# Gavin Andresen
# 2010-06-29 15:27:33
# https://bitcointalk.org/index.php?topic=69.msg1874#msg1874

I did some research into money exchanging and money transfer regulations in the U.S. @p{par}

The raw legal code is online at:  @s{(link)} @p{par}

I am not a lawyer; trying to understand legalese is just an odd hobby of mine.  From my reading of the regulations, if you exchange less than $1,000.USD worth of Bitcoin per day you don't have to worry: @p{par}


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 @p{brk}
It looks to me like if you exchanged more than $1,000.USD per day a good lawyer might be able to argue that Bitcoins do not meet the legal definition of "currency": @p{brk}

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 @p{brk}
Then again, if Bitcoins are not legally "currency" then it might be left up to a Court to decide what, exactly, they are, and the result might be really unpleasant (if a judge decided that they're like stocks and are therefore subject to regulation by the Security and Exchange Commision you might find yourself in jail for being an unlicensed stock broker). @p{par}

I think Bitcoin needs some licensed, regulated exchanges that abide by all the regulations, treating Bitcoins just like another foreign currency, and make it really easy to buy or sell a few hundred dollars worth of Bitcoins.  The regulations are not as onerous as I expected; basically you just have to get identification from customers that make large transactions and report them.