Bitcoin Foundation to meet US authorities.

[Beta-coiner1]

I am now sure if this is positive or negative but glad they are meeting at least.

BITCOIN EXPERTS TO MEET REGULATORS AT TREASURY — Members of the Bitcoin Foundation, a nonprofit that includes software developers, industry reps and other experts in the digital currency, are expected to brief banking regulators and federal law enforcement officials at the Treasury Department today. Attendees are expected to include officials from the Treasury Department’s Financial Crimes Enforcement Network, the FBI, IRS, Federal Reserve, FDIC, OCC, Homeland Security Department and Secret Service.  The meeting comes as regulators and Congress are trying to better understand the concepts behind Bitcoin and how digital currencies should be regulated.

“This is part of our ongoing dialogue with virtual currency operators within the U.S.,” Treasury spokesman John Sullivan said.

At Treasury, FinCEN has taken a lead role in the federal government’s response, releasing guidance in March to clarify rules around virtual currencies. The IRS is evaluating Bitcoin compliance issues following a June GAO report that recommended the agency issue guidance for taxpayers.

[stormlighter]

BITCOIN EXPERTS TO MEET REGULATORS AT TREASURY

Why wasn't I invited! 

[BitCoiner2012]

New experts, meet old experts...

[ElectricMucus]

There is much that could happen but none of it is likely.

From a better standing and releasing of seized funds to charges against foundation heads or even arrests many things are possible. I don't expect either to actually happen.

[Bitcopia]

There is much that could happen but none of it is likely.

From a better standing and releasing of seized funds to charges against foundation heads or even arrests many things are possible. I don't expect either to actually happen.

"Hey guys, come talk to us so we can get a better understanding of how this digital currency business works... Psych out! You're under arrest." Yeah, I don't expect that either. I think a better understanding is all that is to come of this for the time being, and that's a positive thing in my book.

[Micky25]

By sending almost only law enforcement agencies, they clearly show how they classify the topic.

[gweedo]

Do we know who is going from the foundation? Why is that even a secret?

[notme]

By sending almost only law enforcement agencies, they clearly show how they classify the topic.

The executive branch sole purpose is law enforcement/enactment.  It would be good to see some congress critters invited though.

[Odalv]

Do we know who is going from the foundation? Why is that even a secret?

Patrick Murck, Brian Klein, Marco Santori and Peter Vessenes will represent the Bitcoin Foundation at the event and Jim Harper, director of information policy studies at Cato Institute, will also be present.

http://www.coindesk.com/federal-agency-representatives-meeting-to-discuss-bitcoin/

[Mike Christ]

Exactly what will be discussed that can't be found through personal research on the interwebs?

[Odalv]

Exactly what will be discussed that can't be found through personal research on the interwebs?

How government can rob yours Bitcoins. -)

[DeathAndTaxes]

Exactly what will be discussed that can't be found through personal research on the interwebs?

That FinCEN guidance is idiotic.  Well hopefully they use more apropriate language but address the fact that FinCEN guidance is about as clear as mud and contrary to their prior guidance on the scope of money transmission.

Just a small list of inconsistencies:
* miners are MT if they exchange virtual currency for real currency.  Why?  Entities which are engaged in the business (key word) of exchanging are already MT.   Why even open the door for hobbyist miners.

* who is the creator of a currency unit in the scenario of pool mining (and thus potentially a MT)? 
The pool? 
The miner (which isn't really a miner more a contracted computing power supplier)? 
The pool and the miner?
Neither because only Satoshi is and miners and pools simply unlock existing currency units?

* Why did FinCEN ignore their prior guidance as it relates to real currency exchangers.
Real currency exchanger is NOT a money transmitter
A real currency exchanger which engages in money transmission as requirement of doing business but whos activity is limited to exchanging currency is NOT a money transmitter.
All virtual exchangers are money transmitters.  WTF?




 

[super3]

Well I think some good stuff will come out of it. The community has had many months to prepare a decent case with real stats for Bitcoin. This only futher legitimizes Bitcoin if federal authorities are at least paying attention.

[mda]

It is reconnaissance, then will follow war. The guys start thinking only when encountering brute force.

[Bitcopia]

Exactly what will be discussed that can't be found through personal research on the interwebs?

That FinCEN guidance is idiotic.  Well hopefully they use more apropriate language but address the fact that FinCEN guidance is about as clear as mud and contrary to their prior guidance on the scope of money transmission.

Just a small list of inconsistencies:
* miners are MT if they exchange virtual currency for real currency.  Why?  Entities which are engaged in the business (key word) of exchanging are already MT.   Why even open the door for hobbyist miners.

* who is the creator of a currency unit in the scenario of pool mining (and thus potentially a MT)? 
The pool? 
The miner (which isn't really a miner more a contracted computing power supplier)? 
The pool and the miner?
Neither because only Satoshi is and miners and pools simply unlock existing currency units?

* Why did FinCEN ignore their prior guidance as it relates to real currency exchangers.
Real currency exchanger is NOT a money transmitter
A real currency exchanger which engages in money transmission as requirement of doing business but whos activity is limited to exchanging currency is NOT a money transmitter.
All virtual exchangers are money transmitters.  WTF?




 

Yes, the guidance certainly seemed to be issued with an act now, think later mentality. With any luck, deeper understanding will come to regulators soon, leading to more efficient and applicable policies. This is of course dependent upon the theory that our government is interested in acting rationally and in the best interest of all people and business.

[True___Blue]

So they met today right? What happened?

[superduh]

So they met today right? What happened?

they can't tell you since they are all behind bars

[johnyj]

Some good news there? Suddenly we got 10000 coins market buy, pushing the price up above 125

[DeathAndTaxes]

So they met today right? What happened?

they can't tell you since they are all behind bars

Behind bars how 20th century, more like accidental drone strike hit their convoy on the way back to the airport.  

[Beta-coiner1]

Some good news there? Suddenly we got 10000 coins market buy, pushing the price up above 125

The thing is the Gox is not the only one.I've just seen Bitstamp go up almost $5 in a short amount of time.