Bench & Bar

SEP 2018

The Bench & Bar magazine is published to provide members of the KBA with information that will increase their knowledge of the law, improve the practice of law, and assist in improving the quality of legal services for the citizenry.

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| SEPTEMBER/OCTOBER 2018 14 Y You receive an inquiry from a potential client: "Do you accept Bit- coin?" e first thoughts that might spring into your head are the dark web, international gun running and drug dealing. You are afraid that, if you respond, your computer will be enslaved on some Russian troll farm. You might treat the inquiry as you treated an unsolicited fax from a foreign ministry official 20 years ago. And, wait, don't you have to live in San Francisco to even spend it? But then you consider your law partner, who every 10 minutes checks his smart phone to monitor the Bitcoin account his 20-something offspring created to keep him occupied. You realize that Bitcoins are everywhere. But what are they? Are they really money? Or is it as the poet/insurance lawyer Wallace Stevens said, "Money is a kind of poetry?" And is it singing our song? Maybe. But so far, there's not even an agreement on what song is playing. Is it a commodity? 1 A security? 2 Investment? 3 Tangible or Intangible property? Currency? 4 Cryptocurrency may be all of these things, depending on the con- text. "Bitcoin" 5 itself is only one type of virtual currency, with "Ethereum," "Ripple" and other "altcoins" being other examples. Other articles in this issue explore Bitcoin for Kentucky Lawyers generally and the very real concerns of Crime and Cryptocurrency specifically. e focus of this article is to consider: (1) valuation, (2) regulation, and (3) how this new frontier is already affecting the practice of law, whether in divorce, probate, or other settings. Features: CRYPTOCURRENCY CRYPTOCURRENCY: Regulating Poetry? BY: MICHAEL LOSAVIO, MARK WETTLE, ADRIAN LAUF

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