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Everything You Need To Know About Money Transmitter Licensing
 
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This week on Around the Coin, Faisal Khan, Brian Roemmele, and Mike Townsend discuss everything about money transmitter licenses, including how they work, who needs one, and how bitcoin plays a role. Around the Coin.
Views: 2306 Around The Coin
CryptoTaxPrep.com Presents: What's A Money Transmitter?
 
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CryptoTaxPrep.com is the industry leader in Cryptocurrency Tax Preparation. Visit us at https://CryptoTaxPrep.com to learn more and sign-up. Federal and state laws require people to be licensed as money transmitters if they transmit funds from one person to another. Over the past few years, a number of individuals and businesses have been arrested and charged with financial crimes related to the unlicensed transmission of Bitcoin or other crypto coins. But does that mean you must register yourself as a money transmitter if you buy virtual currencies for friends or family?
Views: 6025 Happy Tax
Bitcoin's Regulatory Nightmare Is About to Get More Frightening
 
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Let’s say you want to start a Bitcoin company in the U.S., chances are you’re going to need a Money Transmitter License, or rather 51 of them, because 47 states three territories and the District of Columbia each have their own permitting process for any business that handles money on behalf of its customers. This regulatory maze is thwarting the plans of many Bitcoin startups. "Some [of our] applications have been in for over a year, and we're not able to determine the path forward because it's not a clear process," says Megan Burton, CEO of the Bitcoin exchange firm CoinX, at a May 16, 2014 public hearing of the Conference of State Bank Supervisors' Emerging Payments Task Force. Fred Ehrsam, cofounder of the Bitcoin Wallet firm Coinbase, said at a public event in New York City last month that becoming compliant in just half the states has so far taken his company "two years and cost $2 million." But dealing with the states is just the beginning. Bitcoin firms also have to abide by the rules of the Federal Consumer Financial Protection Bureau and the U.S. Treasury’s Financial Crimes Enforcement Network, which just sent a chill through the industry by fining the the cryptocurrency startup Ripple Labs $700,000 for allegedly violating its rules. "It takes lawyers in each state, criminal background checks in each state, bonds in each state," says Jerry Brito, who's the executive director of Coin Center, an industry advocacy group. "It's a huge barrier to entry." Instead of working to sort out this regulatory mess, government officials are piling on even more red tape. Benjamin Lawsky, New York State’s top financial regulator, has spent the last year hammering out the details of the so-called BitLicense, a new regulatory regime that will apply to virtual currency companies that serve customers in New York. "Right now the regulation of the virtual currency industry is still akin to a virtual wild west," Lawsky said at a public hearing on the BitLicense that was held on January 29, 2014 in New York City. Lawsky points to a slew of recent headlines about drug sales, alleged money laundering, and theft in the Bitcoin world. But these activities are already illegal under existing laws and regulations, and New York already requires that companies obtain a Money Transmitter License. The latest draft of the BitLicense doesn't say whether companies will be required to obtain both. "It doesn't acheive any purpose to require two licenses," says Brito. "When you do the background check for one license, what's the point of doing a background check for another license?" While the final details of the BitLicense won’t be released until later this month, the most recent draft duplicate federal regulations that already on the books. "It has an anti-money laundering provision, which is something that's unprecedented," says Brito. "Anti-money laundering is something...handled at by the Financial Crimes Enforcement Network at the Treasury Department. So now if you are a business, not only do you have to file Suspicious Activity Reports and Know Your Customer forms for the federal government, but now you also have to do it for a state as well." "We already have rules against fraud and hacking, so really what we're left with is something that's really onerous and burdensome not just for American companies but for companies all over the world," says Bruce Fenton, who's the executive director of the Bitcoin Foundation. What the Bitcoin industry really needs is for regulators to simplify the rules and processes that are already on the books. Not only would that clear the path for small innovative startups that can’t afford a legal team, it would also leave consumers better protected because companies would be accountable to one agency. "Ideally a small startup could go to one place, wherever that is, and follow clear and simple rules to get licensing," says Brito. "We don't know when the next Facebook is going to come along started by a guy in his dorm," says Fenton. "What if he had to spend $4 million to start that? We never would have seen it. We may not even know what kind of innovations are around the corner if we stifle them before they have a chance to start." 3 minutes and 23 seconds. Written and produced by Jim Epstein. Go to http://reason.com/reasontv for downloadable versions and subscribe to Reason TV's YouTube Channel to receive automatic updates when new material goes live
Views: 18658 ReasonTV
FinCEN Registration & Money Transmitter Licenses
 
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Question: Does registration on FinCEN give you a money transmitter license? About Faisal Khan Faisal Khan is a banking / payments consultant specializing in cross-border payment system and a digital money evangelist. He is the co-host of Around the Coin, a weekly podcast on Payments & Fintech with over 18,000+ listeners. Mr. Khan is a talent scout for Series A & B financing for various fintech VCs/funds. He is also a frequent contributor to popular Q&A site Quora where he has been a Top Writer 6 consecutive years. Comments for this video have been disabled, please use this link to comment/contact: https://faisalkhan.com/contact/ SCHEDULE A FREE 15 MINUTE CALL: https://faisalkhan.com/calendar/ Website: - Faisal Khan: https://faisalkhan.com - Twitter: https://twitter.com/babushka99 - Facebook: https://www.facebook.com/faisalkhanpaymentconsultant/ - LinkedIn: https://www.linkedin.com/in/faisalkhan99/ - Quora: https://www.quora.com/profile/Faisal-Khan-1 - Podcast: http://www.aroundthecoin.com - Blog: https://faisalkhan.com/blog/ - Blog on Medium: https://blog.faisalkhan.com/ #askfaisalkhan
Views: 256 Faisal Khan
Fear of a Bitcoin unfriendly New Hampshire money transmitter law makes Poloniex suspend NH accounts
 
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New Hampshire does not seem to be very libertarian when it comes to associating Bitcoin and money transmitters. Poloniex is trying to deal with the horrible NH law while outside the USA exchanges like BTC-e ignore such obstacles. Are you a Steem Power parasite? The Poloniex Press release- https://poloniex.com/press-releases/2016.09.21-notice-to-new-hampshire-residents/ Old article that talks about New Hamshire's money transmitter law: bravenewcoin.com/news/new-hampshire-money-transmitter-rule-change-will-include-bitcoin-businesses/ A recent article that explains the current New Hampshire Poloniex debacle- https://www.cryptocoinsnews.com/cryptocurrency-exchange-poloniex-to-suspend-new-hampshire-accounts-due-to-regulations/ Buy your Bitcoin Trezor storage device here: https://buytrezor.com/?a=c81d29b7bbf1 Buy Bitcoin at Coinbase here: https://www.coinbase.com/join/528aa4ec443594782100003a Support the cause if you like what I have to say: BTC: 124ZqLGRePVx4P6YSDLnzjETZ1ByFsDTfb ETC: 0x36ab30f3ef5165e29b5fcefbc06511004c16ed31 Monero: 47MnZvoKVeZL4xhczW3t7zTnHQhJ3wkJ2Yxgyh2iWKTDhqrvdxjg41xZXrJhzn4yXxGVCJyNBroxK738rHKfGPWkQRQ2jj1 LTC: LaFAfLv9XoadM3kPDpMoPKcxHWYQop8uSs ETH: 0x7386dbca3e8da787cc39190802fcba85a07ea5a9 DASH: Xfew368HijpMxSQNosJvyfMPw4enigg7CZ Vcash (XVC)= VbRjaqW1GocDweAM7MVve4z2PWRKYWWTYs I ACCEPT EVERY ALTCOIN! This video explains what to do to get me to list, talk about, and create a payment address for your favorite Altcoin: https://www.youtube.com/watch?v=VD9GOslS4zg My latest Steemit post: https://steemit.com/bitcoin/@bitcoinmeister/my-bitcoin-pitch-to-african-nations-ethereum-classic-usd1-speculation-and-the-fed-and-btc My Steemit: https://steemit.com/@bitcoinmeister/posts https://www.youtube.com/c/BitcoinMeister http://disruptmeister.com/ Watch more of my Bitcoin videos here: https://www.youtube.com/playlist?list=PLLgyAakZPtCVQKl6naVHUfOiICFG8BYMp Adam Meister is available for an hour long Bitcoin/cryptocurrency consultation where he can walk you through the Trezor installation process and help you move your Bitcoins to the Trezor. He will answer all your questions in that hour. Trezor is just one Bitcoin topic that Adam can help you with, you can ask his advice on anything cryptocurrency related. From marketing and promotion to Altcoins to storage and the buy and hold philosophy. Adam's hourly rate is .2 Bitcoin. Feel free to email: Adam AT TrezorHelp DOT com to set up a Skype/phone consultation or to arrange an in person appearance or speaking engagement. Adam is available to speak at conferences around the world. https://www.youtube.com/watch?v=zThSLOl-s6w Follow Adam on Twitter here: https://twitter.com/TechBalt.
Views: 483 BitcoinMeister
Money Transmitter Basics 01
 
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Money Transmitters and other money services businesses are required to comply with the US Bank Secrecy Act as well as state banking laws requiring money transmitter licenses. This is a short video that introduces viewers to MSB and MTL compliance requirements as a function of their business model. This is not legal advice.
Views: 10000 Adam Atlas
What is MONEY TRANSMITTER? What does MONEY TRANSMITTER mean? MONEY TRANSMITTER meaning
 
