Blog Archives

Federal Reserve committee calls bitcoin a “boon” for commerce

Posted on 19th May, 2014

Thus far, the Federal Reserve has had a hands-off approach to bitcoin, regularly citing its lack of jurisdiction over currency-like commodities and non-state backed currencies. But that doesn’t mean the Fed isn’t paying attention to bitcoin’s rapidly growing impact on domestic and global finance. At a meeting of the Fed’s Federal Advisory Council (FAC), the […]

China’s “Big Five” bitcoin exchanges issue joint statement of self-regulation

Posted on 6th May, 2014

Earlier today, China’s five largest bitcoin exchanges released a joint statement on the Twitter-like social-networking site Weibo. The statement acts as both a mea culpa for the ongoing problems in with bitcoin in China, as well as the first public announcement of a move towards self-regulation for the exchanges. The five participating exchanges are OKCoin, […]

Report: Is the People’s Bank of China too big to correctly handle bitcoin?

Posted on 28th April, 2014

Is the People’s Bank of China too big to create appropriate bitcoin regulation? According to a guest post on, that may be the case. Chinese IT entrepreneur Zhang Weiwu has a decade-long history of working with authorities in the country, and believes that bitcoin’s recent woes with the Chinese central bank is less a […]

U.S. Treasury Under Secretary Cohen claims bitcoin is bad for money launderers and terrorists

Posted on 18th March, 2014

Speaking at the Bloomberg Breakfast event today, US Department of the Treasury Under Secretary for Terrorism and Financial Intelligence David S Cohen answered many questions about the evolution of policies and law enforcement tactics related to virtual currencies. Cohen focused largely on efforts to combat illicit uses of cryptocurrency, but also hinted that long term […]

Report: U.S. regulators may treat bitcoin as a commodity

Posted on 14th March, 2014

In a report earlier this week by Reuters, Mark Wetjen, the acting chairman of the US Commodity Futures Trading Commission (CTFC), was quoted as saying that his department is “looking into” regulation of bitcoin and other virtual currencies. “It’s been initiated, there’s been an internal discussion at the staff level,” Wetjen said. The CFTC regulates […]

Bank of England declares virtual currencies to be commodities

Posted on 13th March, 2014

As governments across the globe race to develop laws and policies for handling virtual currencies like bitcoin, one of the biggest problems they face is simply knowing what general category cryptocurrency falls under. They’re clearly not legal tender, or even currency, even though in practice virtual currencies act like money. In a new report from […]

Applications open for New York digital currency exchanges

Posted on 12th March, 2014

In a new statement from New York Superintendent of Financial Services, Benjamin M. Lawsky, the state is now officially accepting applications for digital currency exchanges. The new exchanges will be regulated under still-forming rules that Lawsky plans to have in place by this summer. Today’s public order is the next phase in NYDFS’s public inquiry […]

FINRA calls Bitcoin “More than a bit risky”

Posted on 11th March, 2014

The Financial Industry Regulatory Authority (FINRA) issued a “Fraud and Scam” alert about Bitcoin today, noting the “very real abuses and criminal activity associated with it.” Such a claim is interesting coming from FINRA, the privately owned, non-governmental organization charged with the self-regulation of member brokerage firms and exchange markets. FINRA has no authority over […]

Vault of Satoshi ceases US operations

Posted on 7th March, 2014

Canadian cryptocurrency exchange Vault of Satoshi announced today that it would be halting all U.S. operations, effectively immediately. Citing concerns about the “increasingly hostile” regulatory environment in the U.S., the exchange announced their decision via their Facebook page. The post also mentioned the warnings of Bitcoin Foundation and BitInstant founder Charlie Shrem in a recent […]

Russia’s frigid stance on Bitcoin may be thawing

Posted on 6th March, 2014

In February, Russia’s General Prosecutor’s Office released a statement that seemed to plainly state that using Bitcoin was illegal in the country. The statement seemingly left no gray area around Bitcoin’s status in Russian law. The anonymous payment systems and crypto-currencies, including bitcoin – which is the most popular of them – are monetary surrogates. […]