Category Archives: bitcoin foundation

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Index To Candidates For Bitcoin Foundation Board Election (Individual Seat)

Index To Candidates For Bitcoin Foundation Board Election (Individual Seat):

Ruben Alexander (@BitcoinBash) created a transcript of the interviews published in a LetsTalkBitcoin podcast (@LetsTalkBitcoin) for those voting for candidates for the Individual Seat of Bitcoin Foundation board election.

 – http://bitcoinmagazine.com/6823
 – https://bitcoinfoundation.org/blog/?p=226
 – http://bitcointalk.org/index.php?topic=255136.0 (Further discussion of the election)

Voting in the election runs until 11:59 pm PDT, September 08, 2013. A link that enables voting was sent to Bitcoin Foundation members via e-mail.

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Marco Santori – Bitcoin Law In The U.S., Part I

Marco Santori – Bitcoin Law In The U.S., Part I:

Marco Santori, Chairman of Bitcoin Foundation (@BTCFoundation)’s Regulatory Affairs Committee, gives a basic primer on the state of US law as it applies to digital currency entrepreneurs.  Excerpts of the post on Coindesk:

If the last few months have taught us anything, it is that there will soon exist a new and evolving body of law: The Law of Digital Currency, or, as some would prefer it: Bitcoin Law.”

”[…] ‘virtual currency’ is something of a loaded term, and bitcoin may not even be best described as a currency at all.”

“[In addition to regulators FinCEN and the SEC, the] consensus among legal professionals is that two more government agencies might soon have a hand in the market as well: the Commodity Futures Trading Commission (CFTC) and the Consumer Financial Protection Bureau (CFPB).”

“Some have called [FinCEN’s issuance of guidance] bitcoin’s ‘watershed moment’ because of its clear, unequivocal positive message: bitcoin is not illegal. The negative consequence, though, was just as obvious: Many bitcoin businesses models are illegal.”

“In effect, the [Bank Secrecy Act (BSA)] deputizes financial institutions, requiring them to act as the government’s foot soldiers in its war on money laundering.”

 – http://www.coindesk.com/bitcoin-law-what-us-businesses-need-to-know
 – http://bitcointalk.org/index.php?topic=276614.0 (Further discussion of the article)

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Podcast: Adam B. Levine Interviews Bitcoin Foundation's New Executive Director

Podcast: Adam B. Levine Interviews Bitcoin Foundation’s New Executive Director:

For the lasest episode of the Lets Talk Bitcoin (podcast), host Adam B. Levine (@GamerAndy) interviews Jon Matonis (@JonMatonis), the new Excutive Director of Bitcoin Foundation (@BTCFoundation). 

Length: 48 minutes.

 – https://soundcloud.com/mindtomatter/e23-2-setting-the-agenda-with
 – http://bit.ly/18hjHXI (MP3)

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Bitcoin Foundation – Response To State Of California's Warning

Bitcoin Foundation – Response To State Of California’s Warning:

Bitcoin Foundation (@BTCFoundation)’s attorneys respond to the May 2013 warning letter sent by California’s Department of Financial Institutions.  Excerpts:

“The Bitcoin Foundation does not engage in any of these regulated activities.  Furthermore, even if it did engage in these activities, it does not have any business operations in California that would subject it to the Department of Financial Institution’s (“DFI”) jurisdiction.”

“The Bitcoin Foundation does not have business operations in California that would subject it to the DFI’s jurisdiction. […] The Bitcoin Foundation provides no direct money services to any California consumers.”

“The Bitcoin Foundation is not in the business of selling bitcoin to consumers and does not otherwise operate a bitcoin exchange.”

“Bitcoins are not written or signed notes or drafts, and therefore, are not payment instruments regulated by the California Money Transmitter Act.”

“There is no issuer of bitcoin that would be subject to licensure as a money transmitter under California law.”

“The fact that bitcoin does not fit within the definition of payment instruments or stored value does not mean it is automatically regulated by the money transmission prong.”

“The same rationale that applied to the sale of a peso should prevail under the California statute with regard to the sale of a bitcoin.”

“The Bitcoin Foundation requests that your office issue an opinion that […] the sale of a bitcoin is not regulated under the California Money Transmitter Act.”

 – http://bit.ly/12CZMRf
 – http://bitcointalk.org/index.php?topic=241314.0 (Further discussion)
 – http://bitcointalk.org/index.php?topic=248620.0 (Specifically for this response)

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CoinDesk – State of California's "Spray And Pray" Hits Bitcoin Foundation

CoinDesk – State of California’s “Spray And Pray” Hits Bitcoin Foundation:

Reporter Danny Bradbury (@DannyBradbury) of CoinDesk.com (@CoinDesk) describes the cease and desist (C&D) order given by the State of California’s financial regulator, Department of Financial Institutions (@CaliforniaDFI), to the Bitcoin Foundation (@BTCFoundation).  Excerpts:

“The letter said that the Bitcoin Foundation may be a money transmission business (MTB), and threatened it with fines and jail time.”

“The letter, signed by Paul Clayton, senior counsel at the Department of Financial Institutions (California’s financial regulator), gave the Foundation 20 days to respond, although it was only received last week. The Foundation is drafting its response with legal firm Perkins Coie this week.”

“The language in the letter (which didn’t directly accuse the Foundation, but suggested it ‘might be’ an MTB), indicated that the letter might be a fishing expedition said [Bitcoin Foundation General Counsel Patrick Murck]. The use of cease and desist letters is an easy way to cast the net, he argued.”

“This ‘spray and pray’ approach to regulating businesses could dampen the prospects for bitcoin-based businesses in the long run, warned Murck.”

 – http://bit.ly/1ccDgjE
 – http://bit.ly/14rPvGt (Cease and desist order)
 – http://bitcointalk.org/index.php?topic=241626.0 (Further discussion of this article)

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CoinDesk – State of California's "Spray And Pray" Hits Bitcoin Foundation

CoinDesk – State of California’s “Spray And Pray” Hits Bitcoin Foundation:

Reporter Danny Bradbury (@DannyBradbury) of CoinDesk.com (@CoinDesk) describes the cease and desist (C&D) order given by the State of California’s financial regulator, Department of Financial Institutions (@CaliforniaDFI), to the Bitcoin Foundation (@BTCFoundation).  Excerpts:

“The letter said that the Bitcoin Foundation may be a money transmission business (MTB), and threatened it with fines and jail time.”

“The letter, signed by Paul Clayton, senior counsel at the Department of Financial Institutions (California’s financial regulator), gave the Foundation 20 days to respond, although it was only received last week. The Foundation is drafting its response with legal firm Perkins Coie this week.”

“The language in the letter (which didn’t directly accuse the Foundation, but suggested it ‘might be’ an MTB), indicated that the letter might be a fishing expedition said [Bitcoin Foundation General Counsel Patrick Murck]. The use of cease and desist letters is an easy way to cast the net, he argued.”

“This ‘spray and pray’ approach to regulating businesses could dampen the prospects for bitcoin-based businesses in the long run, warned Murck.”

 – http://bit.ly/1ccDgjE
 – http://bit.ly/14rPvGt (Cease and desist order)
 – http://bitcointalk.org/index.php?topic=241626.0 (Further discussion of this article)

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