19 Wake Forest J. Bus. & Intell. Prop. L. 249
This article focuses on virtual currency regulations implemented by
current federal and state agencies, as well as proposed acts that have
been introduced to Congress. Virtual currencies first surfaced in the
shadows of the internet with the creation of Bitcoin in 2008. The
decentralized, nationally unregulated technology has evolved into what
is today a $6 billion industry, leaving many enthusiasts to question just
how far the popularity of virtual currencies will expand. With the rise
in popularity of virtual currencies also came the increase in cyber
crime, with cybercriminals implementing hacks, fraud, and market
manipulation across various virtual currency platforms. Regulators
are faced with the fundamental question of how to safeguard consumers
as virtual currency and blockchain technology continue to evolve.
Several federal and state agencies have implemented regulations in
order to safeguard consumers in what has become the wild west of
virtual transactions, with some regulations having a greater effect than
others. What remains to be seen is how Congress will evaluate this
technology in an effort to provide a formal national regulation to this
budding industry.