As the market cap of cryptocurrencies has grown to the point where mainstream financial industry players are jumping aboard the blockchain bandwagon with greater fervor than ever, and NFTs make headlines (and paydays) for famous and obscure celebrities alike, regulators
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Disney Patents Blockchain-Based Anti-piracy Movie Distribution System
How do motion picture studios protect their valuable content from piracy during distribution and exhibition in theaters? A recently awarded Disney patent aims to tackle such issues using blockchain, the distributed ledger technology underpinning popular cryptocurrencies.
The patent, “Blockchain Configuration…
You Asked, We Answered: NFTs and Virtual Currency in Games: Compliance Issues and Legal Risks
This post was previously published on Venable’s All About Advertising Law blog.
Game developers and platform providers are increasingly integrating non-fungible tokens (NFTs), virtual currencies, and digital marketplaces into their games and platforms, creating seamless, novel, and interactive experiences. While…
Join Us on July 22 for a Discussion on NFTs and Virtual Currency in Games: Compliance Issues and Legal Risks
Game developers and platform providers are increasingly integrating NFTs (non-fungible tokens), virtual currencies, and digital marketplaces into their games and platforms, creating seamless, novel, and interactive experiences. While the industry has moved ahead quickly, federal and state regulators are taking…
Federal Reserve Dives Deep into Central Bank Digital Currencies
Federal Reserve Board (FRB) Chair Jerome H. Powell announced on Thursday May 20, 2021, the Federal Reserve plans to publish a discussion paper this summer that will explore the possibility of issuing a U.S. central bank digital currency (CBDC).
According…
Who Is Investing in Cryptocurrencies?
By Ed Wilson & Laura R. Biddle
Women, that’s who. Why? Because women “get it,” according to the media. Over the past year, there have been a plethora of articles encouraging women to invest in virtual currencies, and, according to the Wall Street Journal, this effort is…
Purchased Bitcoin in 2020? IRS Might (or Might Not) Require Reporting on Your Tax Return
As tax season heads into full swing, cryptocurrency traders may be in for a surprise when they sit down to complete their 2020 taxes. This year, for the first time, the Internal Revenue Service (IRS) is including a question about…
Mastercard to Directly Support Cryptocurrencies on Its Payment Network – But Not Bitcoin
Mastercard has announced that it will begin supporting select cryptocurrencies directly on its payment network this year. Mastercard made the announcement in February, touting that the change would create “more possibilities for shoppers and merchants,” enabling them to move digital…
NFTs Promise Digital Scarcity Through the Blockchain for Artists, Athletes, and Celebrities – and an Abundance of New Legal Issues
On March 11, 2021, a piece of digital art sold for $69,000,000.00 (yes, sixty-nine million United States dollars) at Christie’s Auction House (online, of course). That happened roughly five months after its original sale, meaning that the piece created by the…
PYMNTS Quotes Ed Wilson on the Creation—and Risks—of Sovereign Digital Currencies
By Ed Wilson
On March 15, 2021, Ed Wilson was quoted in PYMNTS on the creation of sovereign digital currencies. According to the article, U.S. Treasury Secretary Janet Yellen said last month that central banks should explore creating and issuing sovereign digital currencies.…