Regulating Cryptocurrencies in the United States: Current Issues and Future Directions

37 Pages Posted: 19 Mar 2014

See all articles by Sarah Jane Hughes

Sarah Jane Hughes

Indiana University Bloomington School of Law

Stephen T. Middlebrook

Unirush, LLC

Date Written: 2014

Abstract

This article explores the state of virtual currencies and their regulation in and by the United States and the States. It offers thoughts on which models of regulation might suit virtual currencies best. It also surveys recent enforcement actions brought by the Departments of Treasury, Justice and Homeland Security against providers of virtual currencies or comparable electronic stored value. It concludes that issuers and users of virtual currencies are not being realistic if they think that the United States will not regulate virtual currencies for some purposes.

Keywords: virtual currencies, bitcoins, Bitcoin Foundation, e-Gold Ltd., FinCEN, anti-money-laundering regulations, regulating virtual currencies, money transmission, money services business, Liberty Reserve, Mt. Gox, seizure, forfeiture, Silk Road

Suggested Citation

Hughes, Sarah Jane and Middlebrook, Stephen T., Regulating Cryptocurrencies in the United States: Current Issues and Future Directions (2014). William Mitchell Law Review, Vol. 40, No. 813, 2014; Indiana Legal Studies Research Paper No. 282. Available at SSRN: https://ssrn.com/abstract=2410400

Sarah Jane Hughes (Contact Author)

Indiana University Bloomington School of Law ( email )

211 S. Indiana Avenue
Bloomington, IN 47405
United States
812-855-6318 (Phone)
812-855-0555 (Fax)

Stephen T. Middlebrook

Unirush, LLC ( email )

PO Box 42482
Cincinnati, OH 45242
United States

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