Saw this in techcrunch:
Headline:
Square Slapped With Cease And Desist By Illinois State Department Of Financial Regulation
The quoted law:
We’re not lawyers but the scuffle appears to be over an Illinois state law, the Transmitters of Money Act. According to the Statute, No person may engage in this State in the business of selling or issuing payment instruments, transmitting money, or exchanging, for compensation, payment instruments or money of the United States government or a foreign government to or from money of another government without first obtaining a license under this Act.
Is Bitcoin covered by this law?
How would you ever know if you were dealing with someone who lived in Illinois anyway?