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What is MONEY TRANSMITTER? What does MONEY TRANSMITTER mean? MONEY TRANSMITTER meaning - MONEY TRANSMITTER definition - MONEY TRANSMITTER explanation. Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. SUBSCRIBE to our Google Earth flights channel - https://www.youtube.com/channel/UC6UuCPh7GrXznZi0Hz2YQnQ In the legal code of the United States, a money transmitter or money transfer service is a business entity that provides money transfer services or payment instruments. Money Transmitters in the US are part of a larger group of entities called money service businesses or MSBs. Under federal law, 18 USC § 1960, businesses are required to register for a Money Transmitter license where their activity falls within the state definition of a money transmitter. Forty-nine US states (sans Montana) regulate money transmitters although the laws vary from one state to the other. Most of the states require a money transmitter surety bond with widely ranging amounts from as little as $25,000 to over $1 million and maintaining a minimum capital requirement. There is an association of state regulators, the Money Transfer Regulators Association (MTRA) that seeks to create uniformity and common practices and efficient and effective regulation of money transmission industry in the United States of America. The MTRA membership consists of state regulatory authorities in charge of regulating money transmitters and sellers of traveler’s checks, money orders, drafts and other money instruments. The money transmitters themselves have a separate association, the National Money Transmitters Association (NMTA) to have a voice in shaping and developing this industry. A related international association, the International Money Transfer Conferences (IMTC), brings together the money transfer industry once a year for the IMTC Miami conference. In 2012 the IMTC brought together close to 400 participants, 67% from the US. The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department requires MSBs to register. It is also a felony to engage in money transmission without a license in any state that requires a license to operate. Internet and mobile-based payment services are also required to seek a state money transmitter license to offer services to individuals residing in the state. FINCEN has also ruled that Informal Value Transfer Systems (IVTS) are considered money transmitters for the purposes of registration and licensing. FINCEN defines an IVTS as "any system, mechanism, or network of people that receives money for the purpose of making the funds or an equivalent value payable to a third party in another geographic location, whether or not in the same form". These are known as Hawala in the Middle East, Afghanistan and Pakistan, as "hundi" in India and '"fei ch’ien" in China. In regulations enacted in 2012 under the Dodd-Frank Act the Consumer Financial Protection Bureau (CFPB) extended its regulation under a "Remittance Rule" that added some additional protection for US consumers who send money electronically to foreign countries. The rule targets any remittance institution defined as consumer-to-consumer transfers of low monetary value, made via money transmitters, banks or credit unions, through wire transfers or Automated Clearing House (ACH) transactions, to businesses as well as to individuals in foreign countries.
Views: 98 The Audiopedia
FinCEN: Money Transmitter Rules Apply to ICOs
 
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FinCEN: Money Transmitter Rules Apply to ICOs Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator.The network is peer-to-peer and transactions take place between users directly, without an intermediary.These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.[14] Research produced by the University of Cambridge estimates that in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin. ► SUBSCRIBE FOR MORE VIDEOS: https://goo.gl/NYaHq2 ► Bitcoin News -Alt Coin news - coin telegraph - coindesk - coin market cap https://goo.gl/45UVFu ★★★ Thanks for watching! Please leave a like if you enjoyed and tell me what you think in the comments! Thanks ★★★
Views: 24 CoinKorea
Analyzing the FinCEN Letter
 
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On February 13, 2018, the Financial Crimes Enforcement Network (FinCEN) released a letter to Senator Ron Wyden, a member of the Senate Committee on Finance, which made clear that virtual currency exchangers and administrators are money transmitters and must comply with the Banking Secrecy Act. Additionally, FinCEN indicated that it would be working closely with the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission to monitor initial coin offerings (ICOs). In this video, Jeffrey Alberts, Co-Chair of Pryor Cashman’s FinTech and Financial Institutions Group, discusses how FinCEN’s letter impacts companies who have been operating in this space but haven’t registered as money service businesses, and what virtual currency exchangers need to know when pursuing an ICO. Copyright 2018 Pryor Cashman LLP, Attorney Advertising
Views: 106 Pryor Cashman
Adam S Tracy Talks AML vs. KYC Requirements in Cryptocurrency
 
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Cryptocurrency compliance attorney Adam S. Tracy explains the difference between Anti-Money Laundering (AML) v. Know-Your-Customer (KYC) requirements and its application in cryptocurrency ventures --- A former competitive rugby player, serial entrepreneur, trader and attorney, Adam S. Tracy offers over 15 years of progressive legal and compliance experience in the areas of corporate, commodities, cryptocurrency, litigation, payments and securities law. Adam's transactional experience ranges from initial public offerings, mergers and acquisitions to initial coin offerings, representing the pure startup to NASDAQ-listed entities. As an early Bitcoin adapter, Adam Tracy has been deeply involved in the growth of cryptocurrency and offers a unique, proprietary approach to representing crypto-clients. Adam resides in Chicago, IL with his six dogs/cats, which he is fairly certain is illegal in the town in which he lives. Bitcoin website: http://www.bitcoin-lawyer.org Primary website: http://www.tracyfirm.com Twitter: https://twitter.com/TracyFirm Youtube: https://www.youtube.com/channel/UCVOa8Iy_RIkmRPwuQliPKfw Linkedin: https://www.linkedin.com/in/adamtracy/ Facebook: https://www.facebook.com/thetracyfirm/ Instagram: @adamtracyattorney Telegram: @adam_tracy Skype: @adamtracyesq Email me: [email protected] TRANSCRIPTION: So there's a great deal of confusion over AML, Anti-Money Laundering, and KYC, Know Your Customer, and I see a lot of people interchanging them and or assuming the same thing, and they're not. AML is an overall program or policy to prevent the proceeds of criminal activities from flowing through money service businesses. And money service businesses is anything from a bank to the crypto space, a money transmitter, or a money remitter, which is what you see exchanges like coinbase or even cracking get at the state level. That state level license, which was originally was created for purpose of sending things like Western Union and money orders and things of that nature, is what triggers your money service business registration with FinCEN, which is the US Federal Government Official Crimes Network. And that's where your AML policy requirements are triggered. So, AML is sort of the umbrella of requirements and regulatory requirements with respect to being a money service business. KYC, or Know Your Customer, is really an element of AML, almost like a department. The biggest issue with KYC, which is really more pertinent for crypto currency based operation, is CIP, which is Customer Identification Procedures. These are simple things like collecting certain quantitative and qualitative information about a person. So we're talking about basic information - address, name, phone number, tax ID, or passport number, something similar numeric that would be unique to that individual. That's how you can meet your KYC burden. And it's an ongoing burden because, not only do you have to collect and follow the CIP procedures when you on board a client, but you're an ongoing requirement with respect to transactions and suspicious transactions - suspicious transactions being certain denominations, transactions with certain countries or places. And then also, there's a list kept by OFAC, which is Specially Designated Nationals (SDN) List, which you have to consistently scrub your clients both, individual and corporate, against to make sure they're not in the list, which is deemed to be known sponsors of money laundering, terrorism, and things of that nature. So, KYC from a cryptocurrency standpoint, whether it's an exchange or even mining operations, where there is some transfer of FIAT currency to cryptocurrency and back, you really have a medium or a modicum of requirements from the KYC side. And even if you're an exchange that doesn't accept FIAT currency, where you're just trading cryptocurrencies, right, you still ideally would have to register as a money service business so that AML and KYC would trigger in. Now at the AML level, there's sort of a broader policy - a lot of it's very expansive probably not entirely relevant to most crypto ventures - but it does require some ongoing policing at a higher level to understand where the sources and uses of funds that are coming through your company. And it also requires the filing of SARS, or Suspicious Activity Reports, if you're within the United States, which refers to certain transactions or patterns of transactions that, for instance, are meant to be below the five thousand dollar threshold, or a series of transactions that are broken up into smaller amounts to evade detection coming from certain locales and the like. And it's a very broad thing.
Views: 1678 Adam S. Tracy
Coinbase Renews Money Transmitter License in Wyoming, Reopens Services in State
 
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Coinbase has announced that it has renewed its money transmitter license in Wyoming three years after terminating its activities in the state. The move marks a significant shift in the working relationship between the crypto exchange giant and state regulators following the expiry of the previous license in June 2015. Working With Regulators In a Medium post , Coinbase said that its Wyoming customers can now access the full range of its products, including Coinbase Consumer, Coinbase Market, Coinbase Prime and Coinbase Custody . The blog post described the move as one that will spur innovation and economic activity for individuals, families and communities across the state. Coinbase went on in the statement to highlight its newfound cooperation with Washington state regulators. Coinbase welcomed the opportunity to work with Wyoming House of Representatives Majority Floor Leader David Miller, State Senator Eli Bebout, members of the Blockchain Task Force and their colleagues to find a solution that allows cryptocurrency custodians and exchanges to reestablish operations. We are also grateful for the assistance of Commissioner Forkner, Deputy Commissioner Mulberry, along with the examiners and staff from the Wyoming Division of Banking in their prompt approval of our money transmitter application, the post reads. Going further, Coinbase hailed its return to Wyoming as proof that regulators, lawmakers and cryptocurrency companies can work together to encourage innovation by finding ways to accommodate cryptocurrency trade under existing money transmission laws, even exempting them when necessary. The post specifically mentions the removal of the requirement to double-reserve cryptocurrency assets of Wyoming residents as a critical point of the agreement reached with regulators, enabling it to return to the state. Concluding with what some will see as a statement of intent from a platform that has recently been engaged in an aggressive growth phase, Coinbase states: ...We seek excellence in compliance and advocate for common-sense policies that allow for innovation. We will continue collaborating with legislators and regulators across the U.S. and worldwide as we work to create an open financial system for the world. #regulation #coinbase #money transmitter #Wyoming
Views: 3 bitcoin news
Crypto Exchanges & ATMs Ruled NOT Money Transmitters l McAfee for President
 
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The Gentlemen of Crypto EP - 328 https://cointelegraph.com/news/us-pennsylvania-rules-that-crypto-exchanges-atms-are-not-money-transmitters https://cointelegraph.com/news/mcafee-to-lead-2020-presidential-campaign-in-exile-after-alleged-irs-indictment https://cointelegraph.com/news/bitcoin-wallet-xapo-leaves-hong-kong-for-switzerland-due-to-opaque-regulations https://www.ccn.com/paypal-ceo-shades-bitcoin-were-not-seeing-many-retailers-accept-cryptocurrencies/ https://www.coindesk.com/seed-launches-spot-bitcoin-trading-institutions Support "The Gentlemen of Crypto" by using our referral link to download the Brave Browser. https://brave.com/krb666 We are Ambassadors for Cryptic Coin and will be giving away free coins to everyone who downloads the wallet!! Post your address and you will receive free coins!! https://crypticcoin.io/ Our show, The Gentleman of Crypto, is a daily live broadcast that explores the Bitcoin and cryptocurrency world. We discuss international topics, news updates and future innovations everyday at 10am PST (5PM UTC). Learn how to become a Crypto expert here: https://krbecrypto.com/join/ Subscribe to our YouTube channel here: https://www.youtube.com/krbecrypto Follow us on Twitch here: https://www.twitch.tv/krbecrypto ********************************** Connect with us online at the following places: KRBE Digital Assets Group • Website: https://krbecrypto.com/ • Shop: https://shopkrbecrypto.com/ • Newsletter: https://krbecrypto.com/join/ • Services: https://krbecrypto.com/services/ • About Us: https://krbecrypto.com/about/ • KRBE Steemit: https://steemit.com/@krbecrypto • TGoC Podcast: http://pca.st/hdVR SOCIAL • KRBE Twitter: https://twitter.com/krbecrypto • KRBE Facebook: https://www.facebook.com/krbecrypto/ • KRBE Instagram: https://www.instagram.com/krbecrypto/ • King Twitter: https://twitter.com/KingBlessDotCom • Bitcoin Zay Twitter: https://twitter.com/bitcoinzay Business Inquiries: [email protected] Support the stream: https://1upcoin.com/donate/youtube/krbecrypto (Bitcoin, Litecoin, Ethereum, Bcash) Donations welcome, but not necessary! #bitcoin #cryptocurrency #altcoins #cryptonews Thanks for watching and remember to subscribe for daily videos where we give away free Bitcoin! ***Not a whole Bitcoin, a few dollars USD worth*** ------------------------------------------------------------------------------------------------------------ **This is not financial advice. The expressed opinions in the video are of the speakers. You can lose all your money in the cryptocurrency market, so be sure to do your own research before investing.**
What Facebook is doing with money transmitter licenses & future uses for Bitcoin.
 
