MEMBERSHIP
Privacy & Cybersecurity Member Appreciation Month CLE
JENA G . EMORY Copeland Stair Valz & Lovell LLP jemory @ csvl . law
Cryptocurrency is not as anonymous as it seems .
On April 19 , 2022 , as a part of Member Appreciation Month , the Privacy and Cybersecurity Law Section of the Atlanta Bar hosted a free virtual CLE entitled “ Blockchain , Cryptocurrency , & Privacy : What Lawyers Need to Know .” Andrei P . Tsygankov ( Founders Legal ) moderated a discussion with Nathan Langmack ( FBI ), and Stan Sater ( Founders Legal ). For a photo of the Panel see Page 31 / Photo # 5 .
The program began with definitions of common cryptocurrency terms for those not familiar with the industry . Cryptocurrency is a digital based , cash-like instrument used to store and transmit value between two or more persons or over an open network . Blockchain is an open network that includes a shared ledger of cryptocurrency transactions . No entity controls the ledger . Cryptocurrency can be mined , transacted peer to peer , or purchased off an exchange .
Langmack then discussed how the FBI interacts with cryptocurrency . It issues subpoenas for search warrants to get information on cryptocurrency transactions . The FBI can obtain various information – from IP addresses all the way down to machine IDs and transaction hashes depending on the level of legal process . Sater discussed how the Fourth Amended applied to those search warrants .
This CLE emphasized that cryptocurrency is not as anonymous as it seems .. The FBI has relationships with the legitimate cryptocurrency companies and can easily gain access to information through valid legal process . Langmack did note that the cryptocurrency companies are quick to side with consumers and will inform the FBI when it is overreaching . The FBI can track cryptocurrency , but it often relies on private sector partners to assist it with complicated transactions .
Langmack shared that the FBI is interested in cryptocurrency for the purposes of putting criminals in jail . Many criminals launder money through blockchain . The FBI also assists victims of crimes . Langmack recommended establishing a relationship with the FBI before an issue occurs in the cryptocurrency space . He was also quick to note that establishing a relationship with the FBI does not open your business up to a massive government inspection . There is not an automatic IRS audit . The FBI only shares information with other government agencies if it is required to do so . He also suggested that companies should establish
26 May 2022