NY Regulators Turn Their Attention To Bitcoin

Law360, New York (November 18, 2013, 6:37 PM EST) -- As we have previously written,[1] the New York Department of Financial Services is emerging as an aggressive regulator of financial institutions based in New York or doing business in the state. Recent information, including a DFS memorandum and DFS subpoenas issued to key industry players, suggests that DFS has turned its attention to the regulation of virtual currencies, including "Bitcoin."

What is Bitcoin?

Bitcoin, which emerged in 2009, is the most well-known virtual currency system.[2] It involves a highly technical process in which computers in a...
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