to read a website I could have read at home. I would wait for Mark Karpeles to come down.
Same thing happened 15 mins later, another call, more non-sense about technical issues, and a suggestion the authorities might have to be called. I told him great, I could lodge an official complaint against MtGox while they were here.
After some hours had passed, the building cleared out and the receptionists left for the night. I was alone in the lobby. Then at approximately 8 pm, I was suddenly greeted by Gonzague Gay-Bouchery, Manager Business Development, and Mark Karpeles right hand man.
I recognized him from some news articles. I thought great, and straight away put some burning questions to him:
Q1. What is causing the withdrawal delays?
• Well, because Gox is the best known of all the exchanges, we have been under the regulatory spotlight.
• This has created problems with government agencies, and also with our banking partners.
• There are also some ongoing investigations, which we cannot talk about.
Q.2 Sure, and this would explain the FIAT delays, but what about the BTC delays; you can’t blame that on anyone else.
• The BTC withdrawal issue is a technical one, and one that has previously affected the MtGox system, our engineers are working hard to resolve the problem.
• As of now, some BTC withdrawals were going through
• For those transactions that remain broken for a week, the balance of BTC will be returned to a customers MtGox account.
Q3. A great way to buy time for a liquidity problem?
• No, it’s a technical issue.
Q4. So why are so many of the input addresses feeding into transactions in the queue coming up empty?
• This is a complex technical issue to which neither of us know the answer
Q5. Try to explain it to me.
• Its technical
Q6. There are over 40,000 BTC in the withdrawal queue, isn’t that the electronic equivalent of a bank run?
• The 40,000 figure is not correct, and the goxreport isn’t accurate.
Q.7 But I actually obtained this data from Delerium’s website who is a gox employee / contractor / associate.
• I will have to look into that.
Q8. Why doesn’t Gox prove they are solvent by transferring a large quantity of BTC between two internal wallets like Mark previously did. Then we can all check it out on the blockchain and be reassured?
• The overwhelming majority of BTC are held in cold storage. Logistically and legally in would be difficult to replicate the transfer “trick” Mark previously employed at Gox to prove their solvency.
Q9. Try me, how hard is it, what exactly is involved?
• Obviously I can’t go into too much detail for security reasons, but it would involve physically obtaining them from 6 or more locations.
Q10. Well, why don’t u do it, isn’t this a critical situation?
• It’s not that straight foreword.
Q11. You do realize no-one believes the technical excuses for the delay in BTC?
• Mt Gox has the coins, it is a technical issue and we need people to be patient.
Q12. What is you view on the poll recently published by Coindesk on Mt Gox?
• Coindesk have a vendetta against MtGox.
Q13. But they one of the most trusted sources of news in the Bitcoin community.
• Some people have it out for Mt Gox.
Q14. How do you explain the vastly different prices that appear on Gox compared with other exchanges? It recently went to 25%.
• Some traders were responsible for the manufacturing the differential in an attempt to financially benefit from arbitrage.
Q15. But people exploiting the arbitrage opportunity would actually reduce the price differential, not widen it.
[I can’t recall receiving a response to this particular point]
Q16. Is MtGox manipulating the price by directly purchasing Bitcoins on their own exchange?
• No, MtGox is not permitted to do this.
[coincidently, almost immediately after this meeting the price on MtGox tanked]
Q17. People have a lot of money tied up in your exchange, and they don’t believe your excuses. All the evidence suggests something more serious going on at gox. You are playing with people’s lives here.
• All the coins are safe; this is merely a technical issue.
When I left the office that night, I wanted to believe that everything was indeed fine, and these were indeed some temporary technical glitches, but this view was somewhat influenced by the fact I still have BTC on their exchange. All the evidence appears to suggest something more serious.
For the record, I gave Gonzague an advance copy of this transcript and offered him the opportunity to have any of his answers amended if he felt I misrepresented him in any way. A member of his support team replied by stating he did not have any comment on my version of the conversation.
Day 2 – Thursday 6 February 2014
I arrived at MtGox early, approximately 8am, and stood outside with a sign reading “MtGox, where has my money gone”. I got some curious looks, and a lot of questions from passersby about my protest.
Then at approximately 9.20 am, Mark Karpeles himself came along carrying a large, and very fancy coffee in his hand that could have passed as a dessert. I immediately confronted him and told him we needed a chat. So he stopped to hear me out.
I told him he was playing with people’s lives, and some people stood to lose their entire savings. Like Gonzague told me the night before, he mentioned technical issues, and that he would look into my case.
Then 20mins later at around 9.40am Gonzague arrived. “Good news” he said, we have sorted out your account, go and check it online. After I got Wi-Fi connection back the hotel I discovered my failed BTC withdrawal transactions had been cancelled and all my BTC were put back in the one place in the world I didn’t want them: The MtGox website. Back to joining the queue of 40,000 other BTCs.
I think this was some sort of ironic joke. I quickly tried to withdraw them again; but surprise, surprise, stuck again.
By late evening, the majority of the other workers in the MtGox building had heard of my protest and were bringing me out sandwiches and beer, and inviting me to lunch. As it turns out, Japan is probably one of the better countries in the world to protest. Everyone is so friendly; I can see why the Goxies choose to set up shop here.
As the evening drew on, it looked like I would have do a late one to catch Mark again on the way out. However, at around 7.30pm, I was approached by a law professor from a local university who has written widely on bitcoin legal issues. He was on his way to a bitcoin “meet-up” and asked me to come along to tell my story to the other bitcoin enthusiasts. I was reluctant to leave the protest but was interested in what other Tokyo resident’s thought of MtGox.
When I arrived, everyone was very interested in hearing my story. There was a general consensus amongst the participants that MtGox was finished as an exchange. They acknowledged that MtGox had played an important role in propelling Bitcoin to what it is today, but its decline and ultimate closure was inevitable.
However, there was some divergent views on the reason for this, most people, including myself are of the view that bad business decisions and incompetence were primarily to blame, while others held the view that government restriction, and secret investigations were hampering MtGox’s ability to function efficiently. Who knows what the truth is, maybe it is a bit of both.
At the end of the day 2, there was a very worrying development, the data feed for the goxreport, and delerium’s MtGox transaction failure website were cut. Perhaps a final act of MtGox’s desperation to hide the truth.
Day 3 – Friday 7 February
I started my protest a little later today in the knowledge that most of the Goxies don’t start work until after 9am. Then there was an unexpected twist; another person showed up looking for Mark. He was an emissary of an early adopter and well known member of the bitcoin community, and was there to collect an eye watering amount of money.
My emotions were mixed on seeing this person; on one hand I was glad to see another protester to fight the good cause. On the other hand, my heart sank in the knowledge that if Mark isn’t paying off his old friends in the bitcoin community then what chance do small fry like me have?
As the emissary and I chatted, Mark Karpeles arrived, and we both confronted him, the conversation went on for some time and most of it conducted in French which I had trouble understanding. However I did mange to record the whole thing on video.
The episode only came to a halt when Gonzague appeared in the lobby and rescued Mark. Very soon after this point, MtGox released a statement announcing that all BTC withdrawals were suspended.
In conclusion, I think i just witnessed MtGox die today. I didn’t get my bitcoin, but glad I came and tried.
submitted by kkodaxeroo to Bitcoin [link] [comments]

