FinCEN Conducting 'Examinations' of Digital Currency Businesses

[tokeweed]

The inquisition begins.

US Financial Crimes Enforcement Network (FinCEN) director Jennifer Shasky Calvery said during a speech today that her agency is in the process of investigating businesses in the digital currency ecosystem.

Calvery gave the keynote address during the first day of the 2015 West Coast Anti-Money Laundering Forum in San Francisco. FinCEN later published the text of her speech, which acknowledged that “a series of supervisory examinations of businesses in the virtual currency industry” had begun.

Full article here http://www.coindesk.com/fincen-director-examiniation-digital-currency/

[JackRipper]

That doesn't sound very good for Cryptsy. They seem to have met Federal requirements, but by their own admission, they don't meet most state requirements.

Bittrex might be safe since they don't deal in fiat. I don't know though.

[HI-TEC99]

That doesn't sound very good for Cryptsy. They seem to have met Federal requirements, but by their own admission, they don't meet most state requirements.

Bittrex might be safe since they don't deal in fiat. I don't know though.

Bittrex hosted IPOs, and I think they already prosecuted someone running one for selling unlicensed securities. Perhaps Bittrex it at risk of prosecution.

[Undermood]

FinCEN has fined Ripple Labs and its subsidiary XRP II a combined $700,000 for "willful violations" of the Bank Secrecy Act (BSA). This is the beginning!
http://www.coindesk.com/fincen-fines-ripple-labs-700000-bank-secrecy-act/

[mrvegad]

FinCEN has fined Ripple Labs and its subsidiary XRP II a combined $700,000 for "willful violations" of the Bank Secrecy Act (BSA). This is the beginning!
http://www.coindesk.com/fincen-fines-ripple-labs-700000-bank-secrecy-act/

And that's why now people that want to us the ripple system have to register their identity.

[tokeweed]

FinCEN has fined Ripple Labs and its subsidiary XRP II a combined $700,000 for "willful violations" of the Bank Secrecy Act (BSA). This is the beginning!
http://www.coindesk.com/fincen-fines-ripple-labs-700000-bank-secrecy-act/

And that's why now people that want to us the ripple system have to register their identity.

And if you don't?  They lock your wallet?  Omfg...  They have now truly become Paypal 2.0.  Ripple as a "protocol" is no more.

[mrvegad]

FinCEN has fined Ripple Labs and its subsidiary XRP II a combined $700,000 for "willful violations" of the Bank Secrecy Act (BSA). This is the beginning!
http://www.coindesk.com/fincen-fines-ripple-labs-700000-bank-secrecy-act/

And that's why now people that want to us the ripple system have to register their identity.

And if you don't?  They lock your wallet?  Omfg...  They have now truly become Paypal 2.0.  Ripple as a "protocol" is no more.

A email was sent out to ripple users saying they have to supply their personal info to use it. The US gov't wil do what it takes to kill/control crypto.

[Sonny91BE]

FinCEN has fined Ripple Labs and its subsidiary XRP II a combined $700,000 for "willful violations" of the Bank Secrecy Act (BSA). This is the beginning!
http://www.coindesk.com/fincen-fines-ripple-labs-700000-bank-secrecy-act/

I don't understand how crypto's like Ripple tend to stay on top and trusted while coins like Nxt which are amazing but get no recognition at all ..

[Spoetnik]

What have I been saying for going on 3 years now..

It takes time but I knew they would be coming.. gradually.

If you all didn't see the law coming then your an idiot.
The free for all scammery bs has gotta stop.
The Free (for all) Market has had it's day and I can't wait to see a ton of you all in jail LOL

[photon_coin]

don't think for a second that fbi and treasury department agents have not been all over these forums and other places and the entire scene for years gathering intel. 

[ArticMine]

Here is the Ripple agreement. http://www.justice.gov/sites/default/files/opa/press-releases/attachments/2015/05/05/settlement_agreement.pdf Well worth reading especially Appendix A. My take is that a fairly launched POW coin (no pre-mine, insta-mine or ninja-mine) is likely safe. So would a proof of burn such a Counterparty. The rest could easily be currently under investigation. If they are working their way down the market capitalization list, it will be very interesting to see how they react to DASH. I would also suspect Ethereum is in the cross hairs not only of FinCEN but also of the SEC.

[tokeweed]

Here is the Ripple agreement. http://www.justice.gov/sites/default/files/opa/press-releases/attachments/2015/05/05/settlement_agreement.pdf Well worth reading especially Appendix A. My take is that a fairly launched POW coin (no pre-mine, insta-mine or ninja-mine) is likely safe. So would a proof of burn such a Counterparty. The rest could easily be currently under investigation. If they are working their way down the market capitalization list, it will be very interesting to see how they react to DASH. I would also suspect Ethereum is in the cross hairs not only of FinCEN but also of the SEC.

I was starting to think this.  So I guess the future of crypto is in POW..?

[spartak_t]

I'm kinda smiling, but guess what might happen with so called "anonymous" coins.

[tokeweed]

I'm kinda smiling, but guess what might happen with so called "anonymous" coins.

You mean POW coins with anonymous devs?  FINCEN will surely have a handful with those. 

[spartak_t]

I'm kinda smiling, but guess what might happen with so called "anonymous" coins.

You mean POW coins with anonymous devs?  FINCEN will surely have a handful with those. 

No, I mean those who are trying to be "anonymous".
How do you think authorities will feel about some cryptocurrency, which tries to hide transactions and such?

[tokeweed]

I'm kinda smiling, but guess what might happen with so called "anonymous" coins.

You mean POW coins with anonymous devs?  FINCEN will surely have a handful with those. 

No, I mean those who are trying to be "anonymous".
How do you think authorities will feel about some cryptocurrency, which tries to hide transactions and such?

Yeah.  Especially if it's POW.  Can't be shutdown.

[illodin]

I'm kinda smiling, but guess what might happen with so called "anonymous" coins.

You mean POW coins with anonymous devs?  FINCEN will surely have a handful with those. 

No, I mean those who are trying to be "anonymous".
How do you think authorities will feel about some cryptocurrency, which tries to hide transactions and such?

Yeah.  Especially if it's POW.  Can't be shutdown.

It can be effectively shutdown. Just make mining, holding, buying, selling, accepting, and exchanging it illegal.

[spartak_t]

Yeah.  Especially if it's POW.  Can't be shutdown.

It can be effectively shutdown. Just make mining, holding, buying, selling, accepting, and exchanging it illegal.

+1

PoW, PoS or whatever, they will be after it.

[astrobitcoin]

looks like the party is coming to end and few will pay for all

[tokeweed]

Yeah.  Especially if it's POW.  Can't be shutdown.

It can be effectively shutdown. Just make mining, holding, buying, selling, accepting, and exchanging it illegal.

+1

PoW, PoS or whatever, they will be after it.

They can ban exchanges.  But 'mining'?  What do they care if I use my hardware for mining.  It's none of their business.