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This week on Around the Coin, Brian Roemmele, Faisal Khan, and Mike Townsend cover the recent ETA conference, why Facebook money transmitter licenses are so important, and future uses for the Bitcoin block chain.
Views: 254 Around The Coin
Adam S. Tracy Breaks Down FINCEN's Regulation of Cryptocurrency
 
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Cryptocurrency attorney Adam S. Tracy discusses FINCEN's regulation of cryptocurrency and the impact on traders, cryptocurrency exchanges, and OTC bitcoin dealers. Email: [email protected] --- A former competitive rugby player, serial entrepreneur and, trader attorney, Adam S. Tracy offers over 17 years of progressive legal and compliance experience in the areas of corporate, commodities, cryptocurrency, litigation, payments and securities law. Adam's experience ranges from commodities trader for oil giant BP, initial public offerings, M&A, to initial coin offerings, having represented both startups to NASDAQ-listed entities. As an early Bitcoin adapter, Adam has promoted growth of cryptocurrency and offers a unique approach to representing crypto-clients. Based in Chicago, IL, Adam graduated from the University of Notre Dame with dual degrees in Finance and Computer Applications and would later obtain his J.D. and M.B.A. from DePaul University. Adam lives outside Chicago with his six animals, which is illegal where he lives. Email me: [email protected] Primary website: http://www.tracyfirm.com Twitter: https://twitter.com/TracyFirm Youtube: https://www.youtube.com/channel/UCVOa8Iy_RIkmRPwuQliPKfw Linkedin: https://www.linkedin.com/in/adamtracy/ Facebook: https://www.facebook.com/thetracyfirm/ Instagram: @adamtracyattorney Telegram: @adam_tracy Skype: @adamtracyesq Email me: [email protected]
Views: 65 Adam S. Tracy
Money Transfer Alliance Program
 
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A brief presentation on how small & medium, independent money transfer operators, holding valid money transmitter licenses can be part of a money transfer alliance program. We will be starting with MSBs based in the US first and then expanding to remittance companies worldwide.
Views: 1023 Faisal Khan
Adam Tracy Explains Money Service Business Registration
 
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Cryptocurrency and payments attorney Adam S. Tracy explains money service business registrations and the requirements of FINCEN money service businesses --- A former competitive rugby player, serial entrepreneur and, trader attorney, Adam S. Tracy offers over 17 years of progressive legal and compliance experience in the areas of corporate, commodities, cryptocurrency, litigation, payments and securities law. Adam's experience ranges from commodities trader for oil giant BP, initial public offerings, M&A, to initial coin offerings, having represented both startups to NASDAQ-listed entities. As an early Bitcoin adapter, Adam has promoted growth of cryptocurrency and offers a unique approach to representing crypto-clients. Based in Chicago, IL, Adam graduated from the University of Notre Dame with dual degrees in Finance and Computer Applications and would later obtain his J.D. and M.B.A. from DePaul University. Adam lives outside Chicago with his six animals, which is illegal where he lives. Bitcoin website: http://www.bitcoin-lawyer.org Primary website: http://www.tracyfirm.com Twitter: https://twitter.com/TracyFirm Youtube: https://www.youtube.com/channel/UCVOa8Iy_RIkmRPwuQliPKfw Linkedin: https://www.linkedin.com/in/adamtracy/ Facebook: https://www.facebook.com/thetracyfirm/ Instagram: @adamtracyattorney Telegram: @adam_tracy Skype: @adamtracyesq Email me: [email protected]
Views: 366 Adam S. Tracy
Cryptocurrency regulation: How many federal agencies does it take?
 
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Just how many US federal agencies does it take to regulate cryptocurrencies? How many should it take? In the US, cryptocurrencies are regulated by at least 4 federal agencies. The Internal Revenue Service, the IRS, the Financial Crimes Enforcement Network ( FinCEN), the Securities and Exchange Commission, (the SEC) and even the Commodity Futures Trading Commission, the CFTC. https://www.irsmedic.com/blog/2018/06/sec-cftc-irs-fincen-crytpo.html The IRS regulates the taxation of cryptocurrencies. The IRS, sort of on its own, decided that cryptocurrencies should be taxed like property. So either a short term or long term gain. Or loss. What this means is that you are unable to claim the tax advantages of using cryptos as an alternative currency. FinCEN regulates cryptocurrencies as they relate to the Bank Secrecy Act and anti-money laundering laws. Unlike the IRS, FinCEN considers cryptocurrencies NOT to be property, but currency. The exact opposite of the IRS. The Securities and Exchange Commission, considers some cryptocurrencies to be securities. However, the big news, the SEC just announced that Bitcoin and Ethereum are not to be treated as securities as they do not meet the criteria set out in the “Howey” security test which comes from the Supreme Court case SEC v. W.J Howey Co. 328 U.S. 293 (1946). The Howey test states that an investment is a security if “a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party.” Bitcoin and Ethereum don’t fit this test. However, some cryptocurrencies and initial coin offerings (ICOs) - are securities because the tokens are built on top of the Ethereum and Bitcoin networks or they otherwise satisfy the Howey test. So while buying and trading Ethereum or Bitcoin tokens is not seen as making a traditional securities investment, buying and selling specific tokens that run on top of those networks can be. Therefore, we can anticipate the SEC to make increasingly stronger involvement with ICO’s. Now there’s another Federal regulatory agency involved that I know of. The Commodity Futures Trading Commission (CFTC) . In 2014, the CFTC declared virtual currencies to be a “commodity” subject to oversight under its authority under the Commodity Exchange Act of 1936. Which many think is actually a good thing — as this classification gives Bitcoin and Ethereum a place on futures exchanges. And the hope that now, wit the news from the SEC that this will encourage investors to enter into crypto futures contracts, hopefully reducing some of that volatility that cryptos are known for. Ok that’s four federal agencies that I can think of that regulate Crypto currencies to some meaningful degree. And some of them with conflicting ideas of what exactly cryptocurrencies are. Did I miss any? Please let me know in the comments. And I know I did not talk about many of the state taxing agencies that impose a sales tax the purchase of cryptocurrencies. Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269-6699 [email protected]
Views: 237 IRS Medic
A Banker's Guide to Virtual Currency
 
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Bitcoin emerged in 2013 to fanfare from the tech community, speculation from investors, and suspicion from the world's regulators. So what is it, and what is all the fuss about? This webinar will cover: - Bitcoin Basics - What it is and how it works - Common Misconceptions - Criminal activity, anonymity and hackers - The Ecosystem - Types of bitcoin companies banks are likely to encounter - Using Bitcoin - Merchant adoption, and the advantages and disadvantages of using bitcoin - Money Service Business/Money Transmitter Regulation - State, Federal and international - Bank Secrecy Act Compliance - Anti-Money Laundering and Know-Your-Customer policies - The Need for Banks - Bitcoin's struggle to secure banking relationships; how money moves from the virtual world to the banking world; and the type of transaction activity banks can expect to see from virtual currency companies - Why Bitcoin Matters: macro-level discussion and possible future developments
Views: 68 BankerTraining
FinCEN Releases Rules Classifying Bitcoin Exchanges, Buyers And Miners As Money Transmittors
 
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BREAKING: FinCEN Releases Regulations Classifying Digital Currency Exchanges And Possibly Even Buyers And Miners As Money Services Businesses Get More Details and links to reddit articles pointing to the SEC sending out hundreds of inquiry letters to bitcoin companies in regards to unregistered securities as the founders of GHash.io and CEX.io, Ltd. receive subpoenas from the SEC here: http://www.followthecoin.com/?p=3872 Like us on Facebook http://facebook.com/followthecoin Follow us on Twitter http://twitter.com/followthecoin Check out more news at http://followthecoin.com/news
Views: 3303 Follow The Coin
Fear and regulation in the cryptocurrency / blockchain / bitcoin / ICO space
 
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Mark Manney discusses fear and regulation in the emerging Web 3.0 economy. Mark is the creator of "I am" by Infobeing (www.infobeing.com). Token Launch November 23rd, 2017.
Views: 77 Abscondo
Wyoming's Money Transmitter Act.
 
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Coinbase declares it will no longer be offering its services in Wyoming. Wyoming's State division of banking recently passed "The Wyoming Money Transmitter Act" requiring a special license for companies offering hosted bitcoin wallet services to maintain %25 of its reserves in fiat.
Views: 235 Money & Tech
Atomic-Trade Bitcoin Exchange. AML, BSA, FinCEN compliant
 
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Fully registered company (Atomic Trade, LLC.) AML, BSA, FinCEN compliant Website: https://www.Atomic-Trade.com EMail: [email protected] Facebook: https://www.facebook.com/AtomicTradeLLC Twitter: https://twitter.com/AtomicTradeLLC Fees: https://www.atomic-trade.com/Fees
Views: 168 bagavad gita
The Legal and Regulatory Environment of Cryptocurrencies
 
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On February 5, the Richard Paul Richman Center for Business, Law, and Public Policy hosted Regulating Cryptocurrencies: The Future of Bitcoin, Ether, and Other Tokens. The discussion brought together Columbia's own fintech expert R.A. Farrokhnia; Commissioner Brian Quintenz of the Commodity Futures Trading Commission (CFTC); as well as Gary DeWaal and Lee Schneider, leading legal experts on blockchain at ‎Katten Muchin Rosenman LLP and McDermott Will & Emery, respectively. In this video, 2 of 3, Brian Quintenz, Lee Schneider, and Gary DeWaal discuss pressing issues facing users, regulators, and gatekeepers of cryptocurrencies. For more content from the Richman Center, visit https://www8.gsb.columbia.edu/richman/
4/30/14 - Bitcoin on Bloomberg, FinCEN, Dark Wallet & Charlie Shrem
 
