The Ripple Attorney
An Experienced Cryptocurrency Lawyer is an Essential Partner for advanced FinTech companies.
The Tracy Firm, Ltd. innovative cross-disciplinary support for FinTech companies runs the full legal spectrum from asset protection, venture and private equity financing, mergers and acquisitions and public offerings to regulatory counseling, shareholders disputes matters and litigation. The Tracy Firm, Ltd., has embraced digital currency, and accepts payment for legal fees in Ripple and other cryptocurrencies.
Ripple attorney, Adam S. Tracy , J.D., M.B.A. is an authority in the law of blockchain technology with keen understanding of the regulatory issues facing crypto currency industries and can help you navigate regulatory waters in the field where innovation collide with the law and taxation issues. Contact us at 1.888.978.9901 or get in touch with us online if you are in need for help in any aspect of cryptocurrencies legal maze.
Ripple and other forms of cryptocurrency including Ethereum, DASH, Dogecoin and many more are each a form of digital currency that uses cryptography for security and anti-counterfeiting measures. Different types of formulas, all of which are cryptographic in nature, are used to record the movement of cryptocurrency between persons, limiting the amount of currency in circulation, and identifying the individual accounts that control it. Some of the legal issues inherent in the cryptocurrency industry are extremely complex, and often misunderstood in this newly developed economy, and as such, require a skilled Ripple attorney to interpret them.
What is Ripple, than?
Tiffany Hayden, #22 on the Top 100 List of the most influential Blockchain People writes: “To start, it’s helpful to look at Ripple as something completely different from Bitcoin. Ripple is back-end infrastructure and not a consumer facing product. Ripple is not a currency. It’s an open-source, global exchange. Anyone can access it and everyone has an equal right to use it. Ripple, the company, does not control the network, collect fees, or limit access.
Ripple is a distributed, real-time payment protocol for anything of value. It’s a shared public database, with a built-in distributed currency exchange, that operates as the worlds first universal translator for money. Ripple is currency agnostic and has a foreign exchange component built right into the protocol. Ripple acts as a path-finding algorithm to find the best route for a dollar to become a euro or airline miles to become Bitcoin. It will look at all the orders in the global order book. Anybody can put a bid-ask on anything of value. The Ripple protocol is designed to route every transaction to the cheapest price available in the market.”
What are the laws concerning Ripple and other cryptocurrencies?
The IRS has recently issued guidance stating that cryptocurrency is considered property for U.S. Federal tax purposes. Additionally, general tax principles that apply to property transactions apply to transactions using virtual currency. This also means that certain instances in which these currencies are acquired will be considered taxable income. As Ripple and other cryptocurrency soar in popularity and value, government and regulatory bodies such as the IRS or Securities and Exchange Commission have struggled to keep pace – creating a loose framework of rules and regulations governing the use of cryptocurrency. The lack of clarity by such entities requires that individuals and businesses operating with Ripple or other cryptocurrency align themselves with a knowledgeable and trusted legal advisor. Increased regulation of cryptocurrency both here in the United States and abroad can be expected as the use of Ripple and other altcoins becomes prevalent. While many countries will most likely follow the lead of the U.S., the nuance found in each country’s tax and securities codes, to name just a few, will make compliance a daunting task in today’s global economy. The current regulations in place across the globe are as young as digital currency itself, and because of this, require an experienced cryptocurrency lawyer who is adept at interpreting and responding to ever changing regulations.
Ripple Payments Accepted
Adam S. Tracy, an Experienced Ripple Lawyer
Ripple attorney Adam S. Tracy has been at the leading edge of the cryptocurrency revolution for years. Located in Chicago, Adam has built his career in one of the world’s great financial hubs while helping clients locally and around the world managing the complex process of cryptocurrency compliance. If you are involved with Ripple and other cryptocurrencies and have any questions with regard to how to comply with digital currency regulations, call The Tracy Firm, Ltd., at 1.888.978.9901 now or contact us online!
Get in touch with our team and we can start looking for a solution that works for you. Call 1.888.978.9901 today!