Bitcoin has received considerable media attention in recent months as its value soared then retreated, fueling growing speculation regarding its future. Retailers and merchants appear to (wisely) be taking a cautious approach.
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Currency
Cryptocurrency and the Concern for Retailers
By Mark R. Vowell & Jessica N. Vara on
Posted in Technology & E-Commerce
Due to volatile and record-breaking valuations, cryptocurrencies and their underlying technology, blockchain, have been at the forefront of financial news headlines. Though widespread acceptance by merchants could help stabilize cryptocurrency, the current volatility is a concern for retailers.
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Tesco Bank Hack Illustrates Need for Robust Cyber Insurance
By Michael S. Levine on
Posted in Insurance, Privacy & Cybersecurity
Earlier this week, retailer Tesco Plc’s banking branch reported that £2.5 million (approximately $3 million) had been stolen from 9,000 customer bank accounts over the weekend in what cyber experts said was the first mass hacking of accounts at a western bank. …
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CFTC Awards Record Whistleblower Bounty
By Scott H. Kimpel on
Posted in Corporate Governance, Privacy & Cybersecurity
On April 4, 2016, the Commodity Futures Trading Commission announced a $10 million whistleblower bounty, its largest to date.
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CFTC Defines Bitcoin and Digital Currencies as Commodities
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Posted in Technology & E-Commerce
In a ruling of particular importance to the digital currency community, the US Commodity Futures Trading Commission (CFTC) for the first time has definitively ruled that Bitcoin and other digital currencies (also known as virtual currencies or cryptocurrencies) are commodities subject to the CFTC’s jurisdiction. Specifically, in an enforcement action announced on September 17, 2015, the CFTC issued an order against an online platform and its CEO for facilitating the trading of Bitcoin options contracts. We discuss some of the implications of this order below.
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OCC Issues Bulletin on Consumer Debt Sales to Third Party Buyers
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Posted in Bankruptcy, Corporate Governance
On August 4, 2014, the Office of the Comptroller of the Currency (the “OCC”) of the US Department of the Treasury issued new guidance outlining sound banking practices related to consumer debt sales to third-party debt buyers. The bulletin sets forth the OCC’s expectations for banks that engage in debt-sale arrangements and applies to all…