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http://moneyandtech.com/apr30-news-update/ Happy Hump Day with the top current news in Money & Tech: Bloomberg announced today that it is now providing bitcoin pricing on its Bloomberg Professional service terminal for over 320,000 global subscribers, in what the Wall Street Journal is calling a "key stamp of approval" from the traditional finance industry. The service will now allow users to monitor and chart data from bitcoin exchanges Kraken and Coinbase, as well as virtual currency news and social media posts from more than 100,000 sources. In their announcement, Bloomberg noted that they are not necessarily endorsing or guaranteeing bitcoin, but recognize that "Global interest in digital currencies has undoubtedly increased... With the addition of bitcoin pricing, we're doing what Bloomberg has always done: provide transparency and solutions for the markets that matter to our clients." The US Financial Crimes Enforcement Network or FinCEN has issued much needed clarification via two more bitcoin-related rulings. The new rulings state that companies selling virtual currency mining systems and escrow services should not be considered money transmitters, so long as all virtual currency mined by a third party remains the third party's property. This new insight comes in response to a concerned letter from an American miner who found it difficult to decipher FinCEN policies issued last year. The Reserve Bank of Australia has made public a recent briefing document describing bitcoin as a "limited risk" to the country's monetary policy and financial stability. The briefing also calls out the transaction confirmation process as "an inefficient use of resources," demonstrating a strong understanding of the digital currency. At the same time, the Australian Tax Office has been meeting with key figures in the crypto industry in the hopes of issuing tax guidance for all digital currency users by the end of June. 26yr old crypto-anarchist Cody Wilson, most famous for 3D printing a working gun, is ready to release his next project. The much anticipated Dark Wallet will launch on Thursday this week with an early version of the software available as a free download as well as a Google Chrome extension. The new wallet is designed to bundle and encrypt bitcoin transactions, making it difficult to trace each all the way through the blockchain. Bitcoin entrepreneur Charlie Shrem appeared in Manhattan Federal Court on Tuesday to formally plead not guilty on charges of money laundering and facilitating bitcoin payments on the Silk Road. The presiding judge has set a trial date of September 22nd, where it will be decided whether Shrem will have to spend up to twenty years in prison. We were able to speak with Shrem last week following his appearance at the Tribeca premiere of the Bitcoin documentary, The Rise And Rise Of Bitcoin. Keep your eye out for that interview coming soon. Watch this news episode on our Money & Tech website at http://moneyandtech.com/apr30-news-update/
Views: 536 Money & Tech
Bitcoin ATM Regulation - Regulatory Review Webinar Series (Part 3)
 
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Robocoin, Lamassu… these bitcoin ATM providers might be coming to a city near you. They allow for the purchase of bitcoins for cash, and vice versa, and are an attractive starting point for prospective bitcoiners. However, are bitcoin ATMs legal? We delve into the answers by looking at the regulatory framework imposed on the manufacturer, bitcoin ATM operators, and the consumer.
Views: 330 Payment Week
Crypto Weekly (3/11/18) - Bitcoin crash, regulation incoming, Plasma Cash and more!
 
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Let's talk about the last week in crypto! ** Note: Any opinions in this video to not represent investment or financial advice. Mention of specific projects does not imply endorsement. Always seek advice from a certified financial advisor. ** ### Find the video helpful? ### Support my work and get access to exclusive perks on Patreon: https://www.patreon.com/ummjackson ### Follow me on Twitter ### https://twitter.com/ummjackson ### Links mentioned ### - https://www.bloomberg.com/news/articles/2018-03-07/bitcoin-s-tokyo-whale-sold-400-million-and-he-s-not-done-yet - https://www.fool.com/investing/2018/03/11/sec-to-bitcoin-investors-you-should-demand-regulat.aspx - https://www.coindesk.com/fincen-money-transmitter-rules-apply-ico-developers-exchanges/ - https://coincentral.com/coinbase-poised-launch-crytpocurrency-index-fund/ - https://beta.techcrunch.com/2018/03/08/qarnot-unveils-a-cryptocurrency-heater-for-your-home/ - https://www.coindesk.com/vitalik-reveals-new-idea-plasma-scaling-ethereum-event/
Views: 3678 Jackson Palmer
Are regulated Bitcoin exchanges coming to America?  .::. Flipside Bits 17
 
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Tips: 1ERyQN2h8jZ4VdJBEte92bZ34BgBp2v6iZ -= DJ BOOTH =- Twitter: https://twitter.com/djbooth007/ Web: http://www.flipsidebits.com/ -= EPISODE 17 =- Owners of 1% of all bitcoins, Cameron and Tyler Winklevoss announced that they will be launching a regulated bitcoin exchange named Gemini - which is the Latin word for “twins”. The exchange will be operated out of New York, and this announcement comes before the BitLicence has even been finalised. The winklevii also plan to launch a bitcoin ETF, but who knows when that will actually happened. It's currently with the SEC waiting for approval. The twins have always been bullish on bitcoin recently saying the marketcap could easily reach $1 trillion. But the Winklevoss just cant catch a break. Not only does every article about them mention their lawsuit with Mark Zuckerberg over the claim he stole their idea of Facebook, but now Coinbase has come along to steal their thunder. Not only has Coinbase announced they will be launching a bitcoin exchange, they ACTUALLY launched one! Let's not get carried away. The Coinbase Exchange is only licensed to operate in 14 US states and in 8 that dont need licenses. Plus, the California Department of Business Oversight released a statement denying that Coinbase is licensed to operate in the state under existing money transmission laws, and New York's Department of Financial Services says they have not issued any license to Coinbase yet either. While taking a bit of a jab at Coinbase, Cameron Winklevoss told Pete Rizzo at Coindesk that: "We aren't interested in trying to find a way to be semi-operational, or operate around the fringe or hack our way in." Although the Coinbase Exchange is backed by the New York Stock Exchange, many order types are not available just yet and reviews have suggested that it may have been released a bit too soon. It's great looking software, but lacking features found in high-end trading platforms. Now, Coinbase are claiming to be the *first* regulated bitcoin exchange in America. Well, no. not true... at all. Most US states require exchanges to have a money transmitter license, which is regulated. Therefore there are many regulated bitcoin exchanges operating in the US already such as CampBX, Kraken, Coinfloor, coinX, coinmarket, cryptsy and others. So then why is this a big deal? Well, Coinbase are playing the marketing game. The winklevii announced their exchange, so Coinbase HAD to announce something about their own. It's no coincidence that Coinbase received $75 million in venture capital funding last week. If you're a US-based investor or large volume trader, would you feel comfortable sending millions of dollars to Slovenia or China? US regulated exchanges encourage those millions of dollars to stay within US borders, all backed by FDIC insurance and partner banks. So Coinbase launch an unfinished and limited exchange, while the Winklevoss are trying to get everything in order before officially opening their doors. Then there's LedgerX who has received over $1.5 million funding and have yet to launch their fully regulated Bitcoin derivatives exchange and clearing house. Why is regulation so serious? If approved by the CFTC, LedgerX would be the first regulated Bitcoin options platform to list and clear fully-collateralized, physically-settled Bitcoin options for the institutional market. LedgerX has also applied for registration with the CFTC as a swap execution facility and as a derivatives clearing organization. -= KEEP THE FUN HASHING THROUGH THE BLOCKCHAIN =- Thanks for everyone who tipped, commented and liked. Please Subscribe. Tips: 1ERyQN2h8jZ4VdJBEte92bZ34BgBp2v6iZ
The Bitcoin News Show #72 - Overt ASICBoost Patent, PoW Change, Future of Hardware Wallets
 
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The Bitcoin News Show for the week of March 5th with your host @theonevortex and panelists @danrobinson @bitstein @francispouliot_ with special guest @slushcz! Quick Bits: Current Mayer Multiple (spot price / 200 MA): Make sure to join Adam Meister, Andy Hoffman, Mike Krieger, Jack Mallers and myself in person in Denver on April 25th and ask us questions! https://www.eventbrite.com/e/bitcoin-legends-all-star-panel-qa-tickets-44062329614 Shoutout to DJ Booth 007 (@djbooth007) for making a bot that helps warn people about crypto scam tweets on twitter https://twitter.com/djbooth007/status/970474714844942337 Twitter Pledges Action on Crypto Scams After Account Bans https://www.coindesk.com/twitter-pledges-action-crypto-scams-account-shadow-bans/ The coin PAC found itself in the top 3 of coinmarketcap for a few hours due to it's creation of 7.8 trillion coins and around ~40btc of volume https://twitter.com/MindsFiction/status/972161962481201153 More and more regulation coming down on ICOs as FinCEN suggested that Money Transmitter Rules should Apply to ICOs https://www.coindesk.com/fincen-money-transmitter-rules-apply-ico-developers-exchanges/ 'All Funds Are Safe': Binance Denies Crypto Hack Rumors https://www.coindesk.com/funds-safe-binance-denies-crypto-hack-rumors/ Topics Overt ASICBoost patent and PoW Change https://bitcoinmagazine.com/articles/halong-mining-first-bitcoin-mining-hardware-producer-implement-overt-asicboost/ https://bitcoinmagazine.com/articles/slush-pool-now-compatible-asicboost-miners/ Hardware wallets, what's happening and where is the industry going? https://preorder.trezor.io/
Views: 6929 World Crypto Network
Can I Rent Or Lease A Money Transmitter License
 
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Can an upcoming startup rent or lease a money transmitter license from someone? Is this even possible? If so, how? Is it legal to rent a money transmitter license? Find out... Here is the article about PreCash I was talking about, you can read it under the sub-heading “Authorized Delegate” https://faisalkhan.com/services/money-transfer-license/us-money-transmitter-license/us-money-transmitter-license-options/ About Faisal Khan Faisal Khan is a banking / payments consultant specializing in cross-border payment system and a digital money evangelist. He is the co-host of Around the Coin, a weekly podcast on Payments & Fintech with over 18,000+ listeners. Mr. Khan is a talent scout for Series A & B financing for various fintech VCs/funds. He is also a frequent contributor to popular Q&A site Quora where he has been a Top Writer 6 consecutive years. Comments for this video have been disabled, please use this link to comment/contact: https://faisalkhan.com/contact/ SCHEDULE A FREE 15 MINUTE CALL: https://faisalkhan.com/calendar/ Website: - Faisal Khan: https://faisalkhan.com - Twitter: https://twitter.com/babushka99 - Facebook: https://www.facebook.com/faisalkhanpaymentconsultant/ - LinkedIn: https://www.linkedin.com/in/faisalkhan99/ - Quora: https://www.quora.com/profile/Faisal-Khan-1 - Podcast: http://www.aroundthecoin.com - Blog: https://faisalkhan.com/blog/ - Blog on Medium: https://blog.faisalkhan.com/ #askfaisalkhan
Views: 123 Faisal Khan
Fintech Podcast - Episode 5 - Money Transmitter License Agent
 
