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Ideals Clash as States Consider New Bitcoin Regulations
Between the proposed virtual currency regulations in New York and those already established in Texas, the future of Bitcoin would be brighter if more states follow the Lone Star State's example, says Jacob Farber, senior counsel for Perkins Coie LLP.
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The Federal Deposit Insurance Corp. has withdrawn a list of merchant categories, including payday lenders, debt consolidation firms, pornography businesses and others, that it said warranted heightened attention by banks processing their transactions. more »
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Supporters of Bitcoin and other digital currencies have created a trade association called the Chamber of Digital Commerce to make their voices heard in Washington. more »
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The Justice Department's Operation Choke Point isn't really about combatting fraud, says Jason Oxman, CEO of the Electronic Transactions Association. Federal regulators simply don't like high-risk merchants, such as payday lenders and guns dealers, he says. more »
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Benjamin Lawsky, superintendent of the New York Department of Financial Services
The New York Department of Financial Services has released proposed framework for its much-anticipated BitLicense. Though the agency describes its proposal as a balanced approach that does not stifle innovation, its rules might be considered too strict for many companies. more »
Ben Milne, CEO, Dwolla
The alternative payments provider Dwolla insists that regulating Internet traffic will hurt startups, and it is among a group of companies that will argue this point before the Federal Communications Commission on July 15. more »
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American Express charges the highest average fees of any card network and Amex’s rules prevent retailers from taking steps to reduce those costs, the Department of Justice argued in court on July 7. more »
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A recent GAO report called for the Consumer Financial Protection Bureau to be involved in interagency discussions about virtual currencies, but others say the bureau's jurisdiction is murky, technology may move too fast for consumer rulemaking and too much regulation too early could kill innovation. more »
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American Express Co. drives a hard bargain with businesses that want to attract its affluent cardholders: treat the card like any other form of payment despite higher processing costs if you want those customers. more »
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Bitcoin and other digital currencies will get more attention from the U.S. Consumer Financial Protection Bureau after prodding from a congressional watchdog. more »
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In widely anticipated legislation on Bitcoin, Canada is regulating digital currency businesses under existing rules for money movement and California is updating its laws to legalize the use of alternative currencies. more »
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American Express has hired Laureen Seeger as its new general counsel. more »
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Independent Resource Network Corp., a Westbury, N.Y.-based independent sales organization, recently agreed to pay $400,000 and waived its right to funds in a merchant's reserve account to settle a civil suit brought by the Federal Trade Commission. more »
Tim Byun, chief compliance officer, BitPay
Even though Bitcoin merchant processor BitPay is not required to maintain an anti-money laundering (AML) program, the startup maintains one and is beefing it up with the hiring of former Visa executive Tim Byun. more »

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