SEC denies approval for Bitcoin Trust over multiple market integrity issues

The Securities Exchange Commission has denied an application for the creation of a Bitcoin Trust based primarily on issues related to preservation of the integrity of the capital markets. The decision is what was expected from a financial crime and integrity perspective. The decision can be read here. The gist of the negative findings of [...]

Silk Road owner arrested over money laundering charges amid allegations of ordering hit on man from Canada

Ross Ulbricht, allegedly the ‘Dread Pirate Roberts’ and owner of the website Silk Road, was arrested by the FBI in San Francisco today at a public library and his popular website was shut down. Silk Road was an Internet-based website that accepted bitcoin. Ulbricht was charged with money laundering conspiracy, computer hacking conspiracy and drug trafficking. [...]

Bitcoin and other digital currency transactions subject to Bank Secrecy Act in U.S.

The US Financial Crimes Enforcement Network (“FinCEN“) has issued its interpretive guidance on the applicability of digital (or virtual) currencies, the most popular of which is Bitcoin, to the Bank Secrecy Act (“BSA“). Pursuant to the Guidance, a person or entity that: (1) exchanges; or (2) administers digital currency or Bitcoin, is a money services [...]