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Blog

If You Build the Blockchain, Regulators Will Come

The hardest part of drafting any new regulation is establishing a definition. In fact, most of the policy work is in the definition and there are alarmingly few policy considerations after something is defined as a covered entity. The definition of cryptocurrency has already proved problematic for regulators. Essentially, to commodities regulators, virtual currency is a commodity. For bank regulators, it is a bank. For securities regulators, it is a security. For those who regulate money transmitters, it is a money transmitter. For the purpose of property taxes, it is a property. Everyone wants a stake in the new world of virtual currency.

07/12/2016
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Blog

Oh look! the IRS is seizing bank accounts without any real suspicion of a crime

There's a new scandal involving the Internal Revenue Service. Already deserved criticism for its targeting of conservative organizations and promulgating rules allowing ObamaCare subsidies in states that have opted out of ObamaCare, the powerful tax agency is now under fire for seizing bank accounts of Americans who've done absolutely nothing wrong.

10/27/2014