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Bitcoin Foundation warned by California financial regulator |
June 24, 2013
A foundation created last year to shepherd Bitcoin's software development has received a stern warning from a California financial regulator.The state's Department of Financial Institutions (DFI) warned the Bitcoin Foundation in a May 30 letter that it is a violation of state and federal law to be involved in money transmission without registering with the U.S. Treasury or California's Commissioner of Financial Institutions.DFI oversees banks, credit unions, money transmitters and issuers of payment instruments.The letter, signed by Senior Counsel Paul T. Crayton, does not accuse the Bitcoin Foundation of violating laws but says the regulator thinks it "may be engaged" in a money transmission business without a license.To read this article in full or to leave a comment, please click here
Link: http://www.pcworld.com/article/2042785/bitcoin-foundation-warned-by-california-financial-regulator.html#tk.rss_all
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