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SEC investigation of Bitcoin-based stock sale could lead to broader regulation
In July of last year gambling site SatoshiDice.com was sold by its creator for 126,315 BTC (Bitcoins) which was roughly $11.5 million at the time. The deal, which was executed on the Romania-based Bitcoin exchange MPEx, has drawn the interest of the Securities and Exchange Commission (SEC). The agency sent MPEx operator Mircea Popescu a letter requesting paperwork related to the SatoshiDice sale, including any contracts signed with Erik Voorhees, the founder of the gambling site. The SEC isn't necessarily saying either MPEx or SatoshiDice broke the law, but it's in the process of deciding whether or not these sorts of stock sales executed as Bitcoin trades are legal in the US. If the federal government finds that American financial law has been violated, it could have serious consequences for the future of the virtual currency.
