yet another noob poster quoting something from a non-intellectual media point, which then out of context and without much information quotes another story, which again is taken out of context.. In england we call this chinese whispers, where after passing information 3 times or more the message gets misinterpreted.
if your going to quote something atleast use the actual full context of the original person that is being quoted, not a third rate blog that grabs half a story from somewhere else. The story if you go into the details and read the whole back story is that bitcoin exchanges ARE ALREADY legally within FINCEN's grasp and accountability, this is because they deal with FIAT. Any exchanges that deal with bitcoin AND fiat that also decide to do commodities will also have to follow the CFTC guidelines as well as the FINCEN guidelines. purely because the FIAT can be linked to the commodities. So CFTC are looking at bitcoin for any 'services' that deal with commodities and fiat, because some of the naive 17yo basement dwellers believe if they have a bitcoin business they are then free to deal with FIAT and commodities purely because its linked in some way to bitcoin.
So the trick yet again. if you want to combine bitcoin and FIAT then look at being legit with the authorities. but if you don't touch FIAT, they cant touch you.
So if you want to accept FIAT in exchange for bitcoin and then offer commodities trading all in one service *cough*
http://www.plus500.co.uk/ *cough* you might have to ensure you got all of your licences that government require in order to continue doing business.
i personally love this fact, as it weeds out all of them inexperienced under-age basement dwelling coders from trying to run exchanges, risking our hard earned bitcoins, crying that they have been hacked where in reality they have stolen peoples funds. But instead relies on experienced and well invested people to make services where they cant easily run off at a whim.
for all of you inexperienced guys wanting to make money by creating exchanges, try something smaller, more private, more local. EG exchanges that just swap different alt-coins, that never touch FIAT. Leave the world FIAT trading to people that have experience and money to invest by doing it legally.