Paypal went through its growing pains and legal issues; as did credit /debit cards before it. Bitcoin and the cryptos will also survive this process

Paypal went through its growing pains and legal issues; as did credit /debit cards before it. Bitcoin and the cryptos will also survive this process submitted by njscoro1 to Bitcoin [link] [comments]

Profit / Legal issues for Bitcoin ATM owners?

I am considering buying a Bitcoin ATM and placing it inside a gas station. Is there any profit in one? What about legal issues - does the US government have rules on this? What about banks - do they care if multiple BTC transactions are going through an account? Thank you for any advice!
submitted by Reiz45 to bitcoinatms [link] [comments]

It is about Faith.

Dear Vertcoin community,
as you know I am a holder of VTC, and until recently, Doge and WDC as well. (bought a fair bit of VTC last night at 0.0038, over 10k USD) Over the WDC forum, I had some meaningful dialogue with individuals, as believe it or not, over there people were extremely worried about their price drop. To them, I always tell the same story to those that asked, and I feel I can reiterate that here as well.
For every seller. There's a Buyer.
This is a true statement in the crypto-world, since we cannot sell short. Meaning, you can't really say there's 'more people selling today', there's no such thing. If you sold, someone just bought. Now, this might explain why there are so many trolls on this forums. As if you want to BUY, the only way you can get a good price, is to force people to place orders to sell their existing coins lower.
Therefore, if someone wish to buy, it makes GOOD SENSE for them to come in and spread fear. How else will orders be filled? I think at this point it will be obvious what those people were trying to accomplish. For every person they scare off, you get a person happy about their purchase. If people don't place sell orders, there won't be buy orders filled.
Now, I had longed a fair bit of VTC at these levels, so I won't hide my intentions, I will like to see my asset appreciate. And there really isn't much more downside for VTC if you think about it.
VTC has it's unique N-factor and one of the best fundamentals. The community is now in charge with a strong leader. Bitcoin's legal issue appears to be resolving.
I therefore will kindly ask of the community. Do not feed the trolls, or give in to them, for if you give in and started to judge using their skewed standards design to induce fear in you, they have won. If you see people spewing out messages clearly designed to spook you, down vote their thread. That's all you need to do, as a community, everyone is in charge, do what you want, and do what your community needs you to do and your community and it will grow.
Good Luck.
submitted by CoinInvestor to vertcoin [link] [comments]

We need a subreddit where we can discuss legal issues concerning bitcoin and crypto in general! So I created it.

