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Yet another threat...
"Here's what I know for sure: we could regulate it if we wanted. That is very clear," Chilton [Commodity Futures Trading Commission] told Reuters in an interview on Monday. The Financial Times was first to report on Chilton's plans.
0 · May 7
Interesting sound bite with the Bitcoin Foundation's (BF) general counsel, whose paid job is being Coinlab's general counsel. In a nutshell: (a) the BF seems to have been trying to lobby against the FinCEN March guidance; (b) the BF is clearly disappointed that FinCEN chose to label exchangers and administrators as "money transmitters" (heavier compliance burden), instead of "prepaid access" (lighter compliance burden).
http://www.acfcs.org/wp-content... (duration: 20 minutes)
0 · May 1
Hi, Paul. The only states in the US that currently do not require licensing are New Mexico, Montana and South Carolina.
Please mind that, of the states requiring licensing, some use the "physical presence" test, and others the "customer residency test." In the first one, you must apply for a license if you as a company are physically located on the state. In the second one (applied by New York and Texas, for example), you must be licensed in the state when your consumer is from that state, regardless of your physical presence (domestic or international).
Hope this helps.
0 · April 22
Does anyone know where I can get Juan's PowerPoint from this meetup? I'm looking for some information he went over that I forgot to write down...
Dealing with the few states that don't require licensing or have regulation... Georgia (or was it SC?), Montana, etc..
Thank you! It was a great presentation!
0 · April 22
By the way, what happened to Bitfloor today has been happening to us Money Services Businesses (some, rather) for the past 20 years: Banks close our accounts out of fear that their reputation might be damaged if something goes wrong, thus forcing some of us out of business (MSBs DO need bank accounts!). The reason is generally that they find their MSB clients' regulatory and AML risk management programs inadequate. But more often than not, it's just out of fear in spite of an MSB having a sound, fully-compliant program. Not sure what the reason was for Bitfloor, really, but it may have been either. Gird your loins for more. This is just the beginning.
1 · April 18
Hi, many of you might know that last week was very bad in Argentina, specially in Buenos Aires and La Plata due to record floods: http://www.nytimes.com/2013/04/...
There is a group there which is collecting Bitcoins for the affected people. The official communication in English says:
Eudemocracia (http://eudemocracia.org) and Eudemocracia's Bitcoin community ([masked]) are collecting Bitcoin donations to help people affected by April 2013 flood in Buenos Aires. Donations are accepted at 1MJ2hZWZ4RbvfekWGyFEAczErpTXxYvCmM. To verify account status check it at https://blockchain.info/address/.... Check or update the donors list at http://wiki.eudemocracia.org/do....
The bitcoins will be sold for Argentinian pesos among the group members and the money will be used to buy food, clothes, shoes, mattresses, blankets, etc.
Thank you for your help!
0 · April 7
Another quote from another post: "As Bitcoin gets closer to the U.S. regulatory umbrella, it moves closer to legitimacy. These rules and the ones that will follow will increase the overhead costs of all players in the space, but that is a small price to pay for legitimacy." http://techcrunch.com/2013/04/0...
0 · April 7
From the post below: "The FBI is on the record as saying that “it is a violation of federal law for individuals… to create private coin or currency systems to compete with the official coinage and currency of the United States”. And laws against operating an unlicensed money-transmitting business have been used against electronic currencies in the past, and would seem to apply equally to bitcoin."
0 · April 4
BREAKING NEWS! Fresh out of the federal oven, clarification as to who is and who is not an MSB (money services business)!
FinCEN Issues Guidance on Virtual Currencies and Regulatory Responsibilities
To provide clarity and regulatory certainty for businesses and individuals engaged in an expanding field of financial activity, the Financial Crimes Enforcement Network (FinCEN) today issued the following guidance: Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies.
1 · March 18