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  • Posted by $ MikeMarotta 11 years, 2 months ago
    "Indeed, the number of regulatory bodies taking a shot at classifying Bitcoin keeps rising: FinCen, the Treasury's Financial Crimes Enforcement Network ruled in March that Bitcoin money transmitters must register with the government, and that the Texas ruling itself was borne of an SEC enforcement action.why the Justice Department's crackdown on another digital currency meant increased regulation was likely."

    Businesses actually WANT this because it brings LAW into the matter. For survivalists looking for an anonymous money medium Patrick Murck, chief counsel for the Bitcoin Foundation, (an organization not connected with Bitcoin) warned against "'Bitcoin magical thinking" the idea that you can run a gambling ring or a Ponzi scheme or anything else outside the law just because it is done with Bitcoin.

    However, the article cited here does quote Alan Silbert, the CEO of luxury goods site BitPremier: "Bitcoin is international. The US has only 5% of the world's people and there will be many countries with more favorable regulatory attitudes towards Bitcoin. Companies can move to a more favorable regulatory climate if it got that bad in the U.S. And of course Bitcoin is decentralized and can't be shut down anyway."
    Read more: http://www.businessinsider.com/reaction-...
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