New Hampshire Representative Daniel Tamburello introduced legislation to exempt virtual currency users from Licensing of Money Transmitters. This legislation is similar to the Model Legislation I proposed on this blog in August of last year. Another proposal before the New Hampshire legislature would “requir[e] the state treasurer to develop an implementation plan for the state to accept bitcoin as payment for taxes and fees.” The text of this legislation is not yet available, however, I […]
For the second time ever, the US Marshals will auction off stolen bitcoin. The first time this past summer, the US Marshals auctioned of nearly 30,000 BTC that were on the servers of the Silk Road online marketplace. Now, the US Marshals are seeking bidders for 50,000 of the ~144,000 BTC that belonged to Ross Ulbricht. Ulbricht, as you may recall, has been arrested for allegedly operating the Silk Road marketplace on the Tor network. […]
I just heard the news from Ecuador a few days ago after seeing an article from CBS Money Watch. After some research, I learned that the Ecuadorian National Assembly actually voted in July to ban cryptocurrencies. At the same time, the National Assembly voted to create a State-run cryptocurrency that some believe may replace the USD as the official currency of the socialist nation. President Rafael Correa denies any plan to replace the U.S. dollar, […]
The New York Department of Financial Services (NYDFS) last month rolled out a proposal to regulate “virtual currency businesses” worldwide if the company had at least one customer within the Empire State. In response, the Intergalactic Bit License was created, with Davi Barker stating, “we can laminate stuff, too.” Also in response to this proposal came model legislation – I know, not something you’re used to seeing on BNB. Though drafted specifically to be introduced in the […]
The FEC recently issued an opinion that opened the door for candidates and committees to begin accepting bitcoin. An article by CoinDesk.com highlights a few of the candidates who have begun accepting the alternative currency. One such candidate is Steve Stockman, who last month introduced legislation to overturn the IRS decision that bitcoin is property. Stockman’s bill, the “Virtual Currency Tax Reform Act,” would define “Virtual currency” as “a digital representation of value that functions […]