If it walks like a duck, and trades on a currency exchange like a duck, it must be a duck, right? A judge in Texas ruled yesterday in favor of the Securities and Exchange Commission as it pursues a case against a 30-year old man accused of running a bitcoin Ponzi scheme. The accused attempted to make the argument that bitcoin isnít money, therefore the SEC isnít the boss of him.
That argument was thrown out, allowing the SECís case to go forward, and adding another layer of evidence on the belief that that bitcoinís Wild West days are nearly over. Youíll recall earlier this year FinCen began to require that bitcoin intermediaries, like exchanges, register as money services businesses.
In the meantime, bitcoin entpreneurs and advocates are starting to make the case that the digital currency could actually be used by banks and payments providers to facilitate the faster flow of money around the world, and between merchants and customers.
Want to know more, and understand how it affects the banking industry? This yearís ATM, Debit & Prepaid Forum will feature a new track on digital money, including an introductory session, ďBitcoin for BankersĒ that will educate bankers, payments providers, investors and the just-plain-curious on everything they need to know about bitcoin and other digital currencies, and how theyíre likely to affect our world in the next several years.
--The ATM, Debit & Prepaid Forum Team