Legal Landscape For E-Currency Is Getting More Complicated

Law360, New York (June 3, 2013, 1:48 PM EDT) -- Federal authorities have initiated several recent enforcement actions that are indicative of continuing regulatory changes in the virtual currency industry.

First, on May 14, 2013, the U.S. Department of Homeland Security initiated a seizure of the Dwolla account belonging to a leading Japanese-based Bitcoin exchange company, Mt. Gox, taking the position that Mt. Gox's U.S. subsidiary, Mutum Sigillum LLC, operated as an unlicensed money transmitter in violation of 18 U.S.C. § 1960.

Second, a joint investigation conducted by the U.S. Department of Justice, the Secret Service,...
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