In my opinion a place where we can discuss and bring together all interesting legal opinions/documents/research on crypto and blockchain would be a great addition to bitcoin and crypto in general. Instead of the price discussion and shills dominating once interesting subreddits like /CryptoCurrency, we should have a place to discuss the future of crypto in a normal way.
I am looking forward to discuss questions like: Is the future of blockchain in the EU in jeopardy with GDPR being in force? Does the cryptospace need regulation to be able to move forward? What is the legal status of smart contracts? How should cryptocurrencies be taxed?
And I hope that reddit.com/cryptolegal will be a perfect place for that!
submitted by Candybarber to Bitcoin [link] [comments]

Steve Patterson: "Awesome tech on Bitcoin Cash: trivially easy dividend payments! When I wrote "What's the Big Deal About Bitcoin?", I envisioned stocks being issued on the blockchain, and this is the tech that can do it. Once legal issues are solved, this is the future."

submitted by vegasbooty to Cryptoandme [link] [comments]

Paypal went through its growing pains and legal issues; as did credit /debit cards before it. Bitcoin will also survive this process

Paypal went through its growing pains and legal issues; as did credit /debit cards before it. Bitcoin will also survive this process submitted by njscoro1 to btc [link] [comments]

The Bitcoin Lawyer Adam Tracy Explains the Legal Issues Surrounding Initial Coin Offering Airdrops and Bounty Programs.

Transcribed from: https://tracyfirm.com/ico-bounty-legal-issues/
I’ve been getting a lot of questions lately about airdrops and bounties, and whether there’s a legal issues that surround both. And, of course, obviously there is with anything. But, let’s assume the worst case scenario. If you want to take that from the perspective of all of these ICO tokens being securities, then what do you do? Like, are you engaging in an offering of securities, and is there a proper exemption if you’re doing like a bounty? There is, in theory. Rule 701 says that pursuant to a written agreement, an issuer can issue securities in exchange for services. Right? And, that can extend to consultants and advisers. So, you think about like the pure start-up scenario, where you have a bunch of like Kids working for you, and you pay them in stock, right? I, myself, accept stock all the time. Right? It’s just sort of the way that you are compensated when you work with early-stage ventures. They take token. So, it’s kind of a common way to do it. The 701 exemption is used repeatedly. And so, you could apply that to airdrops and bounties. And, I think there’s some nuance to it.
1) The 701 requires a written agreement. So, that written agreement doesn’t necessarily have to be a signed, sort of, counter-party wet signature agreement, but you have to have some sort of writing that evidences what compensation you’re receiving, in exchange for doing a certain service. So in this case, you know, even something as simple as your Bitcoin talk announcement thread would be would be sufficient.
2) The services have to be not related to raising money. So, when you think about the utility token contacts, what you have to be very certain of and very clear about in your announcements and how the bounties run is that the sort of promotion, the social media, whatever people are doing to earn these tokens, are doing it to promote a product or service, as opposed to promoting the ICO — the sale of that token. So it’s very, very clear under law that it can’t be for fundraising. Likely, the way most of these go, your social media promotions are really just promoting whatever network or platform you’re creating.
3) Finally, especially in the context of the consultant or adviser, which all of your bounty and airdrop participants are ultimately going to be, (that’s really what they are — consultants or advisors just on these very small micro transactions) is that they can’t be engaged in any sort of securities promotion. Right? And this is sort of like a relic of the penny stock days, where you would pay penny stock promoters to go out and promote the stock, but you pay him in stock. Well, they closed that loophole. So, going back to point two, your consultants and advisors (the participants in your bounty) have to be very, very careful that they’re not promoting anything that’s particular to the issuance of these ICO tokens or the offering of these ICO tokens. And again, we’re coming from the perspective that all the tokens are securities, which I don’t believe they are, but, you know, worst case scenario — are you able to do it? And retroactively, if someone came in and said this token was, in fact, a security, then was it, in fact, legal to do the airdrop or the bounty?
And I think it is, under rule 701. What I’ve been able to, you know, ascertain both in my own involvement and involvement from other attorneys I’ve spoken to, it doesn’t look like there’s really, to date, been any action by the SEC that has focused on or even really paid attention to like a bounty program or an airdrop as it relates to the issuance of tokens. It’s been more focused on the ICO concept. But it is something to think about when you’re designing these, like what you’re actually paying people to do and especially if it’s social media marketing, what they’re actually promoting. Right? It has to be focused an overwhelming part on the utility. That’s the focus of these things. That’s how you have to approach these. Your marketing, in general, needs to be on the utility, not on the offering or the upside potential price appreciation of your token.
If you have any questions regarding the legality of your airdrop or bounty campaign, be sure to contact Adam S. Tracy.
A former competitive rugby player, serial entrepreneur and, trader attorney, Adam S. Tracy offers over 17 years of progressive legal and compliance experience in the areas of corporate, commodities, cryptocurrency, litigation, payments and securities law. Adam’s experience ranges from commodities trader for oil giant BP, initial public offerings, M&A, to initial coin offerings, having represented both startups to NASDAQ-listed entities. As an early Bitcoin adapter, Adam has promoted growth of cryptocurrency and offers a unique approach to representing crypto-clients. Based in Chicago, IL, Adam graduated from the University of Notre Dame with dual degrees in Finance and Computer Applications and would later obtain his J.D. and M.B.A. from DePaul University. Adam lives outside Chicago with his six animals, which is illegal where he lives. Primary website: http://www.tracyfirm.com Twitter: https://twitter.com/TracyFirm Youtube: https://www.youtube.com/channel/UCVOa8Iy_RIkmRPwuQliPKfw Linkedin: https://www.linkedin.com/in/adamtracy/ Facebook: https://www.facebook.com/thetracyfirm/ Instagram: @adamtracyattorney Telegram: @adam_tracy Skype: @adamtracyesq Email me: [email protected]
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The Digital Revolution: Blockchain – the legal issues ... Why Bitcoin is Illegal in INDIA  10 Years Jail No Bail  Bitcoin Ban or Not Legal issues to Consider When Launching New Crypto Project ... Legal Issues Surrounding Cryptocurrency Mining Operations Bitcoin, Blockchain, and the Law

