14 Aug '13, 3pm

The Wild Bitcoin Frontier Getting More Crowded with Clueless Lawmen

Forbes sums up some of the latest crummy news as government looks askance on ways people might be able to conduct economic transactions without them having an easy way to know all about it or get their cut: Things are getting serious for Bitcoin this month: a federal judge declared it real money , Bloomberg gave it an experimental ticker (XBT), and New York’s financial regulator announced an interest in regulating it. Declaring Bitcoin “a virtual Wild West for narcotraffickers and other criminals,” the New York State Department of Financial Services is stepping into the sheriff’s boots..... The department is starting out by subpoenaing 22 digital-currency companies and investors to get a lay of the Bitcoin land. They sent letters to the major Bitcoin players asking them to hand over information regarding their money laundering controls, consumer protection practices, sourc...

Full article: http://reason.com/blog/2013/08/14/the-wild-bitcoin-fronti...

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