“Forty-eight states require businesses to register as money service transmitters, which Brito said can be an onerous and expensive process. Bitcoin startup BTC Global estimates that $10 million or more is required for a business to reach total legal compliance in all 50 states. The Wall Street Journal reported in June that Texas and New York are among the states taking a hard look at regulations for virtual currencies as well as money transmission rules.The Journal said state regulations can be expensive, citing Texas’ policy requiring companies seeking a license to provide a surety bond of as much as $2 million.”

http://www.govtech.com/internet/Is-Bitcoin-too-Big-for-Government-to-Ignore.html

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