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If you are trying to be an agent of someone else's money transmitter license, you might want to know about this. Website: - Faisal Khan: https://faisalkhan.com - Twitter: https://twitter.com/babushka99 - Facebook: https://www.facebook.com/faisalkhanpaymentconsultant/ - LinkedIn: https://www.linkedin.com/in/faisalkhan99/ - Quora: https://www.quora.com/profile/Faisal-Khan-1 - Podcast: http://www.aroundthecoin.com - Blog: https://faisalkhan.com/blog/ - Blog on Medium: https://blog.faisalkhan.com/ Royalty-Free Music by BenSound: http://www.bensound.com/
Views: 135 Faisal Khan
Bakkt Starbucks Deal - LGO Markets Launch - Tagomi Funding - Utah Bill  - XRP BlockFi - USDT Tron
 
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Get the Ledger Nano X to Safely store your Crypto - https://www.ledgerwallet.com/r/acd6 Help support the channel by joining my Patreon group - https://www.patreon.com/thinkingcrypto Sign up with Coinbase for Free and get $10 free Bitcoin when you spend $100! - https://www.coinbase.com/join/59db057bed984302ff3b1275 Easily purchase Altcoins such as XRP, Cardano and more on the Binance exchange - https://www.binance.com/?ref=2157551 Follow on Twitter - https://twitter.com/ThinkingCrypto1 Follow on Facebook - https://www.facebook.com/thinkingcrypto/ Website - http://www.ThinkingCrypto.com/ Follow on Steemit - https://steemit.com/@thinkingcrypto ================================================= Help support the channel! Donations : BTC - 3GPcKwB3UGML4UiYqZM6BYx7Nu5Dj7GKDD ETH - 0x7929e49cabe8d95d31392eaf974f378b508da2f4 LTC - MWMhsyGX7tsTPGS2EtSCAWpy3ywCv25r6B XRP - rDsbeomae4FXwgQTJp9Rs64Qg9vDiTCdBv Destination Tag - 35594196 ================================================= - Starbucks received significant equity in Bakkt in return for commitment to allow bitcoin payments in store in 2019. Starbucks has the largest mobile payments ecosystem in the US. 26M strong. - A new crypto exchange for institutional investors is launching this month with an unusual approach to custody. LGO Markets, based in New Jersey, officially launched Monday with limited functionality, allowing new users to set up and fund their accounts. However, spot trading in bitcoin will start on March 11. - Yale-backed Paradigm and Pantera Capital are getting behind crypto broker Tagomi - Utah Bill Would Exempt Blockchain Firms from Money Transmitter Act - Bitcoin Coders Send International Lightning Payment Over Ham Radio - Crypto lending platform BlockFi is planning to add XRP to its short list of supported cryptocurrencies. - Circle Receives FINRA Approval To Acquire SeedInvest. Circle is quietly building an empire - Raised $246M last year - Purchased crypto exchange Poloniex for ~$400M - Closed acquisition of SeedInvest today (220 fundraising campaigns, average size $500k = $110M) - Looking to raise another $250M - Tether to launch on the TRON blockchain #Bitcoin #XRP #Crypto ================================================= Disclaimer - Thinking Crypto and Tony are not financial or investment experts. You should do your own research on each cryptocurrency and make your own conclusions and decisions for investment. Invest at your own risk, only invest what you are willing to lose. This channel and its videos are just for educational purposes and NOT investment or financial advice. Bitcoin, Bitcoin News, Bitcoin ETF, XRP, XRP news, Ripple, Ripple News, Ripple XRP, Ethereum, Ethereum News, Litecoin, Litecoin News, Crypto, Crypto News, Token Taxonomy Act, Bakkt, Erisx, Fidelity Digital Assets
Views: 7061 Thinking Crypto
Bitcoins bounce around after Chinese trading crackdown - economy
 
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A Chinese government crackdown on domestic trading of the virtual currency bitcoin is starting to... euronews, the most watched news channel in Europe Subscribe for your daily dose of international news, curated and explained:http://eurone.ws/10ZCK4a Euronews is available in 13 other languages: http://eurone.ws/17moBCU http://www.euronews.com/2013/12/18/bitcoins-bounce-around-after-chinese-trading-crackdown A Chinese government crackdown on domestic trading of the virtual currency bitcoin is starting to have an effect. A leading Shanghai-based exchange platform has said it will stop taking yuan deposits. BTC China, which is the world's largest bitcoin exchange in terms of volume, was responding to new regulations under which financial institutions were banned from trading them. Beijing said that was to prevent money laundering. Individual trading was not banned. BTC's decision sent the price of the virtual currency down sharply. The yuan-bitcoin exchange rate fell dramatically two weeks ago when the Chinese restrictions were first announced. The dollar price almost halved then having been just over 1,100 dollars. They had started the year at less than 14 dollars. Over the past two months, the value of bitcoin relative to the dollar has skyrocketed some 800 percent as speculators have piled into the currency, according to bitcoinity.org. *"Chilling effect"* The US government is also keeping a close eye on businesses linked to Bitcoin. The Treasury Department's anti money-laundering unit has this week contacted many of them saying they may have to comply with US law and regulation as money transmitters. Bitcoin has grown popular among users who lack faith in the established banking system. It has also raised concerns among law-enforcement authorities that digital currencies could be used for laundering money. The letters have had a "chilling effect" on Bitcoin businesses, which are intimidated by the threat of civil and criminal sanctions for non-compliance, said Jon Matonis, executive director of the Bitcoin Foundation, an advocacy group. Find us on: Youtube http://bit.ly/zr3upY Facebook http://www.facebook.com/euronews.fans Twitter http://twitter.com/euronews
Why U.S Restrictions on ICOs and Exchanges Is Likely
 
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The U.S Senate met on February 6th to discuss "virtual currencies" such as Bitcoin. Many interpreted this meeting as bullish for Bitcoin and other cryptocurrencies, primarily off the back of CFTC Chair Giancarlo's testimony and the idea of a "thoughtful regulatory approach." Steemit Post: https://steemit.com/cryptocurrency/@cryptovestor/why-u-s-restrictions-on-icos-and-exchanges-is-likely While many caught onto the theme that ICOs were not liked by anyone, I think many didn't logically take it to the next step. If all ICOs are securities, aren't many altcoins as well? And if they are, what becomes of exchanges that enable the trading of these altcoins? It was mentioned many times at the hearing that exchanges weren't adequately regulated due to state-specific legislation and the idea that money transmitter licenses weren't designed for such secondary market trading. There were other red flags as well, such as the idea of escalating Bitcoin to FSOC as a systemic risk or that the principle idea behind Bitcoin is to replace the U.S dollar which is NOT how we want regulators to view Bitcoin as they will see it as a much bigger threat. Another important detail that many seemed to ignore was that the focus of the meeting seemed to be on how blockchain was valuable, but cryptocurrencies weren't. The only people who seemed to argue against this idea was CFTC Chair Giancarlo and Senator Warren. Instead, the focus was on how blockchain technology could help regulators do their jobs through increased transparency of data. This usually is a fancy way of saying "more power to government and less privacy." It begins with good intentions, but that's usually what it devolves to. All in all, there were many details most chose to ignore from the hearing that I wish were discussed more. There were obviously some bullish elements to it as well, but they have been discussed to death in media and hence I've chosen not to cover them. I hope that we do see a "thoughtful regulatory approach," but it appears a bumpy road ahead is likely. ================ If you like my content, you can support me through using ANY of the affiliate links below (I receive small compensation). The beauty of affiliate links is that I can pick and choose what I like rather than have companies approach me - everything I linked below (with the exception of Trezor since I like Ledger), I use myself frequently. ================ My Recommended Hardware Wallets: If you want to store your cryptocurrencies safely, the best way is through a hardware wallet. Seriously - look it up and you'll find plenty of information supporting this claim. There are alternatives such as paper wallets, but these are convenient and my choice for cold storage (offline): Ledger Nano S: http://amzn.to/2hZPj0q Trezor: http://amzn.to/2AxD9TN Ledger Blue (expensive): http://amzn.to/2hk7xst I personally prefer the Ledger Nano S, but the Trezor is such a close second that it really doesn't matter which one you go with. Ledger Blue is premium and convenient, but not necessary. ================ My Favorite Book for Investing in Crypto: Cryptoassets: http://amzn.to/2zKDdCF This book is, bar none, my favorite book for investing in cryptocurrencies. It doesn't bog you down with technical jargon, but instead focuses on all the elements you should understand before you invest. It's a comprehensive book for both beginners and experts. Beginners will find information about major cryptocurrencies (not just Bitcoin) as well as details on historical market events (that you can draw on for future) and events to watch for moving into the future. Experts will find the chapters on valuation particularly useful. For those of you involved in traditional investing, this book is even more of a godsend as finance info is explored (correlations with other asset classes, ETFs, etc). ================ My Recommended Exchanges: Coinbase / GDAX / Bittrex https://www.coinbase.com/join/5a08b12e305a1401d79d10e0 If you sign up to Coinbase using link above, you and I will both receive $10 each after you buy your first $100 of Bitcoin using Coinbase. Coinbase is much less intimidating for beginners. Once ready, move up to GDAX for cheaper or zero fees. For altcoins, I recommend Bittrex. ================ Legal Stuff: I am a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for me to earn fees by linking to Amazon.com and affiliated sites. None of what I provide in my videos is investment advice. Please do your own due diligence. ================ My Platforms: Twitter: https://twitter.com/Truth_Investor SteemIt: https://steemit.com/@cryptovestor Medium: https://medium.com/@Truth_Investor Seeking Alpha: https://seekingalpha.com/author/truth-investor/articles
Views: 35454 Crypto Investor
FinCen Crypto - Glassdoor Crypto Jobs - LCX Exchange Biz License - XRP TransferWise - XRP KuCoin
 
