Regulation of the Unregulated: How Bitcoin and Cryptocurrencies show that the Government Can Regulate Anything

Michael Best Attorneys Evan Strassberg and Brad Jacobsen provide an expert analysis, featured in Westlaw Journal’s Bank & Lender Liability, explaining how economy of bitcoin and other cryptocurrencies work, as well as how government agencies are impacting this market and attempting to regulate these new electronic assets.

“Bitcoin was born shrouded in mystery.  Using the alias Satoshi Nakamoto, an anonymous creator sought to produce an electronic asset that could be exchanged worldwide without the involvement of any central governmental banking system.  The exchange of a “thing of value” would not require banks or trust in another party.  Instead, it would rely on an unregulated, uncontrolled, independent, non-hackable verification system.  Since bitcoin by its very nature was not being supported by any government or entity, it was not subject to established laws.”

To read the full article, click here.

While digital currencies are gathering international attention, Michael Best’s Blockchain, Digital Currencies & Smart Contracts team is here to help. We are a multi-disciplinary team of professionals who will help better your understanding of this exciting multifaceted technology.  Our firm provides solutions on a wide range of issues including intellectual property protection, creating a blockchain start-up, accepting digital currency payments, facilitating an initial coin offering, and helping to understand and navigate through the changing regulatory landscape.  We are thrilled to offer our webinar series to help shed some light on this complex network.

For any questions, contact our Blockchain, Digital Currencies & Smart Contracts team.

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