The reasons why Bitcoin securities can’t be regulated by the SEC

[MPOE-PR]

Hey, guess what! MP was actually right.

Strategic superiority, a saga.

So what's the legal interpretation of this?

a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.

What are the implications of being an exchanger and money transmitter?

They who transmit Bitcoin as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency will conceivably have to get registered. There's a reason bitcoin-central.net is pretty much the only functioning exchange at the present time.

[1713584702]

1713584702

[1713584702]

1713584702

[burnside]

Hey, guess what! MP was actually right.

Strategic superiority, a saga.

So what's the legal interpretation of this?

a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.

What are the implications of being an exchanger and money transmitter?

They who transmit Bitcoin as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency will conceivably have to get registered. There's a reason bitcoin-central.net is pretty much the only functioning exchange at the present time.

I like the "substitutes for currency" part.  Leaves it nice and wide open.  Doesn't any commodity "substitute for currency"?

[MPOE-PR]

I like the "substitutes for currency" part.  Leaves it nice and wide open.  Doesn't any commodity "substitute for currency"?

Sooner or later you will have to take this up with a lawyer, foruming only goes so far.

[burnside]

I like the "substitutes for currency" part.  Leaves it nice and wide open.  Doesn't any commodity "substitute for currency"?

Sooner or later you will have to take this up with a lawyer, foruming only goes so far.

Oh yeah, I'm mostly posting for others benefit.  I discuss with lawyerly types on a regular basis. 

[kjj]

I like the "substitutes for currency" part.  Leaves it nice and wide open.  Doesn't any commodity "substitute for currency"?

$60 Visa gift card = substitute for currency
1 BTC = not a substitute for currency