03 Jun '13, 6pm
Filed a request for an administrative to FinCEN this morning. #bitcoin
DISCLAIMER: The post is not legal counsel. You should not rely on it for legal advice. The definitive response will come from FinCEN or the courts in a legal challenge. The point of an administrative ruling to to ask FinCEN to provide clarification when existing guidance isn't clear. I believe that existing guidance isn't clear in these two scenarios. Lastly I believe the second scenario only exists because FinCEN chose to use existing MSB/MT regulation rather than ask Congress to give them regulatory oversight over "virtual currency" brokers as they do with real currency brokers. However "brokers of foreign currency" while regulated as an MSB are not MT and generally are not regulated at the state level so even that would be a marginal win.