Recently, US regulators have been running around to arrest people that are transferring sums of money using the famous Bitcoin exchange Local Bitcoins. According to Detroit TV news services a man in Michigan has been charged for running an unregistered Bitcoin exchange and transferring big sum of money to different clients that would made him fail to comply with Title 31, United States Code, Section 5330.
The major problem comes because of information gap as many Bitcoin traders doesn't know about these regulations. The charged person, namely Bradley Anthony Stetkiw , sold nearly $150,000 in bitcoin online through Local Bitcoins.
According to a report, Bradley Anthony Stetkiw brought, sold, and traded Bitcoin for approximately 2 years with the username "SaltandPepper" conducting the transactions through a restaurant. Mr Bradley was not the first person to be charged under this section as previously several other people had fail to comply with the said section.
Do you think it is right to charge people under this section if they don't have any knowledge regarding it?
that kind of people should be kept in the jail for a long time
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Why so?
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https://www.law.cornell.edu/uscode/text/31/5330
After looking through the USC, I don't see what regulation has been broken.
On its face, Bitcoin doesn't seem to fit the definition of "money", as defined by 31USC5330.
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maybe they just hate Bitcoin?
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Not Bitcoin.
They hate what they cannot control.
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