Virtual-currency firms should face regulations that are tougher than those for established financial-services providers because of their ability to hide criminal activity, according to law enforcement officials.
New York’s top financial regulator told Bitcoin entrepreneurs he’ll prevent their companies from abetting money laundering even at the risk stamping out innovation in the embryonic virtual-currency industry.
The vice chairman of the Bitcoin Foundation was charged by federal prosecutors with conspiring to launder more than $1 million in the virtual currency, the latest charges tied to the illicit online bazaar Silk Road.
Cameron and Tyler Winklevoss watched Facebook Inc.’s rapid rise even as they claimed Mark Zuckerberg stole their idea for the social-networking site. Their proposal for an investment tracking the virtual currency Bitcoin faces a protracted fight to win over regulators and market makers.
Cameron and Tyler Winklevoss, former Harvard University classmates of Facebook Inc. founder Mark Zuckerberg, said they won’t ask the U.S. Supreme Court to undo a settlement of their claims that Zuckerberg stole the idea for the world’s most popular social-networking site.