Bitcoin miners and the Financial Crimes Enforcement Network (FinCEN)

FinCEN recently issued a letter in which they clarified some of the requirements for Bitcoin miners. The full text of the administrative ruling is available at http://cointext.com/fincen-issues-bitcoin-friendly-ruling-for-miners/ and concerns the activity of Atlantic City Bitcoin LLC. The Twitterverse has been very active but much of the pronouncements have been of the form “FinCEN says miners […]

Casascius coins and the FinCen Letter

Wired.com reported today that the owner of Casascius received a letter from the FinCen (the United States Financial Crimes Enforcement Network) that essentially stated that the service he operated was a Money Services Business (MSB), specifically a money transmitter,  and he had failed to register as required of MSBs. Images of Casascius’s coins have become […]

Good faith purchaser for value

Disclaimer: This post is not meant as legal advice and I’m thinking about working up a full legal brief/article on the subject. This post is meant to point out a potential concern over Bitcoin and it’s fungibility. Many of the legal discussions around Bitcoin concern the potential impact that regulation may have on the emerging […]