Vermont Bitcoin ATM Cease and Desist Requested

On January 12th Blu-Bin, a Burlington-based 3D printing business, received a cease and desist letter asking for the shutdown of the state's only Bitcoin ATM. The number of Bitcoin ATMs throughout the world is booming significantly, although concerns of the privacy of the individuals using these machines have arisen. The US has attempted to heavily regulate Bitcoin ATMs with KYC, thus usage of one sometimes requires personal data such as a social security number, a palm print or taking a picture of the user's face.

The state of Vermont believes that its residents should not have access to any nice things at all, citing a possible $75,000 fine for the small 3D-printing startup. The letter also went as far as to threaten the business owners with additional fines and possible prison time:

Additionally, knowingly engaging in a money services business without a license carries potential criminal penalties of a $10,000.00 fine plus up to three years in prison.

The unregulated exchange of Bitcoin for fiat in the United States has slowly been responded to with progressively harsher criminal penalties.

One thought on “Vermont Bitcoin ATM Cease and Desist Requested

  1. Hmmm…

    The State of Vermont gives a great cite! They say whoa, look at Vermont Money Services Act, 8 VSA Ch. 79

    …but when you look at Subchapter 001 : General Provisions ยง 2500. Definitions

    You find under part (9): (9) "Money" means a medium of exchange that is authorized or adopted by the United States or a foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more governments.

    So, the statute ONLY recognizes "money" that is "authorized or adopted by the United States.."

    Being that Bitcoin is neither, I say hire hire a competent lawyer and argue it before a judge.

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