Why Bitcoin lives in a "legal gray area"

Why Bitcoin lives in a “legal gray area”

Why Bitcoin lives in a "legal gray area"

When news of Silk Road , the secretive online marketplace that allows drugs to be purchased with bitcoins , broke last year, Sen. Charles Schumer (D-NY) was not pleased. He denounced the currency as a "an online form of money laundering." Despite the Senator's bluster, though, the Bitcoin network continues to operate a year later with no apparent legal impediments. That's in part because nothing like Bitcoin existed when current laws were written. A wide variety of laws regulates banks, money transmitters, currencies, and securities—but none of these categories are a good fit for bitcoins. In a paper published earlier this year , Temple University law student Nikolei Kaplanov explored the legal status of the cryptocurrency. "Bitcoins and their users fall within a gray area under federal and state law due to their unique nature," Kaplanov wrote. We spoke to him to find out ...

Full article: http://arstechnica.com/tech-policy/2012/08/why-bitcoin-li...

Tweets

@Pyramining » 03 Sep '12, 6am
"Bitcoins don't fit well into current law." [link] #bitcoin #btc
@annabrodskaya1 » 28 Aug '12, 12am
Why #Bitcoin lives in a “legal gray area” [link] #SilkRoad
@ShaolinCore » 27 Aug '12, 4am
RT @JackalAnon: Why Bitcoin lives in a "legal gray area" | [link]
@BitcoinOz » 27 Aug '12, 1am
Why Bitcoin lives in alegal gray area | Ars Technica: Bitcoins don't fit well into current law; some po... [link] #bitcoin
@WhiteRavenPL » 26 Aug '12, 9pm
Why Bitcoin lives in a “legal gray area” | Ars Technica - [link] #security
@shanepainter » 26 Aug '12, 3am
BitCoins are here to stay. Any regulation will fail and/or be ignored. Why Bitcoin lives in a “legal gray area”: [link]
@jbobbink » 25 Aug '12, 5pm
RT @simonpenson: Interesting piece on the legality of the Bitcoin currency > [link]
@simonpenson » 25 Aug '12, 5pm
Interesting piece on the legality of the Bitcoin currency > [link]
@gbillois » 25 Aug '12, 1pm
Why Bitcoin lives in a "legal gray area" [link] #bitcoin #virtualcurrency
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@samanthapine » 25 Aug '12, 2am
Why Bitcoin lives in a "legal gray area": Hence, governments that want to force the Bitcoin network to comply wi... [link]
@JoshuaRumbut » 25 Aug '12, 1am
[link] discussion of the legal issues surrounding #bitcoin
@ckurdziel » 25 Aug '12, 1am
Why Bitcoin lives in a “legal gray area” | Ars Technica [link] (via Instapaper)
@K_T_Jenkins » 24 Aug '12, 9pm
Summary why Bitcoin is so far only self-regulated...where lawmakers (and politicians) go now could be make or break. [link]
@henryimler » 24 Aug '12, 9pm
Fascinating - Why Bitcoin lives in a “legal gray area” | Ars Technica [link]
@ElMoIsEviL1981 » 24 Aug '12, 8pm
Why Bitcoin lives in a "legal gray area". My 2 cents? Take your laws and shove them up your ass! :) [link]
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@ericrobi » 24 Aug '12, 6pm
What are bitcoins and are they used for money laundering? [link]
@QualcommAtheros » 24 Aug '12, 6pm
Why does Bitcoin live in a legal grey area? @ArsTechnica takes a look [link] Curious what you all think about it.
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Why Bitcoin lives in a “legal gray area”.Bitcoins don't fit well into current law; some politicians want to change that.[link]
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@jonmatonis » 24 Aug '12, 4pm
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@BillGaleckas » 24 Aug '12, 4pm
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Why Bitcoin lives in a “legal gray area” [link] (via @hnycombinator)
@HNTweets » 24 Aug '12, 4pm
Why Bitcoin lives in a “legal gray area”: [link] Comments: [link]
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Why #Bitcoin lives in a “legal gray area” | [link] Very K00l article by @binarybits
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Why Bitcoin lives in a "legal gray area" [link] via Timothy B. Lee
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Why Bitcoin lives in a legal grey area [link]
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Why Bitcoin lives in a "legal gray area": Bitcoins don't fit well into current law; some politicians want to cha... [link]
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