Mr. Kelman provides background on the areas of regulation which most directly affect cryptocurrencies, how they have evolved during this period, and where they appear to be headed in the coming years. Mr. Kelman drafted the Online Market Protection Act (OMPA) of 2014 which sought to regulate cryptocurrencies only at the point of exchange into traditional financial markets and instruments, and advocates for a cautious regulatory approach centered around preventing and investigating fraud within the cryptocurrency ecosystem. He covers his approach along with his insights on how regulatory approaches have trended recently, projecting where they may be headed and providing advice to attorneys whose clients are or may become involved in the cryptocurrency space.Read More
“It was an uncomfortable moment. Mr. Nilsson got into bitcoin in part to get away from regulators. “There is a stigma about the IRS, obviously, in the kind of circles I move in,” he says. “The taxman isn’t the most appreciated entity.”
But Messrs. Kelman and Nilsson thought the U.S. government—with its broad reach and superior funding and technology—might be able to help.
Instead, “it was like a one-way street,” Mr. Kelman says. “We gave them everything.” Mr. Alford offered nothing but the assurance that “you guys are on the right track,” Mr. Kelman says.”Read More
“I suspect the case will end up in the U.S. because Japanese lawyers have been unable to resolve the matter in assessment. This is because the matter involved questions of law specific to Washington State that are difficult for a Japanese court to decide on. In the case file there are “expert opinions” from Washington State lawyers representing each side trying to affect the Japan bankruptcy court’s decision.”Read More