Quote from: Zeke_Vermillion on May 24, 2013, 01:32:19 PM

Quote from: prophetx on May 23, 2013, 06:22:44 PM

Quote from: Bitco on May 23, 2013, 04:54:44 PM

Quote from: Stunna on May 23, 2013, 07:11:35 AM

I don't fully understand how Coinbase operates, how exactly are they not a money transmitter, you send them money and have bitcoins sent to you. Are they simply having Mtgox send the bitcoins?

Because bitcoin isn't "money", and buying and selling stuff isn't a money transmitter.

according to the US govt it's convertible virtual currency. but regardless bitcoin is a store of value, and that's what these state regulations cover. furthermore, one can trade and transmit this value, and then later retrieve it.

they are hiring someone with AML experience... https://coinbase.com/jobs

i have an interesting call with a big state regulator on this matter next week, in particular whether anyone operating a ripple gateway falls under these regulations as well

If you could share the specifics of your call with the state regulator, I think there are a lot of folks here who would be interested to hear about it...

I will try to do that next week. Have a paper I need to finish for the end of the semester and have to prioritize....