Bitcoin Legal Issues. The good news is that the list of anti-crypto countries is shrinking, but as it does, it’s important to understand how legal precedent is set and how crypto lawsuits reshape the entire sector. One case alone could alter the development of the market in a particular country. Legal Issues Edward V. Murphy Specialist in Financial Economics M. Maureen Murphy Legislative Attorney Michael V. Seitzinger Legislative Attorney October 13, 2015 Congressional Research Service 7-5700 www.crs.gov R43339 . Bitcoin: Questions, Answers, and Analysis of Legal Issues Congressional Research Service Summary Bitcoin first appeared in January 2009, the creation of a computer programmer ... Not all of these issues are answered yet, but cryptocurrencies are still becoming more and more common. As such, Heitner Legal can help you navigate through the complex realm of crypto-currencies. Bitcoin is the most popular cryptocurrency today. Many issues arise because of the tendency of cryptocurrencies to fluctuate in value very rapidly. Bitcoin Legal Issues – Court Adjourned As crypto adoption continues to expand, more Bitcoin legal issues will go to court. These cases are extremely important because they have the ability to determine the future of the entire crypto market. For now, the crypto community is carefully awaiting how these cases will play out over the coming months. Legal & Ethical Issues in Bitcoin. Bitcoin is an internet currency that is unregulated by governments and banks, yet clients utilize Bitcoin as a form of monetary exchange. As a result, it important to understand the legal and ethical responsibilities to best serves our clients. Governments are struggling with how to regulate its use, users currently receive little to no legal protection when ...

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The Digital Revolution: Blockchain – the legal issues ...

Bitcoin and blockchain aren't just fads, they're posing significant legal issues that courts, practitioners, and regulators are dealing with today. Join Erica G. Wilson and Stephen T. Middlebrook ... Jim Gatto, Partner Sheppard Mullin Richter & Hampton LLP He is in the Intellectual Property Practice Group in the firm's Washington, D.C. office. He is also ... Cryptocurrency attorney Adam S Tracy details the legal implications of cryptocurrency and bitcoin mining and gives guidance on operating a compliant bitcoin mining operation. --- Bitcoin website ... In the final video of the Blockchain series, London partner Jonny Emmanuel provides an overview of the general legal issues with Blockchain, particularly the legal issues around smart contracts ... On February 5, the Richard Paul Richman Center for Business, Law, and Public Policy hosted Regulating Cryptocurrencies: The Future of Bitcoin, Ether, and Other Tokens. The discussion brought ...

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