24 Jun '13, 7pm

California orders Bitcoin Foundation to "cease and desist" money transmission

The California regulator that oversees the state’s banks, money-transmitters and credit unions thinks the nonprofit organization that advocates for Bitcoin might be in the money-sending business. So late last month Paul Crayton, a lawyer with the California Department of Financial Institutions sent the foundation a letter, telling it to “cease and desist from conducting the business of money transmission in this state.” The letter threatens $1,000-per-day fines for non compliance. The letter was published Sunday by Jon Matonis, a board member with the Foundation. It’s part of a pattern of growing regulatory scrutiny on the growing Bitcoin financial industry. According to Patrick Murck, the Foundation’s general counsel, California’s DFI has sent a similar letter to at least one other company. And state regulators in New York and Virginia have issued similar letters, though ...

Full article: http://www.wired.com/wiredenterprise/2013/06/california_d...

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