04 Jul '13, 11am

Bitcoin Foundation Strikes Back on Cease and Desist Order #bitcoin

Bitcoin Foundation Strikes Back on Cease and Desist Order #bitcoin

The reply that the Foundation wrote back was a strong one, attacking the claim that it was engaged in unlicensed money transmission in California in three ways. The first two parts of the argument are exactly what we would expect. Starting from where the main part of the rebuttal begins, the reply reads, “the California Money Transmission Act regulates only ‘the business of money transmission … in this state’ – namely, California. The Bitcoin Foundation does not have business operations in California that would subject it to the DFI’s jurisdiction. The Foundation is incorporated in Washington D.C., and operates out of offices in Seattle, Washington.” Since the foundation does not actually perform any potentially regulated activities in California, it cannot be regulated by California. Second, “the Bitcoin Foundation is not in the business of selling bitcoin to consumers an...

Full article: http://bitcoinmagazine.com/bitcoin-foundation-strikes-bac...

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