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Get the Ledger Nano S to Safely store your Cryptocurrency! - https://www.ledgerwallet.com/r/acd6 Follow on Twitter - https://twitter.com/ThinkingCrypto1 Follow on Facebook - https://www.facebook.com/thinkingcrypto/ Website - http://www.ThinkingCrypto.com/ Follow on Steemit - https://steemit.com/@thinkingcrypto - FinCEN updates real estate purchase reporting requirements to include cryptocurrencies - A GlassDoor study shows the incredible surge in bitcoin and blockchain related jobs in the United States. - LCX, Liechtenstein Cryptoassets Exchange, receives Business License - US Government Interested in Tracking Privacy Coins, New Document Shows - Ripple's Warren Paul Anderson recommends TrasnferWise use xRapid - Ripple XRP is now on KuCoin. - SpotOn, a payment processing services company, today announced that its merchants will soon be able to process transactions using cryptocurrency including BTC, XLM, $XRP, and ETH through its new partnership with Vaultbank. - SpotOn, a payment processing services company, today announced that its merchants will soon be able to process transactions using cryptocurrency including BTC, XLM, $XRP, and ETH through its new partnership with Vaultbank. - Ohio Accelerators to Pump Over $100 Million into Blockchain Startups #Crypto #Bitcoin #XRP ================================================= Sign up with Coinbase for Free to start investing in Bitcoin and get $10 free Bitcoin when you spend $100! - https://www.coinbase.com/join/59db057bed984302ff3b1275 ================================================= Easily purchase Altcoins such as Ripple XRP, Cardano and more on the Binance exchange - https://www.binance.com/?ref=21575512 ================================================= Get the Ledger Nano S to Safely store your Cryptocurrency! : -Buy directly from Ledger - https://www.ledgerwallet.com/r/acd6 ================================================= Mine Bitcoin and other Cryptocurrencies Daily with HashFlare! Free to sign up! - https://hashflare.io/r/373CC8F3 Mine Bitcoin and other Cryptocurrencies with Genesis Mining. Use code "he76Rc" and get 3% off every purchase - https://www.genesis-mining.com/a/2126471 ================================================= Help support the channel! Donations : BTC - 3GPcKwB3UGML4UiYqZM6BYx7Nu5Dj7GKDD ETH - 0x7929e49cabe8d95d31392eaf974f378b508da2f4 LTC - MWMhsyGX7tsTPGS2EtSCAWpy3ywCv25r6B XRP - rDsbeomae4FXwgQTJp9Rs64Qg9vDiTCdBv Destination Tag - 35594196 ================================================= Disclaimer - Thinking Crypto and Tony are not financial or investment experts. You should do your own research on each cryptocurrency and make your own conclusions and decisions for investment. Invest at your own risk, only invest what you are willing to lose. This channel and its videos are just for educational purposes and NOT investment or financial advice.
Views: 6217 Thinking Crypto
CryptoTaxPrep.com Presents: Properly Reporting Your Bitcoin Cash to the IRS
 
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CryptoTaxPrep.com is the industry leader in Cryptocurrency Tax Preparation. Visit us at https://CryptoTaxPrep.com to learn more and sign-up. In August of last year, Bitcoin Cash forked from the Bitcoin blockchain. This process basically split Bitcoin into two separate coins: Bitcoin (“BTC”) and Bitcoin Cash (“BCH”). When this occurred, everyone who held Bitcoin in a compatible wallet or exchange became entitled to claim an equivalent amount of Bitcoin Cash.
Views: 5969 Happy Tax
Exclusive: Bitcoin promoter to plead guilty to unlicensed money transmission
 
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For more Latest and Breaking News Headlines SUBSCRIBE to https://www.youtube.com/user/SuperNewsPlanet Bitcoin entrepreneur Charlie Shrem has reached a plea deal to resolve U.S. charges that he engaged in a scheme to sell over $1 million of the digital currency to users of illicit online marketplace Silk Road, his lawyer said Friday.Shrem, the former vice chairman of the Bitcoin Foundation, will plead guilty next Thursday in New York federal court to unlicensed money transmission, Marc Agnifilo, his lawyer told Reuters in an email.Prosecutors had previously charged Shrem with operating an unlicensed money transmitting business, money laundering conspiracy and failing to file suspicious activity reports with government banking authorities.Federal authorities shut down Silk Road last year, though a new Internet marketplace under the same name was launched in November. Prosecutors contend Silk Road enabled users to buy and sell illegal drugs and other illicit goods and services.Soon after his arrest in January, Shrem stepped down from his role at the Bitcoin Foundation, a well-known trade group. He was previously CEO of BitInstant, a bitcoin exchange company.A notice of a plea hearing in the case of Shrem and his co-defendant, Robert Faiella, was included in a calendar distributed by court officials earlier Friday.It was not immediately clear if Faiella, a Florida man who faced similar charges as Shrem, will plead guilty or move ahead with trial Sept. 22. He has previously pleaded not guilty.But Faiella, 54, is expected to fly to New York for the hearing, according to a court order filed Friday.A lawyer for Faiella did not respond to requests for comment. A spokesman for Manhattan U.S. Attorney Preet Bharara declined comment.Prosecutors are pursuing a separate case against Ross William Ulbricht, the man accused of creating and operating Silk Road under the name "Dread Pirate Roberts." He is set to face trial Nov. 3.The case is U.S. v. Faiella, U.S. District Court, Southern District of New York, No. 14-cr-00243. TAGS abc breaking news, bbc, bbc football, bbc iplayer, bbc news, bbc news america, bbc persian, bbc sport, bbc weather, bbc world news, breaking celebrity news, breaking election news, breaking late news, breaking local news, breaking music news, breaking news, breaking news alerts, breaking news canada, breaking news headlines, breaking news in atlanta, breaking news in nigeria, breaking news india, breaking news pensacola florida, breaking news plane crash, breaking news story, breaking sports news, business expensive news home media world, christian world news, cnn, cnn breaking news, cnn money, cnn news, cnn news breaking news, cnn news world, detroit breaking news, global news, headline, headline news, health care technology news, hot latest global news, internet technology news, las vegas breaking news, latest breaking news, latest celebrity news, latest information technology news, latest music news, latest news, latest news headlines, latest news update, latest sports news, live breaking news, local breaking news, local news today, msn breaking news, nbc breaking news, nbc world news, news of the world, news report us world, news today news, news updated daily, solar technology news, sports news today, technology news, the latest news, today news, us news and world, us news and world report, us news and world report magazine, us news and world report web site, us news world report, world news, world news daily, world news headlines http://www.makemeitexpert.com http://www.amwaynutrilitedaily.com Application Packaging And SCCM Training http://appinfotechnology.blogspot.in/
Views: 74 Super News Planet
OnTheRecord - SEC, CFTC & FinCen... Oh Mi (w/ Simon Dixon)
 
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@ToneVays https://twitter.com/ToneVays Website: http://LibertyLifeTrail.com Bitcoin: 3Hk9cR6p8XAAbmD2GkvSdcbznhqXvLDX4o Guest: Simon Dixon https://twitter.com/SimonDixonTwitt https://www.bnktothefuture.com/ To Discuss how the Regulators will Affect Crypto Space https://www.coindesk.com/fincen-money-transmitter-rules-apply-ico-developers-exchanges/ https://coincenter.org/link/fincen-raises-major-licensing-problem-for-icos-in-new-letter-to-congress https://www.coindesk.com/sec-going-saft/ https://www.coindesk.com/us-judge-rules-cryptocurrencies-are-commodities-in-cftc-case/ Next Trading Seminars Vancouver Mar 31 San Fran April 7th Austin, Texas April 14th Toronto, Canada April 21st Miami April 28th Connect via Telegram to inquire on Eligibility, more into here: http://www.libertylifetrail.com/trading-seminars/ Learn Trading: http://www.libertylifetrail.com/education/learntrading/ Upcoming Seminars: http://www.libertylifetrail.com/trading-seminars/ Private Consulting: http://www.libertylifetrail.com/consulting/ Please Support via Affiliate Codes: Trading View: http://tradingview.go2cloud.org/aff_c?offer_id=2&aff_id=4905&url_id=3 BitMex 10% Off: https://www.bitmex.com/register/cMvHXg Trezor/Ledger: https://www.cryptohwwallet.com/?acc=70efdf2ec9b086079795c442636b55fb&bannerid=3 TorGuard VPN 50% off code & link = tone50: https://torguard.net/aff.php?aff=3782 Buy The Dip Store 20% Off: http://sh1030.ositracker.com/75271/6304 CryptoMatic Bitcoin Watch: Discount Code = TONE https://cryptomatic.io/en/ 1Broker: https://1broker.com/?r=14766 Magic Money Film: Vimeo Discount Code = TONE http://www.magicmoneyfilm.com/ Disclaimer: The 1Broker & BitMex affiliate links are to be used at your own risk, I mostly use them to just place trades for less than $100 and I'm ready for all my bitcoins being hacked. (best is to always hold your own keys) Useful Bitcoin Sites: https://bitcoin.org/en/full-node https://tradeblock.com/bitcoin https://ekerstein.com/bitcoin/fees/ https://bitcoin.team/ http://segwit.party/charts/# https://dedi.jochen-hoenicke.de/queue/#1w https://lnmainnet.gaben.win/# The Miner I am Running on Slush Pool: https://canaan.io/product/avalonminer-741/ Tone Vays is available for consulting at the rate of 0.1 btc per hour. Please email [email protected] for additional info.
Views: 11884 Tone Vays
No Choice Left for Banks  They have to Turn to Ripple and XRP. Utah Bill to Exempt Blockchain Firms
 
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Utah Bill Would Exempt Blockchain Firms from Money Transmitter Act Major US Grocery Chain Kroger Ditches Visa, Discusses Accepting Bitcoin Ripple ranked as one of the best companies to work for in Bay Area, supposedly https://www.instagram.com/ckj_cryptonews/?hl=en Instagram https://twitter.com/CKJCryptonews Follow me on Twitter ------------------------------------------------------------------------------------ FOLLOW ME ON FB https://www.facebook.com/freedom.joe.37 -------------------------------------------------------------------------------------------- https://twitter.com/vinsta76 Carl Carl Team XRP ---------------------------------------------------------- Help Support the channel XRP Tipbot rPEPPER7kfTD9w2To4CQk6UCfuHM9c6GDY Tagg 2918 ------------------------------------ UPHOLD HELP SUPPORT CKJ CRYPTO NEWS : Ripple XRP rKfzfrk1RsUxWmHimWyNwk8AoWHoFneu4m TAGG 883651721 ------------------------------------------------------------ Crypto exchange Changelly buy XRP with Visa and MasterCard, https://changelly.com/?ref_id=vcolz3vbuqaexdpl changelly -------------------------------------------------------------------- Binance Exchange https://www.binance.com/?ref=16329013 Binance ----------------------------------------------------------------------- why not BACK UP YOUTUBE CHANNEL https://www.youtube.com/watch?v=9e-wuaFVUtM&t=92s BACKUP ====================================================== Sub to CKJ Crypto News https://www.youtube.com/channel/UCmexsZ6pFvmXa9hOnnyRz5A CKJ ------------------------------------------------------------------------------------------------------ King blue https://twitter.com/kingblue_XRP --------------------------------------------------------------------------- Crypto Merch Store https://teespring.com/stores/ckj-crypto-news-2?page=3 ------------------------------------------------------------------------------------------ COINBASE $10 of free Bitcoin when you buy at least $100 coinbase https://www.coinbase.com/join/5a3334a... CB ------------------------------------------------------------------------------------------------------------------------------------------------ CKJ Crypto News is not financial or investment expert. You should do your own research on each cryptocurrency and make your own conclusions and decisions for investment. Invest at your own risk, only invest what you are willing to lose. This channel and its videos are just for educational purposes and NOT investment or Financial advice https://www.youtube.com/watch?v=bg6CCTBSbC0&t=6s CKJ Theme Song
Views: 5469 CKJ Crypto News
North Carolina Senate Passes Virtual Currency Bill
 
