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<b><i>Online Extra:</b></i> Bitcoin Alliance Aims to Boost Reputation of Digital Currency
Known around the world as as 'crypto-currency,' Bitcoin officially has a justice group behind it that hopes to turn around the digital currency's conflicted reputation in the market ' and ultimately ward off criminals from making off with digital ransom.
The Blockchain Alliance has been formed to diminish criminal activity on the 'blockchain,' and Am Law 100 firm Steptoe & Johnson has been retained to serve as the group's counsel. The blockchain is a shared public ledger on which the entire Bitcoin network relies.
Jason Weinstein of Steptoe & Johnson, who is also director of the Alliance, said the group was formed to catch up with the level of sophistication digital criminals employ today. Bitcoin has earned a negative reputation for being associated with high-profile criminal cases'but that tarnished repute is not an accurate reflection of Bitcoin's many'benefits, he said.
'For many people, their introduction to Bitcoin came through press accounts of Silk Road and other high-profile'criminal cases.'But criminals are always early adopters of new technology,' Weinstein told Legaltech News.”It takes law enforcement, and sometimes the rest of us, some time to catch up.'That was true of the Internet, and it's no less true for the blockchain.'
The Chamber of Digital Commerce and Coin Center founded the Alliance, which was setup as a resource for law enforcement in need of expertise and technical assistance during investigations. The coalition is made up of a diverse mix of companies and institutions that are melding together to address public safety concerns about digital currencies and the blockchain.
'The Alliance will also serve as a forum for open dialogue between law enforcement and the Bitcoin community about issues of concern to make the blockchain more secure and to deter its use for unlawful purposes,' according to a statement issued by Steptoe & Johnson.
Weinstein, who is part of the financial technology team at Steptoe & Johnson and is the former deputy assistant attorney general in charge of cybercrime investigations at the Department of Justice, is a member of the advisory boards of BitFury, Coin Center and the Chamber of Digital Commerce. Also providing counsel from Steptoe is Alan Cohn, who was assistant secretary for strategy at the Department of Homeland Security.
Their involvement grew out of conversations with companies and industry groups about potential obstacles that could prevent blockchain technology from 'reaching its full potential,' Weinstein explained.
'The reputational issue involving Bitcoin was identified as one such obstacle, and we wanted to help industry deal with that issue proactively.'With our law enforcement and government backgrounds, we were well-situated to help the companies execute on that idea,' Weinstein said. 'But it's the industry'the companies and the other institutions'that deserve the credit for seeing the value of this and having the vision to pursue it.'
Along with the Chamber of Digital Commerce and Coin Center, industry participants include MIT Media Lab's Digital Currency Initiative and developer Gavin Andresen, BitFinex, BitFury, BitGo, Bitnet, BitPay, BitStamp, Blockchain, Bloq, Circle, CoinBase, CoinX, ItBit, Kraken, Noble Markets and Xapo.
'The industry's establishment of the Blockchain Alliance is a key step in fostering an approach to enforcement and regulation that supports innovation and the growth of Bitcoin and the blockchain,' Cohn said in a statement.”Helping to address law enforcement concerns about this technology is an important part of that effort, and the Blockchain Alliance will fill a critical role by continuing to establish and build trust between the industry and government.'
The Blockchain Alliance is already engaged with the Department of Justice, including the FBI and the U.S. Marshals Service, the U.S. Secret Service, Immigration and Customs Enforcement Homeland Security Investigations, and the Commodity Futures Trading Commission, and will engage with other U.S. and foreign agencies in the future, Weinstein said.
On Oct. 22, the European Court of Justice ruled that Bitcoin is now tax-free in Europe, by all accounts a boon to the Bitcoin community.
'That ruling addresses a potential barrier to adoption and, as a general matter, clear regulatory treatment is better than the alternative,' Weinstein said.
'
Known around the world as as 'crypto-currency,' Bitcoin officially has a justice group behind it that hopes to turn around the digital currency's conflicted reputation in the market ' and ultimately ward off criminals from making off with digital ransom.
The Blockchain Alliance has been formed to diminish criminal activity on the 'blockchain,' and
Jason Weinstein of
'For many people, their introduction to Bitcoin came through press accounts of Silk Road and other high-profile'criminal cases.'But criminals are always early adopters of new technology,' Weinstein told Legaltech News.”It takes law enforcement, and sometimes the rest of us, some time to catch up.'That was true of the Internet, and it's no less true for the blockchain.'
The Chamber of Digital Commerce and Coin Center founded the Alliance, which was setup as a resource for law enforcement in need of expertise and technical assistance during investigations. The coalition is made up of a diverse mix of companies and institutions that are melding together to address public safety concerns about digital currencies and the blockchain.
'The Alliance will also serve as a forum for open dialogue between law enforcement and the Bitcoin community about issues of concern to make the blockchain more secure and to deter its use for unlawful purposes,' according to a statement issued by
Weinstein, who is part of the financial technology team at
Their involvement grew out of conversations with companies and industry groups about potential obstacles that could prevent blockchain technology from 'reaching its full potential,' Weinstein explained.
'The reputational issue involving Bitcoin was identified as one such obstacle, and we wanted to help industry deal with that issue proactively.'With our law enforcement and government backgrounds, we were well-situated to help the companies execute on that idea,' Weinstein said. 'But it's the industry'the companies and the other institutions'that deserve the credit for seeing the value of this and having the vision to pursue it.'
Along with the Chamber of Digital Commerce and Coin Center, industry participants include MIT Media Lab's Digital Currency Initiative and developer Gavin Andresen, BitFinex, BitFury, BitGo, Bitnet, BitPay, BitStamp, Blockchain, Bloq, Circle, CoinBase, CoinX, ItBit, Kraken, Noble Markets and Xapo.
'The industry's establishment of the Blockchain Alliance is a key step in fostering an approach to enforcement and regulation that supports innovation and the growth of Bitcoin and the blockchain,' Cohn said in a statement.”Helping to address law enforcement concerns about this technology is an important part of that effort, and the Blockchain Alliance will fill a critical role by continuing to establish and build trust between the industry and government.'
The Blockchain Alliance is already engaged with the Department of Justice, including the FBI and the U.S. Marshals Service, the U.S. Secret Service, Immigration and Customs Enforcement Homeland Security Investigations, and the Commodity Futures Trading Commission, and will engage with other U.S. and foreign agencies in the future, Weinstein said.
On Oct. 22, the European Court of Justice ruled that Bitcoin is now tax-free in Europe, by all accounts a boon to the Bitcoin community.
'That ruling addresses a potential barrier to adoption and, as a general matter, clear regulatory treatment is better than the alternative,' Weinstein said.
'
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