Quote from: First.Bitcoins on February 08, 2014, 04:32:41 PM

How would this ruling impact someone who buys and sells bitcoin in the US, using localbitcoins.com?

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WASHINGTON, D.C. The Financial Crimes Enforcement Network (FinCEN) today
published two administrative rulings, providing additional information on whether a persons
conduct related to convertible virtual currency brings them within the Bank Secrecy Acts (BSA)
definition of a money transmitter. The first ruling states that, to the extent a user creates or
mines a convertible virtual currency solely for a users own purposes, the user is not a money
transmitter under the BSA. The second states that a company purchasing and selling convertible
virtual currency as an investment exclusively for the companys benefit is not a money
transmitter
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It would seem that this second phrase would apply?

So if I buy and sell bitcoins in an attempt to make a profit, using localbitcoins.com (or a similar service), then that activity is not considered to be a money transmitter, subject to the federal and state laws?

In my experience every thing we do here is subject to one law or another. Even taking a sh!t. Maybe a gross overstatement but may not be.

You've got to pay if you want to play, in the USA. (don't quote me, I am thinking that is a song verse)