14 Aug '13, 5pm

U.S. Regulators Aim to Close 'Wild West' Frontier of Bitcoin

U.S. Regulators Aim to Close 'Wild West' Frontier of Bitcoin

Americans are all about new frontiers. But the frontier of digital currencies represented by Bitcoin -- for so long the province and playground of crypto-anarchists, monetary-theory wonks and libertarian idealists and, more recently, the site of major venture-capital investment -- may soon be closing. Late last week, the New York Department of Financial Services (DFS) issued subpoenas to 22 Bitcoin companies, demanding information about their practices under the guise of learning more about the Bitcoin industry. The agency followed up on Monday with a memo explaining its interest in regulating virtual currencies . Attempting to defuse concerns among New York City's tech community, the DFS said it is not the enemy of innovation, but is dedicated to enforcing the law and bringing cryptocurrencies "out of the darkness and into the light of day through enhanced transparency." ...

Full article: http://www.entrepreneur.com/article/227849

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