Search Results for ‘bitcoin’

“Bitcoin Foundation Receives Cease And Desist Order From California”

“California’s Department of Financial Institutions [has] decided to issue a cease and desist warning to … Bitcoin Foundation for allegedly engaging in the business of money transmission without a license or proper authorization…. As a nonprofit, [the Foundation’s] mission is to standardize and promote the open source Bitcoin protocol … One activity that the foundation does not engage in is the owning, controlling, or conducting of money transmission business.” [Jon Matonis, Forbes]

Banking and finance roundup

Cato-centric edition:

Banking and finance roundup

“Know-your-customer” meets the trafficking panic

According to a British think tank report, one unnamed British bank has been “monitoring” its customers’ accounts for possible indications of involvement in prostitution, among them “payments to ‘high end restaurants and cheap diners on the same day’ in the belief that such transactions could indicate a sex worker dining with a client while her ‘handler’ eats more frugally nearby.” Another bank cooperating with authorities is looking for daily payments to drugstores “that might indicate repeated purchases of contraceptives.” [Martin Bentham/Evening Standard, Elizabeth Nolan Brown/Reason, Tom Keatinge and Anne-Marie Barry/Royal United Services Institute on bank cooperation with law enforcement] More on bank privacy here.

In other news of governments’ war on financial privacy, the Internal Revenue Service has demanded transaction and customer records for U.S. customers of Bitcoin exchange Coinbase [Jacob Gershman, WSJ]

Banking and finance roundup

  • Payday lenders sue federal agencies over Operation Choke Point [Bloomberg News, Business Journals, earlier; more, Funnell]
  • Speaking of those lenders: “California Supreme Court to review ‘rent-a-tribe’ arrangement for payday lenders” [CL&P, more]
  • “If someone starts trying to blame the Global Financial Crisis on ‘de-regulation’, you can stop reading…” [Lorenzo via Arnold Kling]
  • Can we just admit that the feds’ real target in the Credit Suisse case was the bank’s customers? [ABA Journal]
  • Maryland does not approve of Bitcoin [my Free State Notes via Kevin Funnell]
  • Behind Halliburton v. Erica P. John Fund, SCOTUS’s big case on securities class actions, two lawprofs are jousting [Alison Frankel, Reuters, and there’s a Cato connection; earlier]
  • For expats, FATCA raises “prospect of being discriminated against as an American for all things financial” [Peter Spiro/OJ; Sophia Yan, Money] More renounce U.S. citizenship [Yahoo] A Canada-based FATCA resource [Isaac Brock Society] Earlier here, etc.

April 30 roundup

  • “7 Reasons U.S. Infrastructure Projects Cost Way More Than They Should” [Scott Beyer, Atlantic Cities]
  • Gov. Jerry Brown’s appointments could reshape California Supreme Court [Mark Pulliam, City Journal]
  • Critics say hiring of outside counsel in Pennsylvania government is an insider’s game [WHTM]
  • Could “Bitcoin for contracts” replace legal drafters’ expertise? [Wired with futurist Karl Schroeder]
  • “Getting state out of marriage” makes for neat slogan but results would be messy in practice [Eugene Volokh]
  • Lobbying by auto body shops keeps Rhode Island car repair costs high [Providence Journal, PCIAA press release and report in PDF]
  • “Bipartisan, publicity-hungry members of Congress want the FTC to investigate Photoshopping in ads” [Virginia Postrel on this WaPo report; Daily Beast; earlier here, here, etc.]

Banking and finance roundup

Financial and banking roundup

  • Following vindication, Mark Cuban begins transcribing transcripts of other SEC trials on his blog [Blog Maverick, background] “Why Settling With The SEC Can Be Worse Than Losing At Trial” [John J. Carney, David Choi and Francesca Harker]
  • Congress needs to investigate whether administration browbeat Standard & Poor’s over sovereign debt rating [John McGinnis]
  • As regs squeeze banks out of small business lending, will we like non-bank alternatives as well? [John Cochrane] More: Kevin Funnell;
  • Cash business can’t bank its proceeds: “Robber gangs terrorize Colorado pot shops” [NBC News]
  • “Will Plaintiff Lawyers Cut Down On The Choices In Your 401(k)?” [Daniel Fisher]
  • Does Delaware have an incentive to keep securities lawyers happy with big fees? [Bainbridge]
  • “It’s Time To Grill the Federal Reserve About Bitcoin” [Ira Stoll]

Privacy and financial roundup

  • Harassing Google executives at their homes: what better way to show you truly care about privacy? [Ars Technica]
  • Feds arrest Bitcoin executive on charges of “money laundering” and running an unlicensed cash transmission service, latest of what looks very much like a series [Reason, Rob Wile/Business Insider, earlier on Bitcoin]
  • Know (and babysit) your customers: “HSBC imposes restrictions on large cash withdrawals,” then backs off [BBC, earlier on KYC as outgrowth of money-laundering law]
  • “Banks say no to marijuana money, legal or not” [NY Times]
  • Randy Maniloff on the Target data breach and the example of the T.J. Maxx case [Coverage Opinions and more on class actions] “Swipe fee” price controls don’t help in allocating the costs of response and prevention for card data breaches [John Berlau, CEI “Open Market”] and
  • “Financial Disclosures as Regulation” panel video, part of Vermont Law School symposium “The Disclosure Debates” that I participated in last fall; participants include Tennessee lawprof Joan Heminway and moderator Jennifer Taub [YouTube]