Category Archives: digital currency

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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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Alec Ross and Jonathan Luff – Why Bitcoin Is On The Money

Alec Ross and Jonathan Luff – Why Bitcoin Is On The Money:

The Telegraph (UK) published an essay by Alec Ross (@AlecJRoss) and Jonathan Luff (@JILuff) on the geopolitics of Bitcoin.  Excerpts:

“An interesting advert appeared in a handbook accompanying [last week’s G8 meeting], placed by a company that was until recently known only to a small number of technology entrepreneurs and early adopters. The advertiser was Mt Gox.”

“Alternative currencies are, of course, nothing new. Many Londoners carry an Oyster Card, which they load with traditional currency and then exchange for travel.”

“In the developing world, value transfer via SMS is already replacing cash. With virtual currencies like BitCoin now operable without the need for a bank account, why would you open one?”

“The rise of digital currencies like BitCoin threatens to render obsolete even the modest progress made by the G8. BitCoin’s distributed network structure makes it hard for any one country or group of countries to regulate its activities.”

“Unless the issues that BitCoin raises are addressed in a thoughtful and proactive manner by existing authorities, the disintermediating power of technology is likely to have a disruptive impact on currency systems and those that regulate and rely on them.”

 – http://bit.ly/145sz0P
 – http://bitcointalk.org/index.php?topic=242385.0

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