Following is a list of some of the actions that the article highlights:
- New York has proposed regulation for digital currencies that would (a) require compliance with anti-money laundering laws and (b) establish licensure and bonding requirements.
- California recently passed legislation allowing the use of alternative currencies, including digital currencies.
- The Texas and Kansas banking departments have recently announced that they do not consider digital currencies to be money.
- The federal Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has stated that digital currencies are subject to money laundering rules and exchanges must register with FinCEN.
- The federal Internal Revenue Service announced that, for tax purposes, bitcoins are property not currency.
- The federal Government Accountability Office recommended that the federal Consumer Financial Protection Bureau participate in inter-agency working groups on virtual currencies.