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Title: Is anyone else surprised by the 180 of the establishment lately? Post by: Himself on November 19, 2013, 08:39:06 PM Wired. BI. Senators. It's quite unbelievable.
Title: Re: Is anyone else surprised by the 180 of the establishment lately? Post by: DeathAndTaxes on November 19, 2013, 08:46:20 PM Wired. BI. Senators. It's quite unbelievable. I would keep your expectations of government in line with reality. Keep the old cliche in mind. "How do you know when a congressman is lying? His lips are moving". The truth is FinCEN already dropped a massive legal and bureaucratic nightmare on companies (and often forgotten they lumped miners* into that nightmare) back in March. They warped and twisted definitions in feats of legal gymnastics crammed Bitcoin (a round peg) into the single most expensive, complex, and regulated square hole they could find in the law. Them saying "we don't need anything more" is probably true. They just used tortured definitions of existing law to somehow reach the conclusion that while exchanging USD for EUR is NOT MONEY TRANSMISSION, exchanging USD for BTC IS MONEY TRANSMISSIONS. Why would they need new laws, they just interpret new ones out of hole cloth. * Don't forget under the guidance as written by FinCEN (not enforced and downright idiotic but it is still FinCEN "official" view, every single miner in the US who sells Bitcoins for Fiat that hasn't registered with FinCEN as a MSB and implemented the BSA is in violation of not just civil law but criminal law as well. I am not saying they will but under FinCEN's guidance the DOJ could seek civil and criminal charges against most Bitcoin miners located in the US. Quote A person that creates units of this convertible virtual currency and uses it to purchase real or virtual goods and services is a user of the convertible virtual currency and not subject to regulation as a money transmitter. By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html |