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Following a majority vote of the North Carolina Senate, the General Assembly of the state has now approved the amendment of a statutory article – the North Carolina Money Transmitters Act. The move will see the term “virtual currency” added to the existing law. Bitcoin exchanges and other industry companies in North Carolina will now be mandated to obtain a money transmitter license following a vote by members of the North Carolina Senate. http://www.altcointoday.com/north-carolina-senate-passes-virtual-currency-bill/ Donate Bitcoin: 18ijbmxHTaeX6d8nQCDnfYyEcGcrZMNv7i
Views: 31 Defango TV
Neal Reiter – Director At Identitymind Global – Using Aml & Kyc Transaction Monitoring And Fraud Pre
 
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Source: https://www.spreaker.com/user/futuretechpodcast/neal-reiter-director-at-identitymind-glo IdentityMind provides software to various financial institutions, money transmitters and money service organizations, including Bitcoin exchanges. The purpose of the software is to help companies meet Anti-Money Laundering (AML) and Know Your Customer (KYC) government requirements. Most recently, IdentityMind has begun to put more focus on Initial Coin Offerings (ICO) and Security Token Offerings (STO). In order to be successful and go the distance to fund a business or purpose, ICOs and token sales must meet all government requirements and comply with all money laundering rules and regulations. It can be a daunting task for anyone, especially when you should be focusing on the ICO itself. IdentityMind’s latest plug-in software is where the solution may be. Their digital currency, regulatory, and risk management experience, can take the regulatory work off your plate. The plug-in operates a system of checks and balances preventing your ICO from running in countries you are not allowed to, or perhaps wouldn’t want to, do business. It also provides a turnkey SaaS solution that performs a KYC and AML checks on prospective ICO participants and ensures you are government needs in most countries. For more information, please visit: https://identitymindglobal.com/
Visa CEO: Bitcoin Not a Threat -- FinCEN Miners not Transmitters -- Bitcoin Worldwide
 
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sponsored by http://DigitalBitcoin.org -- the revolution will not be centralized! January 31, 2014 -- London, England -- MadBitcoins: For people on the go! The MadBitcoins Subscriber Index is at 2315. If you thought everything was digital now.... Wait until you see 2315. Deep Star VI just arrived in the Andromeda Galaxy. Human beings are finally getting out of here. Colonizing the Milky Way is so two hundred years ago. Vote MadBitcoins for the Shorties! Here are Today's MadBits: Bitcoin prices remained in the $850 range, with CoinDesk BPI reporting a last of $846, a high of $852 and a low of $839. Litecoin was at $21 dollars and 10 cents a coin. This episode of MadBitcoins is sponsored by Viewers Like You! Special thanks to donors 0.0022308, 0.007 (Bitcoin, James Bitcoin), 0.001 (good to see Double 0 1 checking in as well) and last but not least 0.0012 -- MadBitcoins thanks you for your generous support. 1.) Visa CEO Doesn't See Bitcoin As Business Threat http://www.coindesk.com/visa-ceo-bitcoin-threat/ 2.) FinCEN Declares Bitcoin Miners, Investors Aren't Money Transmitters http://www.coindesk.com/fincen-bitcoin-miners-investors-money-transmitters/ 3.) The United Nations of Bitcoin http://www.businessinsider.com/countries-who-watched-bitcoin-hearings-2014-1 4.) Bittylicious accepts Peercoin and Worldcoin! Sellers wanted! https://bittylicious.com/ 5.) Pose a Pet .net -- now accepts Doge coin http://www.poseapet.net/ Don't forget to tune in TODAY -- LIVE at 3:00 PM PST for The Bitcoin Group -- The Best Minds, the Sharpest Satoshis, The Bitcoin Group -- http://TheBitcoinGroup.com https://twitter.com/thebitcoingroup Buy MadBitcoins Stickers at Orwellia.com: http://www.orwellia.com Subscribe to MadBitcoins with Bitcoins (pay what you want): http://www.madbitcoins.com -------------------------------------------- all the things you ever wanted to know about MadBitcoins: Video Background -- Mondex Design http://www.mondexdesign.com/ Music -- Forstzombie3000 http://www.youtube.com/watch?v=LAzrmyAWOkg Georges Méliès - A Trip to the Moon (Le Voyage dans la Lune) http://en.wikipedia.org/wiki/A_Trip_to_the_Moon MadBitcoins Rotating Coin Graphic by Nym3r1a Bitcoin Price Chart -- Coindesk Bitcoin Price Index (BPI) http://www.coindesk.com/price/ Litecoin Price Provided by: https://btc-e.com/exchange/ltc_usd Donate Bitcoins to MadBitcoins! 1PtAdf3LbwrPfX87dQ8TMuKEzuMUZtg1z1 Other Crypto Currency Donations and More information: http://www.madbitcoins.com * * * * * * * * * * * * * * * * * * * * * * * * Subscribe to MadBitcoins Today! * * * * * * * * * * * * * * * * * * * * * * * *
Views: 1494 MadBitcoins
Ripple Partner Earthport is Acquired by VISA, SBI Holdings CEO Yoshitaka Kitao on Virtual Currency
 
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TOP NEWS: Visa To Acquire Ripple Partner Earthport For GBP198 Million http://www.morningstar.co.uk/uk/news/AN_1545899408646388600/top-news-visa-to-acquire-earthport-for-gbp198-million-.aspx Earthport Launches Distributed Ledger Hub https://ripple.com/insights/earthport-launches-distributed-ledger-hub/ Huobi to delist coins https://coinpost.jp/?p=62043&from=attention_article_up Top souvenirs from Japan https://en.compathy.net/magazine/2016/06/15/japanese-souvenirs/
Views: 6998 crypto Eri
Save Bitcoin Businesses In California: Withdraw AB-1326
 
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Petition: https://www.change.org/p/matthew-dababneh-california-state-house-california-state-senate-save-buttonwood-sf-withdraw-ab-1326 References: [*] http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160AB1326 [*] http://www.meetup.com/Buttonwood-SF-P2P-Cryptocurrency-Trading/ [*] http://bitcoin-otc.com/trust.php [*] https://www.cryptoconsortium.org/ [*] http://www.datauthority.org [*] http://www.digitalcurrencycouncil.com/ On Independence Day 2013, I held the first ever Buttonwood SF meetup, a face-to-face bitcoin trading meetup not unlike the Satoshi Squares held elsewhere all around the world. Then in May 2014, in response to a story which claimed that Ross Ulbricht had attended Buttonwood to sell his Silk Road bitcoins, I was quoted by Forbes reporter Kashmir Hill as saying, “If it turns into an act of civil disobedience to trade Bitcoin at Buttonwood, I would question if that’s the type of world I want to live in.” Well, if California State Assembly Member Matthew Dababneh gets his way, that will be the type of world that all Californians will be living in. Assembly Member Dababneh has introduced a bill, AB-1326 which "would prohibit a person from engaging in this state in the business of virtual currency" without either a mandatory license or a special exemption from the State. Banks, licensed money transmitters, specific State agencies, and merchants who accept bitcoin for goods and services are among those excluded; retail bitcoin traders such as those who attend Buttonwood SF are not. I have posted a petition on Change.org requesting that Assembly Member Dababneh withdraw his bill, and further requesting that the State Legislature consider against introducing in the future any similar legislation which would impose upon bitcoin businesses any special regulation, registration, or licensing requirements. If you support the free trade of bitcoin among private individuals and businesses, please sign my petition and share it with your social and professional networks. Should AB-1326 pass, I will have little choice but to shut down Buttonwood SF for fear of political persecution. Your signature and feedback is appreciated.
Views: 192 P2P Connects Us
Bitcoin Foundation is Wrong! BitcoinLaw - "FinCEN and BitCoin Miners"
 
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FinCEN released Guidance on March 18, 2013 regarding BSA Regulations to Virtual Currencies. The Bitcoin Foundation issued guidance on March 19, 2013 to the Bitcoin community in s response to FinCEN. Bose Law Firm disagrees with the Bitcoin Foundation in its interpretation of the Guidance to cover miners of bitcoins and other decentralized virtual currencies who mine such coins and convert them for personal use. Bose Law Firm, PLLC. 703-926-3900. http://www.bitcoinlitigation.com http://www.boselawfirm.com http://www.bitcoinfoundation.org http://www.bitinstant.com http://www.fincen.gov/statutes_regs/guidance/pdf/FIN-2013-G001.pdf
Bitcoin Cryptocurrency and FinTech Lawyer Patrick Murck
 
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Bitcoin, cryptocurrencies, and blockchain technologies do not live in a separate world where regulations and laws do not apply. These technologies are rapidly converging with complex regulations from different countries, including AML / KYC, local taxing authorities such as the IRS in the United States, the SEC, FinCen and more. A new breed of attorney is learning and developing expertise in Bitcoin, cryptocurrencies and blockchain technology. If you’re thinking of starting and operating a related business and you want to know what laws may apply to you (ex: being considered a money transmitter), then this podcast is critical to listen to. Even if you buy and sell bitcoin locally, you may fall under state and or federal laws regarding money transmission. Listen, Subscribe, Review this podcast. Donate bitcoin to keep us going using our public key on future tech podcast dot com
CFTC Position On Cryptocurrency
 
