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NFTs ruling shows courts ahead of legislators on question of crypto property law
By accepting the argument that constructive trusts can be formed through the holding of digital assets, the High Court appears to continue to approach the issue of property rights in respect of digital assets flexibly, Tom Aries of Pinsent Masons said. The case before the High Court concerned an application for an extension to an injunction obtained previously by blockchain consultant Lavinia Osbourne that prevents alleged hackers from dealing with or disposing of two non-fungible tokens (NFTs) that she had held in a digital wallet. The NFTs were transferred out of the wallet without Osbourne’s knowledge or consent on 17 January 2022, according to the ruling. The NFTs are…
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U.S. Supreme Court spurns attorney-client privilege fight in crypto tax probe
Jan 23 (Reuters) – The U.S. Supreme Court docket on Monday threw out a circumstance about the scope of lawyer-client privilege involving a law firm’s bid to withhold documents from prosecutors relevant to a cryptocurrency-endorsing consumer in a tax investigation. The unsigned one-sentence ruling “dismissed as improvidently granted” an enchantment by an unnamed legislation company of court docket orders keeping it in contempt for not turning over information relevant to a person of its clientele in reaction to a federal grand jury subpoena. The justices did so only two weeks immediately after hearing arguments in the scenario. A lot of of the aspects of the case are unclear, as the…
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Justices weigh scope of attorney-client privilege in crypto tax probe
U.S. Supreme Court docket usually takes up legal professional-shopper privilege concern in cryptocurrency-joined tax probe Concern of how privilege applies to “dual goal” communications (Reuters) – The U.S. Supreme Courtroom on Monday wrestled with to what extent legal professional-shopper privilege shields lawyers’ communications with their purchasers from disclosure when the paperwork contain a lot more than just legal advice and handle other matters. The justices heard arguments in a legislation firm’s enchantment of courtroom orders keeping it in contempt after it refused to comply with a federal grand jury subpoena in a criminal tax investigation of a person of its shoppers and turn above certain communications. The business, whose identify…
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Failed crypto exchange FTX has recovered over $5 bln, attorney says
FTX valued a calendar year ago at $32 bln Around $8 billion in FTX purchaser cash missing Prepare to promote FTX affiliates introduced in court docket NEW YORK/WILMINGTON, Del., Jan 11 (Reuters) – Crypto trade FTX has recovered additional than $5 billion in liquid property but the extent of shopper losses in the collapse of the company launched by Sam Bankman-Fried is even now mysterious, an legal professional for the enterprise explained to a U.S. personal bankruptcy court docket on Wednesday. The corporation, which was valued a yr back at $32 billion, filed for bankruptcy security in November and U.S. prosecutors accused Bankman-Fried of orchestrating an “epic” fraud that may…
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IRS, regulators remain silent on crypto tax loophole ahead of new year
U.S. traders can deduct from their capital gains tax this 12 months by providing cryptocurrencies at a decline, then instantly acquire again individuals same assets. The opportunity stems from a regulatory difference crypto has, as opposed to other monetary property these as securities, a tax qualified advised Forkast. According to the U.S. Inner Profits Assistance (IRS), buyers in the U.S. who bought belongings for a web decline at the stop of the tax calendar year can cut down their funds gains tax by up to US$3,000, with supplemental losses carried forward to the next calendar year. This is a common system utilised by investors, specifically in years with substantial monetary…
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Lawyer fees mount in crypto bankruptcies
The financial commitment lender B Riley is so identified to persuade the troubled bitcoin miner Main Scientific to stay away from filing for individual bankruptcy that it has supplied as significantly as $72mn in clean financing to hold the business from trying to get a court docket-supervised Chapter 11 restructuring. “Bankruptcy is not the remedy and would be a disservice to the Company’s investors,” B Riley wrote in a letter from early December. “It will destroy benefit for the Company’s shareholders, cut down possible recoveries for the Company’s lenders, deplete its constrained assets and generate massive uncertainty for all its stakeholders.” Core Scientific submitted for bankruptcy in any case past…
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/cloudfront-us-east-2.images.arcpublishing.com/reuters/EH4Q25MNVVMJDE5HU3ZXDOF2JA.jpg?w=1140&resize=1140,0&ssl=1 "U.S. Supreme Court spurns attorney-client privilege fight in crypto tax probe")
/cloudfront-us-east-2.images.arcpublishing.com/reuters/NZFYGVGXHJNGLKYPZQJGOSHHR4.jpg?w=1140&resize=1140,0&ssl=1 "Justices weigh scope of attorney-client privilege in crypto tax probe")
/cloudfront-us-east-2.images.arcpublishing.com/reuters/ORSXMRVTNZMA3JH3C5T7JGKP5A.jpg?w=1140&resize=1140,0&ssl=1 "Failed crypto exchange FTX has recovered over bln, attorney says")
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