Bitcoin Funds From the Bitfinex Hack in 2016 Moving. The said money transmission raised speculation of hackers dumping a portion of their 120,000 bitcoin steal after the cryptocurrency’s recent price rally.
Pop quiz: Which of these three coins will be first to have massive enterprise level scaling AND smart contracts? Cardano (ADA), EOS, or ETH?
In my educated opinion, it will be in this order:
I think ETH will increase its scaling soon-ish (maybe in 2018), but not to enterprise levels (1,000,000+ tx/sec). I think EOS will be first to achieve both smart contracts AND enterprise level scaling. Right now ADA is essentially just a proof of stake version of Bitcoin (money transmission only). It doesn’t have smart contracts and it doesn’t have scaling.
Satoshi's created BitCoin as a p2p money transmission system without a trusted third party. But the Core Devs have assumed exactly that role for the community.
The key is to realize BitCoin does not need these self-appointed "Guardians" to work. Then we can move it to removing these people. We need to fight the bitblockers by informing the community about XT, BU. We must make clear to the businesses in this sphere that we don't think BitCoin has a future unless Core loses it's control. If they don't listen, we will refuse to do business with them.
"The Seatac Federal Detention Center has released a Vancouver, British Colombian Bitcoin trader after serving a 20-day imprisonment sentence by the U.S. Seattle District Court on accounts of running an unlicensed money transmission operation. https://t.co/saX0PojHNe" $btc $l…
US Bitcoin Trader Convicted for Illegal Money Transmission and Laundering
The U.S. government has been cracking down on individuals utilizing the peer-to-peer platform Localbitcoins. This week an Arizona resident named Thomas Costanzo was convicted for money laundering tied to over $164,000 worth of cryptocurrency trades. Also Read: Arizona Localbitcoins Trader Detained by U.S. Homeland Security Two Years Worth of BTC Trades Investigated Bitcoin Trader Convicted for Illegal Money Transmission and LaunderingThe U.S. Attorneys Office from the District of Arizona and the Justice Department has convicted a trader named Thomas Costanzo (AKA Morpheus) who exchanged over $164,000 worth of BTC on the Localbitcoins platform. The officials claim the investigation stemmed from over two years of transactions. Last year in April news.Bitcoin.com reported on Costanzo’s home being raided and when he was detained by Homeland Security on April 20, 2017. At the time local media outlets suggested that the charges against Costanzo stemmed from a nationwide cryptocurrency anti-money laundering crackdown by U.S. federal agencies. Besides Localbitcoins Costanzo also ran his own over-the-counter cryptocurrency sales and prosecutors charged him with five counts of money laundering on March 28, 2018. “In the advertisement, Costanzo advertised that he was willing to engage in cash transactions up to $50,000,” explains the Arizona Attorney’s Office. When undercover federal agents approached Costanzo and told him that they were drug dealers, Costanzo provided them with bitcoin and told them it was a great way to limit their exposure to law enforcement. Bitcoin Trader Convicted for Illegal Money Transmission and Laundering The Anti-Money Laundering Crackdown by U.S. Federal Agencies The report then goes on to detail that Costanzo received approximately $164,700 in cash from the undercover agents. The law enforcement team also stated the Costanzo used bitcoin to purchase narcotics over the internet. Centralized exchanges that follow AML/KYC laws typically charge 1-2 percent per transaction and officers state “Costanzo charged between 7 percent and 10 percent in his peer-to-peer transactions.” According to the authorities, the investigation was conducted by the IRS, DEA, ICE, Homeland Security, the U.S. Post Office, and local Arizona police forces. Costanzo will face District Judge G. Murray Snow for sentencing on June 11, 2018. All five money laundering charges could bring Costanzo around 20 years in prison, a $250,000 fine, or both. Moreover, the Attorneys Office explains a number of bitcoins were seized in the case as well due to forfeiture. There have been other similar money laundering cases in the U.S. where federal agencies allege citizens are transacting illegally with the cryptocurrency bitcoin.
Money transmission regulation exists at both the state and federal levels in the US. Money Transmitters under Federal Law. On March 18, 2013, the Financial Crimes Enforcement Network (“FinCEN”) published guidance announcing that it would make no distinction between government (or “fiat”) currency and digital currencies like Bitcoin for the purposes of the money transmission laws. Thus ... This provision—and therefore what constitutes unlicensed state money transmission activity involving bitcoin—is at the heart of the Harmon ruling. The Harmon court denied the Defendant’s motion to dismiss on the grounds that bitcoin is “money” under the MTA even though the MTA “never defines ‘money’.” The Defendant attempted to argue that the definition of money in the ... MTA Not Applicable to Bitcoin in Pennsylvania. In a memo titled “Money Transmitter Act Guidance for Virtual Currency Businesses,” the Pennsylvania DoBS clarified that the Money Transmitter Act (MTA) did not apply to cryptocurrency exchanges.. The clarification focused on the precise definitions encompassed in the MTA, which focused on what constitutes money and when is an MTA license required. The second if Helix was an unlicensed money transmission business under 18 USC. § 1960(b) (1) (B) for running as a bitcoin transmitter. After careful consideration, the court dismissed the motion stating bitcoin as money per MTA Helix; therefore, it was illegal money transmitting business as far as the federal law was concerned. Nevada Crypto ATM Operators Now Require Money Transmission License Nevada’s regulatory stance on cryptocurrency kiosks has shifted, now requiring a state money transmission license.
Bitcoin Law Review - SEC Guidance Facebook Coin, Local Bitcoins, Craig Wright & More
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