Mr. Satoshi goes to Washington

FinCEN has called a meeting with a few federal agents to discuss Bitcoin and consider ways to regulate it.

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Mr. Satoshi goes to Washington

FinCEN has called a meeting with a few federal agents to discuss Bitcoin and consider ways to regulate it.

Invitees to the event, scheduled for August 26, include the FBI, the Secret Service, the DEA, Homeland Security and the IRS.

A Treasury Department official said this was all part of Washington’s “ongoing dialogue” with digital currency entrepreneurs and representatives.

“We want money services businesses in the US, if you’re traditional or virtual, to practice the same money laundering controls,” the official said.

FinCEN said in the spring that businesses buying or selling Bitcoins must register with them, and large transactions need to be reported. This leaves a huge loophole for anyone simply holding Bitcoins or using them to buy goods or services.

The IRS technically can tax any Bitcoin income, though.

Bitcoin proponents will include the Bitcoin Foundation and Jim Harper from the Cato Institute.

Marco Santori, chairman of the Bitcoin Foundation’s Regulatory Affairs Committee, said: “Bitcoin deserves a voice in Washington. The foundation is ensuring the voice is clear and distinct.”

The meeting comes after discouraging actions by a couple of states. New York subpoenaed 22 Bitcoin companies in early August, and in June California issued a cease and desist order to the Bitcoin Foundation.

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