California Sends a Cease and Desist Order To the Bitcoin Foundation 396
An anonymous reader writes in with bad news for the Bitcoin Foundation. "California's Department of Financial Institutions has issued a cease and desist letter to the Bitcoin Foundation for "allegedly engaging in the business of money transmission without a license or proper authorization," according to Forbes. The news comes after Bitcoin held its "Future of Payments" conference in San Jose last month. If found in violation, penalties range from $1,000 to $2,500 per violation per day plus criminal prosecution (which could lead to more fines and possibly imprisonment). Under federal law, it's also a felony "to engage in the business of money transmission without the appropriate state license or failure to register with the US Treasury Department," according to Forbes. Penalties under that law could be up to five years in prison and a $250,000 fine."
Penalties/fines (Score:5, Funny)
Can they pay those with bitcoin?
Re:Penalties/fines (Score:5, Funny)
All your bitcoin are belong to US
Re:Uh (Score:4, Funny)
next up: php conference getting sued for security flaws in websites implemented in php.
I don't think they quite thought it through that bitcoin foundation can not cease bitcoin transfers.
Re:Uh (Score:5, Funny)
And once that happens...California's problems are finally solved.
Re:Uh (Score:2, Funny)
Fuck, I'm missing a moderation choice.
That's a "-1/+1 Tried to be snippy smart-ass but actually told good honest truths inadvertently."
AC not to undo other moderations.
Re:So that's it then (Score:5, Funny)
Remember what happened to Jesus after he kicked around the Money Changers?
I didn't expect the Spanish Inquisition!
Oops, wrong script, I'll come in again...
What have the Romans ever done for us eh?
Re:Fear... and Control... (Score:3, Funny)
Can I have your drugs?
Dunno - got any Bitcoins to pay for them with?
Monopoly.. (Score:4, Funny)
maybe they'll go after Parker Brothers/Hasbro next
Re:When did bitcoin(tm) become a currency (Score:5, Funny)
"There are lots of commodities that trade so far above their intrinsic value that they are fiat."
Like Ferraris ? I think the company is still owned by FIAT
Re:Uh (Score:5, Funny)
It's Slashdot, the truth tends to piss people off around here.
Your statement pisses me off.