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Chase (OP)
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December 04, 2016, 10:20:37 PM
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Illinois Releases Crypto Regulatory Guidance Proposal

https://dcebrief.com/illinois-releases-crypto-regulatory-guidance-proposal/
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December 05, 2016, 08:59:22 AM
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Quote from: Chase on December 04, 2016, 10:20:37 PM


Illinois Releases Crypto Regulatory Guidance Proposal

https://dcebrief.com/illinois-releases-crypto-regulatory-guidance-proposal/

It is good to know that they have released the proposal for public comments. This seems to be the right step forward, as the government can get the views of the crypto community before implementing the regulatory guidance.

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December 06, 2016, 12:23:12 AM
 #3
The guidance is fantastic. Basically it says,
  • 1. Crypto-currencies are not money, so we don't really care. I don't expect this to last, but the impact of it going away is low.
  • 2. Holding or sending money (but not crypto-currencies because they aren't money) for someone is money transmission. Basically no change here.
  • 2. Trading crypto-currencies, even for fiat, is not money transmission because nothing is transmitted. Yeah!
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