Quote from: Verse on September 19, 2014, 01:41:19 AM

Quote from: MicroGuy on September 19, 2014, 01:20:06 AM

It was recommended that Bitcoin be subject to the same anti-money-laundering laws, including Know-Your-Consumer, that banks are subjected to. Moreover, the bankers recommended that Bitcoin be subjected to the suspicious activities reports (SARs) in which banks must currently comply.

The story here is that these bankers have no bloody idea what the FED does. FinCEN (U.S. Treasury Department) is responsible for SARs. Anti-money-laundering laws are enacted by congress.

Christ, these people just point at a random government institution and say "Regulate this#!@"

EDIT: I've read the FAC report that this article has completely misrepresented. The bankers report that Bitcoin does not pose a systematic risk to the banking system and state that they expect future regulation to mitigate any future risk it may pose. I liked their language, they view Bitcoin as a burgeoning threat.

The article you've quoted is idiotic and its title is inaccurate.

Laws are generally written in a way so that federal agencies need to implement rules for people to comply with. They are also not written in a way so that there is only a very narrow interpretation of how the law is to be carried out.