The Two Faces of Bitcoin Regulation

When it comes to Bitcoin, not all regulation is created equal. There are things that all regulatory proposals from national and regional governments have in common for sure. First they are all hated and labeled “theft” or something else criminal by those in the Bitcoin community with a libertarian bent. Second, regardless of what anybody thinks of them, they are all, to a greater or lesser extent, futile.

What legislators seem unable to grasp is that regulating the businesses linked with a technology is one thing but regulating a digital currency per se is a completely different proposition. To do so effectively would entail controlling the internet, and good luck with that! Despite those commonalities, though, there are two distinct types of regulation attempts, and both have been on display recently.

In one case, the state of California resurrected and re-wrote an old bill designed to register, and to some extent regulate, businesses focused on digital currency. Assembly Bill 1326, which had died in the legislature last year, was resurrected, re-written to some extent, read, and amended. The bill as it now sits certainly has its faults, but overall it seems like some attempt has been made to be fair

Read more ... source: TheBitcoinNews