Firm Insights
About two weeks ago, the American Institute of Certified Public Accountants – “the world’s largest member association representing the accounting profession,” – sent a letter to the Internal Revenue Service, along with a document entitled “Request for Guidance Regarding Virtual Currency”. As discussed below, in its recent letter the AICPA adopted an approach which I…
Read MoreOn this day in 2010, the first reported purchase of a consumer product using Bitcoin took place. Organized on Bitcointalk forum, Laszlo Hanyecz, a programmer from Florida, traded a British man 10,000 bitcoins for two Papa John’s pizzas. The market value of the Papa John’s pizza at the time was $25. At 2010’s value, those…
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This article was originally published in the St. Louis Lawyer published by The Bar Association of Metropolitan St. Louis (BAMSL). A common misconception about digital assets is that they exist in a lawless virtual Wild West. While there are not any federal regulations specifically drafted for digital assets, our existing laws were intended to be…
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