On August 1, Congress passed the Money Remittances Improvement Act of 2014 (signed by President Obama on August 8, 2014), which reduces regulatory hurdles and duplication between state and federal regulation of money services businesses. Specifically, the Act permits the Secretary of the Treasury to “rely on examinations conducted by a…
On June 26, 2014, the Government Accountability Office (GAO) issued a report entitled “Virtual Currencies: Emerging Regulatory, Law Enforcement, and Consumer Protection Challenges.” The report discusses the benefits and disadvantages of virtual currency and reviews efforts to date by federal agencies to regulate the virtual currency market. The report concludes…