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CALIFORNIA CORPORATE & SECURITIES LAW

Legislature Considers Allowing Alternative Currencies

Last March, I pointed out that Corporations Code Section 107 prohibits any corporation, flexible purpose corporation, association or individual from issuing or putting in circulation, as money, anything but the lawful money of the United States.  This raised the question in my mind whether Bitcoin was money.  See Ever Wonder What Money Is? California Has…

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Bitcoin And The Corporations Code

I’ve been seeing an increasing number of references to Bitcoin and other forms of virtual or crypto currencies in the news.  For example, Jeffrey Sparshott and Robin Sidel of the Wall Street Journal reported last week that the Department of Homeland Security had frozen the account “tied to the largest Bitcoin exchange”.  In March, the Financial Crimes Enforcement…

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