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Wednesday, August 14, 2013

NH regulators not doing anything about Bitcoin - at the moment

Good story by Bill Smith in the Union-Leader about New Hampshire regulators' attitude toward Bitcoin. In a nutshell, they're not doing anything but that doesn't mean they won't in the future.

Read the whole thing here. (The article opens with several paragraphs of Bitcoin for Dummies that I suspect was moved up from lower down in the story by a head-scratching editor; you can skip that part.) Here's a snippet:

Banking and securities regulators are keeping an eye on Bitcoins in commerce and Bitcoins as investments.

“We have not really seen this emerge in New Hampshire and have received no complaints,” said Barry Glennon of the state Securities Bureau. “To those who are promoting the Bitcoins and the trading of Bitcoins, it is not money and therefore it does not meet the investment contract analysis.”

But a court ruling this week in Texas could provide a framework for changing that.

The magistrate hearing a case involving the transactions of the virtual currency says Bitcoins are securities since they are an “investment of money, in a common enterprise, with the expectation that profits will be derived from the efforts of the promoter or a third party.” Glennon said the logic behind the Texas ruling, if followed by other courts, would pave the way for regulation of Bitcoins as a security.