Brett mason bitcoin india

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Second, this Comment will examine the current legal treatment of bitcoins and Bitcoin-specific issues in bankruptcy. Bitcoin is decentralized because it is not monitored, controlled, or administered by any legal or governmental entity. Although each bitcoin has no inherent value, each is unique and held by a single entity at a time.

Bureau, supra note 5. However, unlike a banking password, if a user were to lose his or her private key, those bitcoins would be forever inaccessible because there is no way to track or recover a lost key. When mining, users provide computing power to process bitcoin transactions. Mining consists of running a continuous series of computations that add transactions to the blockchain.

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In addition to mining, the other main categories of participants in the Bitcoin industry are Bitcoin exchanges and merchants who accept bitcoins as payment. Bitcoins, once mined, can be exchanged for government-issued currencies on online exchanges, used to purchase goods and services from merchants who accept bitcoins as payment, or transferred from one user to another. Also, numerous other Bitcoin-centric entrepreneurial endeavors have emerged, including an investment company that manages a bitcoin mutual fund and game developers who use bitcoins in online social games.

This aspect of Bitcoin, however, also attracts those who desire anonymity for nefarious purposes.


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Criminals have used bitcoins to transact illegal goods and services globally. Bitcoin is susceptible to drastic price fluctuations because no governmental entity issues or insures it, and its value is dependent on public trust and perception. In , the price of bitcoins saw a sixty-one percent drop in a single day, and in , there was a single-day price drop of eighty percent.

These websites are just as vulnerable to hackers as any other website. For example, in February , Mt. Bureau, supra note 5; Doherty, supra note 4, at 38— See Beth Winegarner, Mt. Unlike when funds are moved through a secured wire transfer, which passes through the Federal Reserve Bank, bitcoins move from peer-to-peer , 34 See U. The Mt. None of these bitcoins have yet been recovered by Mt. Gox or its customers.

Consumer Fin. Despite the volatility and instability of bitcoin, and the fact that it does not have legal tender status in any jurisdiction, 37 Consumer Fin. Integrating Bitcoin as a payment option for customers is a complex endeavor because many of the operational and legal requirements surrounding Bitcoin, including tax-accounting and regulatory compliance, are in a state of flux.

Law Today Nov. Consumers also have significant access to bitcoins for use in the non-virtual marketplace through public places offering bitcoin ATMs. These ATMs allow users to exchange cash for bitcoins at public kiosks. Because the kiosks are more comparable to public computers than ATMs, these kiosks lack the typical safeguards of a classic ATM. The Code holds a broad range of assets susceptible to inclusion in the bankruptcy estate.

Whiting Pools, Inc. News Release, supra note 5 classifying virtual currency as property for federal tax purposes.

But see Butner v. United States, U. Thus, bankruptcy courts need to decide what to do with bitcoins. If bitcoins were classified as currency, bitcoin transactions would receive greater protections, including certain immunities from both the automatic stay and being deemed a constructive fraudulent transfer. On the other hand, if bitcoins were classified as a commodity, the Code would not automatically afford such protections, 50 See Doherty, supra note 4, at 38 citing Lightfoot v.


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MXEnergy Elec. The analysis below provides an overview of the currency or commodity debate. Like currency, bitcoin is accepted by major retailers as payment, is circulated through the international economy, and can be exchanged for U. Furthermore, bitcoins have no intrinsic value, which has raised skepticism from esteemed investors such as Warren Buffet. Marc Andreessen , Forbes Mar. However, government-issued paper currency arguably has no intrinsic value either. Although each bitcoin mined is unique, it has a uniform value, and traders do not favor one bitcoin over another. Thus, like a commodity, bitcoins are generally interchangeable and uniform across producers.

There is a finite amount because developers plan to only produce twenty-one million bitcoins, which will be distributed in smaller and smaller quantities until This limitation provides great incentive for miners to promptly invest substantial capital in their rigs so they have the computing power necessary to secure the finite number of bitcoins and beat out other rigs with lesser computing power. Adding to the controversy of how to treat bitcoins, different legal entities have classified bitcoins differently. For example, after a Texas district court tried to classify bitcoins in , the Texas Department of Banking issued contradictory guidance.

Early attempts to classify bitcoins focused more on how Bitcoin users and bitcoin transactions should be classified, rather than bitcoins themselves. In the bankruptcy context, debtors and creditors have struggled to determine how to classify bitcoins in contractual arrangements. In return, the miner contracted to repay the loan with the first 7, bitcoins produced, secured by an interest in the mining equipment. The bitcoin miner was unable to pay back the ORRI and filed for bankruptcy under chapter In the bankruptcy petition, the debtor projected that the financial return for mining was trending downwards so as to urge the court to reject its ORRI contract with the creditor, freeing CLI Holdings to sell its mining rigs unencumbered to generate funds to pay off creditors.

However, the court upheld the contract and treated bitcoins as any commodity subject to an ORRI. The parties in CLI Holdings ultimately settled their dispute outside the courtroom. Doherty, supra note 4, at In Shavers , the SEC sought jurisdiction to punish the perpetrator of a bitcoin-for-bitcoin Ponzi scheme. Once the court classified bitcoins as currency, the bitcoin investments could be considered securities under federal securities laws, and thus, the court concluded that bitcoins were subject to SEC regulation, and Shavers was subject to SEC penalties.

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The fact that bitcoins are not universally accepted did not weigh heavily on the decision. Rather, what the court found to be important was that bitcoins can be exchanged for conventional, government-issued currency.

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The court, however, may have been incentivized to classify bitcoins as money to show Bitcoin operators that they cannot blatantly skirt regulatory safeguards. In doing so, the court may not have fully contemplated the broader repercussions of its holding.

The Texas Department of Banking is responsible for chartering, licensing, and supervising financial services within the state of Texas, including State-Chartered Banks and Money Services Businesses, as well as issuing legal opinions and supervisory guidance that applies to the entities it regulates. The memo requires cryptocurrency businesses that conduct money transmissions to comply with state licensing and regulatory provisions. The only cryptocurrency-related exchanges that were expressly identified as money transmissions were 1 the exchange of cryptocurrency for sovereign currency through a third party exchanger 91 I d.

Thus, the door was deliberately left open for regulatory change, and more specifically, for the regulatory classification of virtual currencies such as Bitcoin. Shavers, U. Lawyer Sept. Subsequent to these initial attempts at classifying Bitcoin, other governmental guidance and statutory schemes aimed at defining Bitcoin in various contexts have laid a disorganized and confusing path for creditors and debtors to follow when trying to determine the status of bitcoins.

Articles 9 97 U. However, if the debtor uses the bitcoins to purchase inventory, such as equipment or raw materials, the creditor maintains a security interest in those bitcoins, which persists for subsequent transfers. Some countries, such as China, Japan, and Finland, have officially classified bitcoins as commodities. Supporting this interpretation, Bitcoin is the accumulated product of many individuals, who often combine their individual capacities to compute tremendous amounts of data.

Those with the greatest computing capabilities retrieve new bitcoins.

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These bitcoins can then be sold to outside investors who want to have an interest in the Bitcoin enterprise. This perspective would make Bitcoin more practical as a medium of exchange because of increased alienability. News Release, supra note 5. It is difficult to deem Bitcoin a workable medium of exchange if each unit is treated differently.

For example, imagine a scenario where one ten dollar bill was taxed differently than another ten dollar bill.

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