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CFTC Position On Cryptocurrency- Today’s LawCast talks about the CFTC and cryptocurrencies. The SEC and U.S. Commodity Futures Trading Commission (CFTC) have been actively policing the crypto or virtual currency space. Both regulators have filed multiple enforcement actions against companies and individuals for improper activities including fraud. On January 25, 2018, SEC Chairman Jay Clayton and CFTC Chairman J. Christopher Giancarlo published a joint op-ed piece in the Wall Street Journal on the topic. Backing up a little, on October 17, 2017, the LabCFTC office of the CFTC published “A CFTC Primer on Virtual Currencies” in which it defines virtual currencies and outlines the uses and risks of virtual currencies and the role of the CFTC. The CFTC first found that Bitcoin and other virtual currencies are properly defined as commodities in 2015. As such, the CFTC has regulatory oversight over futures, options, and derivatives contracts on virtual currencies and has oversight to pursue claims of fraud or manipulation involving a virtual currency traded in interstate commerce. Beyond instances of fraud or manipulation, the CFTC generally does not oversee “spot” or cash market exchanges and transactions involving virtual currencies that do not utilize margin, leverage or financing. Rather, these “exchanges” are regulated as payment processors or money transmitters under state law. The role of the CFTC is substantially similar to the SEC with a mission to “foster open, transparent, competitive and financially sound markets” and to “protect market users and their funds, consumers and the public from fraud, manipulation and abusive practices related to derivatives and other products subject to the Commodity Exchange Act (CEA).” The definition of a commodity under the CEA is as broad as the definition of a security under the Securities Act of 1933, including a physical commodity such as an agricultural product, a currency or interest rate or “all services, rights and interests in which the contracts for future delivery are presently or in the future dealt in” (i.e., futures, options and derivatives contracts). Where the SEC regulates securities and securities markets, the CFTC does the same for commodities and commodity markets. At times the jurisdiction of the two regulators overlaps, such as related to swap transactions. Right now while there are no SEC licensed securities exchanges which trade virtual currencies or any tokens, there are several commodities exchanges that trade virtual currency products such as swaps and options, including the TeraExchange, North American Derivatives Exchange and LedgerX. The Commodity Exchange Act would prohibit the trading of a virtual currency future, option or swap on a platform or facility not licensed by the CFTC. Moreover, the National Futures Association (NFA) is now requiring member commodity pool operators (CPO’s) and commodity trading advisors (CTA’s) to immediately notify the NFA if they operate a pool or manage an account that engaged in a transaction involving a virtual currency or virtual currency derivative. The CFTC refers to the IRS’s definition of a “virtual currency” and in particular: A virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In some environments it operates like real currency but it does not have legal tender status in the U.S. Virtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as a convertible virtual currency. Bitcoin is one example of a convertible virtual currency. I note that neither the CFTC’s definition of Bitcoin as a commodity, nor the IRS’s definition of a virtual currency, conflicts with the SEC’s position that most cryptocurrencies and initial cryptocurrency offerings today are securities requiring compliance with the federal securities laws. The SEC’s position is based on an analysis of the current market for ICO’s and the issuance of “coins” or “tokens” for capital raising transactions and as speculative investment contracts. In my view, a cryptocurrency which today may be an investment contract (security) can morph into a commodity (currency) or other type of digital asset. For example, an offering of XYZ token for the purpose of raising capital to build a software or blockchain platform or community where XYZ token can be used as a currency would rightfully be considered a securities offering that needs to comply with the federal securities laws. However, when the XYZ token is issued, the platform built, its utility established and it can be used as a form of currency, it could become a commodity. Obvioulsy, the bundling of a token securities offering to include options or futures contracts may implicate both SEC and CFTC compliance requirements. #LegalAndComplianceLLC
News Updates 2/5
 
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Here's what happened this week in Money & Tech: Ethereum launched their testnet this past Friday, the next generation of the distributed cryptographic ledger that digital currencies like Bitcoin are founded on Ethereum.org. CheapAir.com is now taking Bitcoins to help you make reservations at the more than 200,000 hotels in its worldwide network, having already been taking Bitcoins for flight purchases as of November last year, same as UK-based private jet charter service PrivateFly.com. Coinbase has linked up with Mint, a personal-finance app from Intuit, allowing users to view their Coinbase Bitcoin transactions and balances alongside traditional financial accounts. The Nymi band is the latest in wearable tech that uses ECG authentication from your unique heartbeat so you can wirelessly control your computer, smartphone, car and even your Bitcoin wallet. Ross Ulbricht, the 29-year-old alleged mastermind behind online black market Silk Road, was indicted Tuesday on charges related to computer hacking, drugs and money laundering, which adds 20 years to his minimum sentence. Former Silk Road merchant Peter Ward announced Friday his intention to hire a lawyer and file a claim for 100 bitcoins he claims he earned lawfully and were wrongly taken by the government during its seizure of online black market bazaar Silk Road. Within hours of his release after making bail, Charlie Shrem resigned as vice chairman of the Bitcoin Foundation, where he was also a founding member. As Shrem stated in a private note, "I felt if I stay on the board the foundation may lose focus and get dragged into a mess." Atlas ATS Asia announces the launch of its flagship Hong Kong-based digital currency exchange, which marks the opening of the first few Asia based exchanges, including Singapore, South Korea and Indonesia. A pair of rulings last Thursday from the US Treasury's Financial Crimes Enforcement Network (FinCEN) confirmed that people who mine virtual currencies for personal use and businesses that buy and sell them purely as an investment will not be regulated as money transmitters. Johnson, Morgan & White, leading debt collection company based in Palm Beach County FL, will become first collection agency to accept Bitcoin for payment of debts owed to its creditor clients. Bitcoin trading heated up Monday night a block away from the New York Stock Exchange at the NYC Bitcoin Center as part of Satoshi Square, the informal meetup that allows people to buy or sell bitcoin for cash. The US Post Office is considering creating their own Bitcoin exchange as a way to get more involved in financial services. The US Law Library of Congress has published a report that outlines Bitcoin's legal status in 40 countries. Download the report here: http://www.hsgac.senate.gov/download/regulation-of-bitcoin-in-selected-jurisdictions/ Watch on the Money & Tech website at http://www.moneyandtech.com/feb5-news-updates/
Views: 77 Money & Tech
8/4/14 - Xapo faces criticism, Russia & Kyrgyzstan ban Bitcoin, & Curecoin takes on cancer
 
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http://moneyandtech.com/Aug-4-news-update/ Bitcoin wallet provider Xapo began shipping out its much-anticipated debit cards on Thursday, and immediately began receiving negative backlash from the community, disgruntled with the unexpectedly high accompanying fees and limits. When first announced, Xapo disclosed only a one-time $15 dollar shipping and handling fee. Upon release of the cards, Xapo then updated its fees information to include a monthly $4.95 service fee, plus $1 dollar declined transactions costs, and added fees for domestic and international ATM transactions - which were met with a great degree of frustration from customers who had signed up with the expectation of only the one-time $15 dollar fee. No word has been heard yet on the reason for these additional fees, or what will happen next. But Xapo is expected to publish a blog statement soon addressing these concerns, so we will update you as we know more. Online cryptocurrency platform and wallet MyBigCoin.com announced on Friday plans to go public and seek to file for an IPO, joining a very exclusive club with the few digital currency-centric companies that are publicly held. The company hopes to gain approval for their IPO within the next sixty days, which their consensus statement says ""would help further their operational objectives, while lending further credibility to the company's proprietary digital currency system."" This is a big step forward for the digital currency community, as more and more companies seek to gain legitimacy and respect among consumers, peers, and the more traditional worlds of finance and investment. The Russian Ministry of Finance is reportedly preparing a bill that will officially ban cryptocurrencies, after a draft of the bill was released by major Russian publication Ria Novosti on Friday. According to the report, the new bill will prohibit any money substitutes or ""surrogates"" to the Russian ruble which would “infringe the rights of conscientious people”, and would include digital currencies such as Bitcoin. In addition, the Ria Novosti report revealed that “the Finance Ministry proposes to introduce administrative or criminal responsibility for the production and implementation of monetary surrogates operations with them, and to restrict access to information resources, providing production and operations with surrogates.” If implemented, as suspected, the end of this year or early 2015, this bill could put a serious damper on the digital currency community in Russia, and any progress which could have otherwise had a potentially positive impact on the country’s economic situation. The central bank of Kyrgyzstan has issued new statements reiterating the national law that all use of bitcoin and other digital currencies as a form of payment is currently illegal. The statements specifies that “Under the legislation of the Kyrgyz Republic, the sole legal tender on the territory of our country is the national currency of Kyrgyzstan som. The use of ‘virtual currency’, bitcoins, in particular, as a means of payment in the Kyrgyz Republic will be a violation of the law of our state,” then going on to warn of bitcoin's risks, including “the lack of security,” “high risks of exchange rate volatility and loss of value,” and “no guarantee of refund.” The Bitcoin Foundation has filed an amicus brief formally expressing their strong viewpoint in the matter of the Florida state criminal case of LocalBitcoins.com user Pascal Reid, who faces charges of operating an unauthorized money transmission business and money laundering. In their filing, the Foundation requested that Reid's charges as an unauthorized money transmitter be dismissed, given that he was operating as an individual, not as a corporate entity, and a money transmitter is defined as “a corporation, limited liability company, limited liability partnership or foreign entity qualified to do business in the state”. However, the filing was not intended to support the defendant and his actions, but rather to ensure that the broader Florida bitcoin community is not unduly restricted in their ability to transact with the digital currency as a result. As Global Policy Counsel Jim Harper put it, “The case illustrates the need for clarity in bitcoin regulation, both civil and criminal, and that’s a reason why we participated.”
Views: 387 Money & Tech
Starbucks Crypto, Kim Kardashian, JPMorgan's Jamie Dimon, Coinbase, Crypto Market Update
 
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Starbucks Crypto Currency, Kim Kardashian Bitcoin gift, JP MORGAN Jamie Dimon is Dim? CoinBase Wyoming Money Transmitter License, Crypto Currency Market Update. I suggest watching at 1.25x speed when I'm talking for optimal viewer enjoyment. :) Instagram page ➜ https://www.instagram.com/ameriquette/ Twitter ➜ https://twitter.com/AmeriquetteYT SIGN UP to MAXBOUNTY NOW! ➜ http://www.maxbounty.com/index.cfm?referer=259839 EARN AFFILIATE MARKETING MONEY from Home! Music: DonProducci – Sugar
Views: 50 Ameriquette
Write the Rules, Win the Game. Regulating Bitcoin.
 
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Ben Lawsky to step from the NY State Department of Financial Services to start his own legal consulting firm to advise companies on digital currencies. North Carolina is heightening its regulations on Bitcoin. A new bill passed by the house aims to revamp existing regulations called the NC Money Transmitter Acts.
Views: 374 Money & Tech