BITCOIN STARTUPS FACE A ‘PATCHWORK’ OF U.S. STATE REGULATIONS AND DELAYS

NEW YORK (InsideBitcoins) -As bitcoin is poised for greater consumer adoption, it is also facing growing regulatory pressures – and like the digital currency itself, so far the legal efforts are vast and decentralized. Peter Luce, a member of the payment law team with the Washington, DC office of law firmDavis Wright Tremaine, calls it a ‘patchwork of conflicting regulations, statutory interpretations, and regulatory delays’ that bitcoin start-ups face.
‘To date, no state has declared that offering cryptocurrency-related services to consumers is prohibited…’
‘As we approach the end of a very active year in the emergence of virtual currency regulation, we developed a heat map of the regulatory climate faced by virtual currency wallet providers and exchanges – entities who maintain control over a consumer’s virtual currency assets as part of their services,’ said Luce.

This post was published at Inside Bitcoins on Dec 22, 2014.