19 Jul '13, 5pm

Bitcoin Receives Cease and Desist Order Evidencing Increased Regulatory Scrutiny of Virtual Currency

1 © 2013 Morrison & Foerster LLP | mofo.com Attorney Advertising Client Alert. July 18, 2013 Bitcoin Receives Cease and Desist Order Evidencing Increased Regulatory Scrutiny of Virtual Currency By Rick Fischer, Obrea O. Poindexter and Matthew Ly On May 30, 2013, the California Department of Financial Institutions (“CADFI”) issued a cease and desist letter to Bitcoin Foundation, a not-for-profit organization established to standardize, protect, and promote the use and adoption of Bitcoin. CADFI stated in its letter that Bitcoin Foundation “may be engaged in the business of money transmission without having obtained the license or proper authorization required by” California’s Money Transmission Act. CADFI’s issuance of the letter, the Financial Crimes Enforcement Network’s (“FinCEN”) recent guidance regarding virtual currencies, and the subsequent asset se...

Full article: http://www.jdsupra.com/legalnews/bitcoin-receives-cease-a...

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