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FinCEN Issues Guidance on Virtual Currencies

It didn’t take me a crystal ball to make this prediction!

FinCEN’s Virtual-Money Guidelines Add Roadblocks for New Companies

“If you launder money, you pay a fine and sleep in your own bed at night”

“If you’re caught with an ounce of cocaine, the chances are good you’re going to go to jail.  If it happens repeatedly you may go to jail for the rest of your life.  But evidently, if you launder nearly a billion dollars for drug cartels and violate our international sanctions, your company pays a fine and you go home and sleep in your own bed at night.”  (Senator Elizabeth Warren)

Further good points by Senator Warren here.

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