How does the New York subpoena of important people in Bitcoin affect the currency?

1

Forbes: Every Important Person In Bitcoin Just Got Subpoenaed By New York's Financial Regulator. Quote:

The department is starting out by subpoenaing 22 digital-currency companies and investors to get a lay of the Bitcoin land. They sent letters to the major Bitcoin players asking them to hand over information regarding their money laundering controls, consumer protection practices, source of funding, pitch books (for Bitcoin start-ups) and investment strategies (for Bitcoin investors). The recipients of the subpoenas are nationwide and include everyone on the “people making real money on Bitcoin” list, such as Bitcoin exchanges and processors, “ mining equipment” maker Butterfly Labs, and major investors, such as the Winklevosses, Marc Andreessen & Ben Horowitz, and Google’s venture fund.

There are many, discussions on many Reddit forums going on and some commentors seem to describe it as the end of Bitcoin. I don't understand.

What does this legal action mean for Bitcoin as a currency, in practice?

gerrit

Posted 2013-08-14T10:12:28.007

Reputation: 119

Question was closed 2013-09-11T21:41:51.320

1Why the downvote? – gerrit – 2013-08-15T10:17:48.233

Answers

1

It certainly doesn't mean the end of Bitcoin it just means the the authorities are taking it seriously and making an attempt to understand how the currency works.

It might mean the end of money laundering and evasive techniques to disguise where your money is coming from as the feds will be pushing to regulate it

I dont think it's a bad thing and I also dont think it should be a surprise to anyone, if you millions of dollars of unregulated currency floating about, of cause it's going to be regulated at some point

Coderrrr

Posted 2013-08-14T10:12:28.007

Reputation: 31

Asked: 2013-08-14T10:12:28.007

Viewed: 129 times

Active: 2013-08-15T10:16:17.310