Asrael999
Hero Member
*****
Offline Offline

Activity: 699
Merit: 502


View Profile Personal Message (Offline)

Ignore
March 18, 2014, 05:21:24 PM

http://online.wsj.com/news/articles/SB10001424052702303563304579447020246651110

Quote
The Treasury Department will come after the many digital currency exchanges and administrators that haven't registered with the Financial Crimes Enforcement Network, the Department's top official for terrorism and financial intelligence said Tuesday.
Goodbye, Bitstamp and BTC-E.

AFAIK Bitstamp and BTC-E neither operate nor have any bank account in US
What does it matter? They serve US customers without following the regulations, and the US has global power.

c. De-Centralized Virtual Currencies

            A final type of convertible virtual currency activity involves a de-centralized convertible virtual currency (1) that has no central repository and no single administrator, and (2) that persons may obtain by their own computing or manufacturing effort.

            A person that creates units of this convertible virtual currency and uses it to purchase real or virtual goods and services is a user of the convertible virtual currency and not subject to regulation as a money transmitter. By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter. In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.


Doesn't this imply that anyone who sells a cryptocurrency for fiat is a money transmitter? So not just the exchanges but anyone who sells bitcoin for cash?