© 2016 The Texas Lawbook.
By Mark Curriden
(Aug. 29) – Fort Worth-based Coinsource has named former federal prosecutor and former Akin Gump partner Arnold Spencer as its new general counsel.
Coinsource operates bitcoin kiosks, also known as BTMs, in dozens of locations from San Francisco to Philadelphia, including three in the DFW area. The privately held company is believed to be the largest retail distributor of bitcoin in the U.S.
“There is a good bit of compliance-related issues with bitcoin and virtual currency,” Spencer says. “We want to make sure that we are working with legitimate customers and make sure that our product is not being used for illegal activity.”
Spencer, who is a private equity holder in the company, represented Coinsource last year as a partner at Akin Gump in Dallas.
“I helped Coinsource develop its policies and procedures,” he says. It is exciting getting in at the ground level and experiencing the explosion in use of virtual currency.”
Spencer says the company is registered with the federal Financial Crime Enforcement Network, a division of the U.S. Department of Treasury. He says that it is unclear what regulatory agency has authority to examine the industry.
Spencer has hired Julia Bradley, a 2016 graduate of Texas A&M School of Law, to be his assistant at Coinsource.
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