The use of cryptocurrencies is increasing at a staggering pace. As cryptocurrency use becomes mainstream, its use as a form of payment and storage as an asset will increase across industries and among companies and individuals.
At the moment, the obstacle faced by creditors is to identify the holder and/or recipient of the transaction. Currently, offshore fiduciaries are being used to maintain the computer, private key or Virtual Wallet. Absent jurisdictional authority, a U.S. court is powerless to compel the fiduciary to turn over assets. However, a U.S. court could compel the party to turn over the account or information about the transaction.