New York Seeks to Regulate Bitcoin

Sends out loads of subpoenas

Things are getting serious for Bitcoin this month: a federal judge declared it real money, Bloomberg gave it an experimental ticker (XBT), and New York's financial regulator announced an interest in regulating it. Declaring Bitcoin "a virtual Wild West for narcotraffickers and other criminals," the New York State Department of Financial Services is stepping into the sheriff's boots.

"We believe that – for a number of reasons – putting in place appropriate regulatory safeguards for virtual currencies will be beneficial to the long-term strength of the virtual currency industry," said NYSDFS superintendent Benjamin Lawsky in a statement.