More Clarity on US Regulation --> Bad for Bitcoin Entrepreneurs

[juanbllanos]

http://contrariancompliance.com/2013/05/09/its-official-foreign-bitcoin-operators-servicing-texas-residents-must-obtain-a-texas-money-transmitter-license/

[zeocrash]

I wonder what the effect would be of servicing Texas residents without a licence.

[juanbllanos]

Operating without a license is a federal crime in the United States!

[iram3130]

If I were in Mongolia? And sent bitcoins to a Texas resident.Would US go to my ger for transmitting some bitcoins?

[BitJohn]

I'm pretty sure Chuck Norris of the Texas Rangers can go wherever he pleases! On a more serious not of course they wont come get you in Mongolia.

[juanbllanos]

If I were in Mongolia? And sent bitcoins to a Texas resident.Would US go to my ger for transmitting some bitcoins?

If you had a big enough business, I'm sure the federal law enforcement agencies of the US would.  Just look at E-Gold, and more recently Liberty Reserve (although these guys were allegedly committing other serious crimes).

[juanbllanos]

I wonder what the effect would be of servicing Texas residents without a licence.

If you had a big enough business, the US federal authorities would track you down, gather evidence and make a case.  If accepted by a grand jury, you'd then be indicted (formally accused), and brought to trial.  All of this is facilitated when jurisdictions have mutual legal assistance treaties, which facilitate the processing of cases.  Still, the US has an enormous amount of extra territorial power.

[Kaepora]

If I were in Mongolia? And sent bitcoins to a Texas resident.Would US go to my ger for transmitting some bitcoins?

No one messes with Texas 

[learnmore]

The US government should replace social security numbers with BTC addresses.