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Bitcoin: a week of new faces,Mt.Gox surprises, regulations and consumer advocacy

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CoinDesk has compiled a summary today of the week’s Bitcoin events that are of importance to Bitcoin investors, consumers and traders for the upcoming week.

Saturday, March 22, CoinDesk featured The Bitcoin Center NYC, located on 40 Broad Street just one-hundred feet from JP Morgan and the New York Stock Exchange, which has been a measurement of America’s economic condition for almost 200 years.

It is the preeminent bitcoin location in the area, has a trading site and ATM terminals along with Bitcoin classes, talks, and a trading floor on Mondays and Saturdays.

The Bitcoin Center NYC was opened by co-founder Nick Spanos at the start of 2014 in January.

Spanos has a background in mathematics and technology from studies at the New York Institute of Technology. He teamed up with James Baria, who is the center’s Director of Communications.

Spanos states that, ‘We want to be the first regulated exchange in the world. It’s going to be more like the Chicago Mercantile Exchange than anything, with a daily live floor and an online counterpart.’

Alex Andros, who is responsible for external relations, is a financial analyst by trade and has first-hand experience with inflating currencies and over-extended governments. He states that, ‘All kinds of people come to our classes to learn how to take advantage of bitcoin. That tells you a lot about how widely appealing cryptocurrencies are. One of the funny things you often see here is the younger guys are usually teaching the older ones how things work, not the other way around. It’s the newer generation especially that is taking to bitcoin.’

The much talked about Mt.Gox bankruptcy still is in the headlines. Assets of the company and its CEO, Mark Karpeles, have been frozen. Mark Karpeles did file for Chapter 15 protection in the US Bankruptcy Court for the Northern District of Texas on 10th March, and a temporary relief order was issued the same day. This was a supplement to the bankruptcy procedure in Japan which will help in securing assets for the reorganization.

Mt.Gox restored function ability on its website to allow investors to see the balance of their accounts.

On Friday March 21 Mt.Gox issued a statement that the company discovered the funds on March 7 and promptly informed the necessary authorities of the recovery. However, Chris Dore, at the Edelson law firm, which represents the US class action against the insolvent exchange, does not believe this version of the money trail. Dore issued a statement as follows:

‘Their statement that they found [these bitcoins] in a random wallet and failed to tell anyone for two weeks is highly suspect.’

Over in New York, Ben Lawsky at the State Department of Financial Services in New York has been promoting a need for oversight on Bitcoin in order to protect consumers, cyber security and monitor activities for money laundering has established application procedures for Bitcoin exchanges.

Lawsky announced that it will accept proposals to establish regulated exchanges in New York. The number of businesses within New York State operating bitcoin acceptance is shown as 100 and is listed by CoinMap.org.

At the federal level, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has cracked down on unregistered exchanges. The US Treasury Undersecretary for Terrorism and Financial Intelligence said:

‘Terrorists generally need ‘real’ currency, not virtual currency, to pay their expenses.’

The Texas State Securities Board was looking out for consumers when it issued an emergency order to bar Balanced Energy LLC from accepting investments in bitcoin from non-accredited investors March 10 and posted on CoinDesk in Sunday's review today.

The Securities and Exchange Commission Regulation D requires a minimum net worth and annual income amount to be allowed to invest in certain high volatile investments. More and more states are looking at Bitcoin as a commodity.

To find additional information about the above topics for Bitcoin, view the list below in Author’s suggestions and the video atop this article on the Bitcoin Center in New York City and its actual trading session person-to person.

Twitter Victoria Wagner@victoriaross888

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