Like this? Share it.

Regulation on Bitcoin Heats Up in Washington Meeting

On Monday, the Bitcoin Foundation met with FinCEN, the crime enforcement division of the U.S. Department of the Treasury, as well as regulators and law enforcement officials.

Patrick Murck, general counsel for the Bitcoin Foundation, prepared a presentation on Bitcoin for agencies including the FBI, IRS, Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and Secret Service.

According to a report by the Wall Street Journal, FinCEN made a statement after the meeting giving preliminary guidance on the matter.

“Fincen’s recent guidance concerning virtual currencies made clear that virtual currency administrators and exchangers that provide services within the U.S. must register with Fincen as money-services businesses and that they share similar regulatory responsibilities with other financial institutions,” said Jennifer Shasky-Calvery, director of the Treasury Department’s Financial Crimes Enforcement Network, in a statement after the meeting.

This activity comes on the heels of other regulatory interest in Bitcoin, including Germany’s ruling that Bitcoin is private money, Thailand’s guidance that Bitcoin is illegal, New York’s Department of Financial Services sending subpoenas to 22 Bitcoin companies, and the U.S. Senate launching its own inquiry.

Like this? Share it.