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- Title
Dread Pirate Roberts, Byzantine Generals, and Federal Regulation of Bitcoin.
- Authors
LEVIN, RICHARD B.; O'BRIEN, AARON A.; OSTERMAN, STEPHANIE A.
- Abstract
Described as a technology with "world changing" promise, Bitcoin has also been derided as a "virtual Wild West for narcotraffickers and other criminals." The debate over the long-term potential of Bitcoin has been influenced in part by the regulatory scrutiny of federal regulators and law enforcement, the United States Senate, and the State of New York. Growing acceptance of Bitcoin appears to signal that the virtual currency may finally be going mainstream. Despite the enthusiasm and expanding acceptance of Bitcoin, a model for the regulation of virtual currencies remains unclear. This article provides an overview of virtual currencies, describes prominent Department of Justice actions against operators and users of virtual currency platforms, and discusses the current state of regulation of virtual currencies.
- Publication
Journal of Taxation & Regulation of Financial Institutions, 2014, Vol 27, Issue 4, p5
- ISSN
1547-3996
- Publication type
Academic Journal