Awesome piece on SovereignMan today.
http://www.sovereignman.com/trends/us-treasury-denies-it-is-trying-to-torpedo-bitcoin-12056Highlights:
In remarks given late last week to the curiously named United States Institute for Peace, the head of the Treasury’s Financial Crimes Enforcement Network (FinCEN) vociferously denied any attempts at regulating digital currency… specifically Bitcoin.
It’s clear that Bitcoin is smack dab on the US government’s radar, despite the digital currency’s tiny market size. But it’s also clear that they don’t understand Bitcoin at all.
They claim, for example, that a digital currency is a ‘financial service’, as if Bitcoin is some sort of mutual fund or home equity line of credit.
In this short 4-page speech, the Director twice made a connection between Bitcoin and (you guessed it) terrorism. Twice more connected Bitcoin to those who would exploit children. And four times linked digital currency to ‘criminals’ in general.
It’s certainly enough to scare most people away.
And, even though they cannot control Bitcoin, FinCEN is obviously laying the foundation to regulate every business that touches Bitcoin, from exchange houses to swap websites to digital wallet providers.
