Lot's of people worried about new regulations for bitcoin, the CRS report calls it a currency.

Fed judges say it is property due to value.

Fed auction legitimized it.

Around a year ago the feds redefined stuff I their code so bitcoin now falls under money transmitter license rules.

So it's regulate already if you are transmitting it over the net or wu or bank wires. Only face to face local deals are probably exempt now.

So if you are inside the USA or want to do biz with people in the USA you need to comply to the money transmitter rules.

So being a WU agent may be the fast track, the alternative, apply for a state level money transmitter license, pay a huge surety bond and then also get a fed license.

The alternative, just grab a WU agent license, then their umbrella license covers you under the fed rules IMO.

So if anyone else is looking into complying to US fed money transmitter rules, which anyone who transmit btc via the internet for anything of value may in fact be under now if you use a broad sweep of the fed rules on money transmitters, they literally have the law now so any business using the net to transmit anything of value for currency or wires or any thing of value is a money transmitter, that's how broad the new fed definition is if you actually read it and discuss it with judges which I have done, discussed it with lawyers and judges I know and they all say the new fed law from last year is TOO OVER SWEEPING, ebay is now a money transmitter and everyone on it is too in some opinions.

So that new rule basically puts the net and anyone inside the usa as a money transmitter now, sure they're saying that's not the 'intent' of the law, if you sell stuff merchants aren't transmitters, NO READ THE LAW they can choose to prosecute who they want now that does any type of business on the Net since the Net is now considered an electronic wire like a bank wire is.

So we have a messed up Fed rule now that can be used according to lawyers and judges to classify any internet 'transaction' as a money transmission, that's the overview of the new law from a year ago, so the US gov can target anyone doing internet transactions now IF THEY WANT, they haven't, but if you do biz in the USA and use the net as ecommerce, you might want to think about acquiring a money transmitter license just to protect yourself.

Now in the micro picture of bitcoin, if you take anything of value even face to face, well you still are using an electronic wire to move btc, so even face to face deals can now be under the new rule, but some thing it's the receipt of something first that triggers it, others say the new rule is both send/receive, so any bitcoin transaction is technically under the new fed law for money transmitters.

The exemptions are accounts inside regulated banks etc.

Otherwise the law would apply to even bank transactions in and out.

Banks and account holders of regulated banks seem to be the only clearly exempted things in the new law.

Until the feds step up and file a complaint on someone using say ebay and paypal for money transmissions the media and people don't realize how BROAD the new law is, that's why lawyers and judges are discussing it now as potential complaints that big brother can bring IF THEY WANT.

So have a money transmitter license or being an agent of a money transmitter service like WU may be the only way to protect yourself and a company from the over reach of the new law the feds have in place.