“The Bitcoin Foundation, which is devoted to standardizing and promoting the currency, didn’t like FinCEN’s guidance. As Patric Murck, the organization’s general counsel, wrote in a March 19 blog posting:  ‘Simply put, under the Administrative Procedures Act (APA), FinCEN can’t promulgate new rules without going through a notice and comment proceeding whereby the public may have their voices heard. If FinCEN would like to expand its statutory authority over ‘money transmitters’ to include brand new categories such as ‘administrators’ and ‘exchangers’ of digital currency it must do so through proper rulemaking proceedings and not by fiat.'”

http://slashdot.org/topic/cloud/as-feds-suggest-guidance-bitcoin-foundation-pushes-back/

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