Knowledge Center

Monday, September 17, 2018

Rick Rein Presents "The Cryptocurrency Craze" at the ABI Cross-Border Insolvency Program - 11/7/18

11/7/18
ABI Cross-Border Insolvency Program
Dentons US LLP, Midtown Manhattan
New York, New York
Click here for more info and to register.

The use of cryptocurrencies are becoming more prevalent throughout the world. During the early days of Bitcoin there was a relative absence of regulation or control by governments since there is no central issuing authority. Given the increasing use of cryptocurrencies, as well as the increased hacking of these currencies and bankruptcies of cryptocurrency firms, bankruptcy courts will likely have to weigh in on the various property rights of crypto companies. In the recent case of Hashfast Technologies LLC v. Lowe (In re Hashfest Technologies) (Bankr. N.D. Cal. February 22, 2016), Judge Montali authored one of the first reported decisions in this area. Whether cryptocurrencies constitute a commodity, currency or general intangible is critical for purposes of avoidance action recovery. How cryptocurrencies are viewed in international jurisdictions may differ depending on the property right that the court assigns to them and whether or not those property rights are subject to claw back by bankruptcy companies. A recent IRS ruling stated that bitcoins are "property", not currency. Judge Montali also concluded that bitcoins are not currency.

Click here to request a copy of this presentation.

 

NOTICE: Emailing an attorney shall not and does not create an attorney-client relationship between the attorney and users of this web site or any other party whatsoever. An attorney-client relationship is ONLY established through a written engagement, and only where doing so would comply with all applicable laws and ethical rules.

CONFIDENTIAL INFORMATION: Transmission of information on-line, over email, or through any electronic means can be unstable, unreliable and insecure. You should not send information or facts via e-mail relating to your legal problem or question. If you do not have an existing attorney-client relationship, your e-mail may not be privileged or confidential.

By clicking 'OK' below, you are agreeing to the terms of this web site.

Please fill out the form below and we'll send an email out about this page to a recipient of your choice.


Copy: Check here if you would like a copy of the email.