You don't need a money transfer agent if you're using bitcoin. You just send it to the other party directly.
It's possible, though, that the law could interpret the global web of bitcoin miners to be "money transfer agents" and then all hell would break loose. I guess all the miners would just move out of california. :)
Correct. If you are a fan of Bitcoin then you should definitely favor repeal because right now all Bitcoin exchange services are unlicensed and therefore illegal under the state and federal statutes.
If an exchange is in a different country then how can it be illegal?
The only law that affects me is both the law of the country the exchange is located and the law of my country.
Being as the exchange I use is based in Hong Kong and my country is Australia, USA laws do not apply to me.
I understand that the USA law will apply to the majority of BTC users however, because most of the exchanges and developers are all USA based, unfortunately.
Also I believe that Bitcoin-Central is licensed to operate in the European union.
Sorry, I was thinking of U.S. exchanges. You're correct that international ones are outside of the scope of U.S. law--though interestingly, California does take the view that the MTA can police other states.
