Jered, how will the latest guidance from FinCEN affect your plans? While limiting participation to accredited investors overcomes risks associated with offering unregulated securities, the FinCEN guidance statement makes pretty clear that Bitcoin exchanges operating within the US will be regarded as both exchangers and money transmitters and subject to the regulatory requirements which apply to those types of financial services providers. This obviously imposes a significant financial and administrative burden on any US exchange as neither licensing nor compliance are cheap. Is Prime in a position to meet those additional burdens?
Well written question.
We assumed this was going to happen (not on launch day though) and had it in mind while we set everything up with the lawyers.
Without giving too much away with what's going on in the back end we were ready for it.
Personally I see it as progress. We've all been waiting for acknowledgement and clarification.
It's going to be really interesting to see what comes out of it and who it affects.
I'm watching very closely.
Regards,
Jered