Falling cryptocurrencies (bitcoins, dogecoins, shiba coins, binance coins and other) Credit: Igor Faun/Shutterstock.com A Currency by Any Other Name? Damages Valuations in Cryptocurrency Disputes
When liability is fixed in virtual currency, can judgment issue in that currency? If not, how should currency be converted into dollars? These simple questions have complex answers, at the nexus of which is Section 27 of New York's Judiciary Law. The unsettled application of this statute to virtual currencies has serious consequences for litigants.
February 10, 2023 at 01:00 PM
8 minute read
Very real damages can arise in "virtual" currency disputes. When liability is fixed in virtual currency, can judgment issue in that currency? If not, how should currency be converted into dollars? These simple questions have complex answers, at the nexus of which is Section 27 of New York's Judiciary Law. The unsettled application of this statute to virtual currencies has serious consequences for litigants. The authors argue that New York courts can (and should) issue judgments in virtual currency when possible and apply Section 27's judgment day conversion rule when U.S. dollar judgments are required.
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