It’s very hard to keep up with digital and crypto lingo. But if you are dabbling in crypto, you need to know about rug pulls. What is a rug pull you ask? According to blogger Migi Delfin, “A rug pull is a fraud scheme that tricks people into investing money in a fraudulent product. In
Virtual currency
Alabama Adopts New Law Governing Virtual Currency Transactions
By Benjamin Jensen on
Posted in Blockchain, Virtual Currency
This month a new law governing virtual currency and online transactions went into effect in Alabama. The Alabama Monetary Transmission Act was passed by the legislature in May and replaces the “Sale of Checks Act” which had been in effect since 1961. The legislation regulates transactions involving virtual currency, such as BitCoin, as well as…
IRS Files Petition to Enforce Summons Issued to Virtual Currency Company
By Linn Foster Freedman on
Posted in Enforcement + Litigation
The Internal Revenue Service (IRS) obtained authorization from a California federal court last November to serve a John Doe summons on the virtual currency firm Coinbase in order to obtain customer information to determine whether customers were using virtual currency to avoid paying income taxes.
Although the summons was issued in December, Coinbase has not…